Ever hear those horror stories where someone lost thousands, or even millions, to a scam? Yeah, it’s more common than you think. Dr. Joyce Chuah, CEO of Success Concepts, says scammers love to lure you in with promises of high returns.
“Scammers get creative, especially with folks who aren't financially savvy,” Chuah explains. So, even professionals can get caught, especially during tough times.
Here’s how you can avoid getting scammed:
- Understand the Offer: If you don’t get it, don’t invest in it. Simple.
- Watch for Red Flags: Promises of high, guaranteed returns are usually too good to be true. Ask for clear explanations and audited reports.
- Background Checks: Look up the company on Bank Negara’s or the Security Commission’s alert lists.
- Consult Professionals: Make sure any financial advisors are regulated by authorities like Bank Negara or the SC.
- Stay Educated: Financial literacy can save you from a lot of trouble.
If you suspect a scam, don’t hesitate to do a thorough background check. Jeremy Tan from Excellentte Consultancy suggests checking the company’s credentials and looking at alert listings from financial authorities.
Improving your financial literacy can also help you ask the right questions and make better decisions. Chuah emphasizes that understanding financial terms and principles can protect you from falling for scams.
If You’re a Victim:
- Report Immediately: File a police report and notify regulatory bodies like the SC and Bank Negara.
- Secure Your Accounts: Inform your bank or online payment service, change passwords, and monitor accounts closely.
- Seek Legal Help: Gather all communication and transaction records and consult a legal advisor. Free legal aid might be available if you qualify.
Remember, if it sounds too good to be true, it probably is.
For more, find the original article here