During the holidays, many of us feel the need to give to those less fortunate. Be aware! Scammers feel the same need – but they feel the need to empty your pockets.
Some of us donate throughout the year, and during this holiday season we like the opportunity to give to new and different charities. Scammers will try get you to donate to charities that use names that are very close to the names of legitimate charities. Check it out! The Canada Revenue Agency maintains a searchable list of Canadian charities.
This time of year, we go to great lengths to find the ultimate gift for family or friends. Scammers will post rare and unusual items on the internet. Is this really a good deal or is it a scam? Shop around. Ask questions. Do your research. You just may end up with a bad debt instead of a good intention.
Give your holiday shopping and donating the same care and attention you give to your investments. As we say ‘Be an informed investor’.
- Know your advisor. Who is selling you this charity or gift? Have you heard of this before?
- Know yourself-what is your risk tolerance – or- how much are you willing to spend?
- Know your investments – what is it you are wanting to donate to or buy? Is this charity real?
Investigate before you invest and enjoy your scam free holiday season!
Last week, we published new research that found 43% of people surveyed did not understand the trade-off between risk and return, which is a basic market principle – the higher an investment’s rate of return, the higher the risk. We know that no risk, guaranteed investments promising high returns are commonly offered by scam artists. […]
Today, the Better Business Bureau of Mainland BC (BBB) announced the Top Ten Scams to watch out for this year. Topping the list of financial scams is affinity fraud, a type of scam that often ends up being a Ponzi scheme. In an affinity fraud, investors know each other because they are friends, or they […]