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Money Girl
073 MG Investment Scams
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This is guest host Andrew Horowitz from the Disciplined Investor Podcast. And today on Money Girl, I'll be discussing how to keep clear of those nasty investment scams. Listener Jen Jen writes in. Love your podcast. I was wondering about 801Ks, whether they are real or not. Supposedly, it is the government's super secret way to save for retirement at about twice the rate of a 401K. Sounds like a scam and I can't find other information about it in or around the net. Thanks in advance. That's a great question. And to be honest, I never heard about these either and it got me thinking about the times I received legitimate looking emails that really turned out to be scams. Let me ask you something. Have you ever been asked to provide personal information to make changes or receive important updates to your account? Well then, maybe you too have been a victim of an investment scam. Here are the most common investment scams around today. First up, spoofing. These are usually disguised as a call to action emails sent by internet criminals trying to get your personal information so they can access your accounts or steal your identity. Here is the perfect example of spoofing. Spoofing is when a user tries to access a site by pretending to be a different user. Typically, they will try to get you to provide information such as passwords through the email sent to you directly so they can take the information and attempt to access your various online accounts, especially your bank and investment accounts. Be careful. The next one is called phishing, spelled with a pH. This is another common and similar scam. In phishing scams, the perpetrator set up websites that appear legitimate with the intention of having visitors access a site and provide sensitive material which their system will download and use to access their accounts. This is very common with banking sites because when the perpetrators are able to gain entry, they can then use the bank accounts as they choose. Often, they will make transfers to other accounts thus stealing your money. Another sadly common scam is when criminals attempt to access the information of recently deceased people and obtain credit in their names. Of course, the bad guys don't pay off the credit cards and the family of the deceased is ultimately left with the bill. This unfortunately means that during a horrible time in their lives, the family of someone who has died must protect themselves and issue what's called a deceased alert. This message or document sent out to the credit companies certifies that a person has died and should not be issued credit in the future. Next up, advanced fee fraud. Other forms of scams include those that require someone to help with a foreign money transfer in exchange for a large commission, usually in the sum of several million dollars. The notorious Nigerian spammers operate these kind of scams and despite the fact that this offer seems too good to be true and the fact that scams like this have been going on even before the internet ever existed, every year new people are taken in. These types of scams are almost always conducted via email these days where the recipient receives an email about the request for assistance in wiring a transfer. If you respond to this request, you are prompted for information and money to help pay for some of the costs supposedly associated with the transfer. Sometimes that is all and the criminal masterminds disappear. However, sometimes they come back and ask for more claiming that there was a problem with the transfer and they need to try it again. That's why these types of scams are also known as advanced fee fraud. September is a great month for planning. We start thinking about the rest of the year, whether it's back to school, big year-end work projects, holiday plans or travel. 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Here are some tips to protect yourself. There are hundreds of different scams nowadays. It's a sad truth, but you have to protect yourself or you will become a victim. Number one, don't assume a website is legitimate just because it looks nice. If you get a link in an email and you click through to a fancy looking site, don't make assumptions. Check it out. Do a search on the company. These email links are often fake. If you receive an email asking for information from a company you know, like a bank, go to the company website directly, rather than clicking on the link in the email. Next, your social security number is hardly ever needed. You have to use it for job application and when applying for credit, other than that, be very cautious if someone asks for it. They're most likely trying to steal your identity. Charities don't solicit for donations via email. If you receive a message that then asks for your phone number or email address, simply stay away. There are a lot of sick and twisted people out there that try to prey on the generosity of others when it comes to unfortunate events and sickly causes. Avoid pop-up windows that ask for you to enter your personal information. Legitimate banking and financial sites do not operate this way. Be sure to create complex passwords and change them often in case someone figures one out. It also helps to have several different passwords for various sites so that in case one is cracked, they can't get into all of your accounts and online systems. Don't respond to offers that require you to act immediately or else. And last but not least, if something seems too good to be true, it probably is. As much as you might want it to be true, it probably will just end up being a big hassle and set you back more than you will ever make. Be careful. The world is full of scammers trying to prey on the unsuspecting, innocent, ignorant and naive. Don't allow yourself to be a victim. Educate and protect yourself. Cha-ching, and that's all for now. Thanks for tuning in to The Money Girl. This is Andrew Horowitz sitting in for The Money Girl. I invite you to listen to my weekly podcast, The Disciplined Investor, also available on iTunes. And if you want to be more successful with your investments, download my best-selling audiobook from iTunes, The Disciplined Investor, Essential Strategies for Success. And to celebrate the launch of the audiobook, we will send you the original paperback to the first 50 listeners who purchased the book from iTunes. See this episode's show notes on cutienow.com for details. And for helping us with that great question for this episode, Jen Jen is getting a copy of Grammar Girl's Quick and Dirty Tips for Better Writing. Be on the lookout for the first book from a Quick and Dirty Tips podcast, Grammar Girl's Quick and Dirty Tips for Better Writing by Mignon Forgody will be available wherever fine books are sold on July 8th. Reserve a copy now, or pre-order one from your favorite online retailer. As always, everyone's situation is different, so be sure to contact a tax or financial advisor before making important financial decisions. This podcast is for educational purposes only, and is not intended to be the substitute for seeking personalized professional advice. Thanks for listening. ♪ Earning your degree online doesn't mean you have to go about it alone. At Capelli University, we're here to support you when you're ready. From enrollment counselors who get to know you and your goals to academic coaches who can help you form a plan to stay on track, we care about your success and are dedicated to helping you pursue your goals. Going back to school is a big step, but having support at every step of your academic journey can make a big difference. Imagine your future differently at Capella.edu. 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