In times of chaos and madness, people often resort to whatever they can find to make a buck. That leaves criminals with lots of opportunities as the public becomes more and more vulnerable.
According to the Securities and Exchange Commission, criminals have been defrauding the public at an alarming rate as they attempt to exploit the trouble and stress caused by the pandemic.
Investors should be on high alert not only for Ponzi schemes, but for fake certificates of deposit, fake stock promos and even community based financial scams, says the SEC.
″Fraudsters use times of uncertainty and change, such as the current Covid-19 pandemic, to lure victims into investment scams.” said the Commission and this can be seen in history repeatedly as people scramble to do whatever they can to get a leg up during these hard times.
Have you seen this for yourself? In any case, always do your own homework and research before making any financially based decisions.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.