How can I spot an investment scam?
Be suspicious of any investment that promises high, guaranteed returns, especially if it comes from someone you recently met online. Before you invest, check with the Securities and Exchange Commission (SEC) that the company or person is licensed.
Many investment scams start as a friendship or a relationship. After weeks of chatting, the person shows you their "profits" and invites you to a trading platform or crypto app. At first you can withdraw a little; then the money gets stuck and "fees" appear to release it.
Warning signs
- A promise of guaranteed returns, or returns far above normal.
- Pressure: "this opportunity closes today".
- A platform or app you can't find through official channels.
- You're charged a fee to release a withdrawal.
- Search the SEC's list of licensed market operators, and its public warnings, before you send any amount.
Frequently asked questions
- I managed to withdraw a little. So it's safe?
- No. Letting you withdraw small amounts is a common trick to get you to invest more.
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