The Financial Industry Regulatory Authority, otherwise known as FINRA, and their Investor Education Foundation has a wonderful website with lots of information on investment fraud. At http://www.saveandinvest.org, you can learn about controlling your debt, saving for your future, how to protect your money, and some basics of financial literacy.
The Better Business Bureau has partnered with FINRA to educate consumers about investment scams as part of a program named, “Tricks of the Trade: Outsmarting Investment Scams.” An interesting and entertaining video, it provides insight to the psychology of a scam and the techniques con artists use to steal your money. http://www.saveandinvest.org/ProtectYourMoney/AboutFraud/P124313
You can also use tools on the website to see if you are at high risk for investment scams. Here is a link to the risk meter, http://apps.finra.org/meters/2/riskmeter.aspx.
Take a look at this video that describes the right and wrong way to handle a call from an investment scam artist. http://www.saveandinvest.org/ProtectYourMoney/AskandCheck/
Knowing how scams work and thinking through how you will handle a potential con artist are truly the most important ways to save yourself the heartache of losing thousand of dollars.
Barbara Parrott McGinity, LMSW