Scams! / Brownwyn Groot
Fraud educator with CFFC, Bronwyn Groot, was my special guest for the latest episode – we’re talking about scams.
In the current environment, with all the fear, boredom, and internet access associated with the current pandemic, we need to be on guard more than ever in this area of scams.
People don’t intentionally want to get sucked into scams. Instead, we all like to believe people we deal with are honest and upright like them. While I’d hate people to increase their distrust of everyone, in some cases we need to raise our guard a little bit, especially at the moment.
So who falls for scams – the simple-minded or the sophisticated?
Statistically, if you’re a bit older, you have access to funds, and you’re a male who’s been self-employed in the past, you may be at greater risk than most.
A good scammer will be good at building rapport – they’re smart and they’ve likely anticipated every question you may want to ask. You may even find it hard to discern the validity of their website too.
If you’re trying to target opportunities in light of current events, for the most part, there’s wisdom in ‘staying in mainstream lanes’. Unless you’re comfortable with alternative investments and you’ve already engaged with them, going off-road with investing could carry much higher risks at the moment than normal.
Some common ways you may could be scammed:
- Romance scams
- FX trading scams
- Fake share offers along with fake recover agents
- Bitcoin scams
Some tips to keep safe while investing:
- Get advice! You may be smart but don’t be afraid to reach out to an authorised financial adviser to run things past.
- Check out the International Organization of Securities Commission https://www.iosco.org/
- If a Nigerian prince or someone unusual contacts you, don’t engage them (unless you’re a comedian)
- If you get a cold-call around an investment opportunity – be aware this is a huge red flag, as this is illegal in NZ
- Check with the FMA for any warnings and also look on the FSPR website to see if they are a registered financial services provider in NZ
For more info on frauds and scams, check out the Commission for Financial Capability here.
__________________________________________________________________
Where to find Darcy Ungaro:
Ungaro &Co (authorised) financial advisers
Want to chat, then you can schedule in a free 15 min conversation just click on this link
You really should subscribe to our newsletter to ensure you are receiving the latest updates if you're a fan of the show.
Increasingly we are publishing more content on YouTube also - please ensure you have subscribed to us on Youtube:
