In your search for retirement security, don't fall prey to Investment Scams. Plan ahead and set reasonable expectations for growth. Convicted Ponzi-schemer R. Allen Stanford was sentenced to 110 years in prison recently for perpetrating a financial fraud with estimated losses of $7 billion. The Stanford Financial Group offered “investors” the opportunity to invest large sums of money at a very high interest rate with a 100 percent principal protection guarantee. Not bad, eh? Unfortunately for … [Read more...]
Scam Artists: Spot Financial Scammers Before They Suck You Dry
The stories of three recent scam artists; how they pulled off a heist and how you can protect yourself Small-business owners work very hard for their money. When a business becomes successful, it’s either sold for a large profit or it produces significant amounts of cash that can be taken out of the business instead of reinvested. In either case, the owners must decide what to do with the money. Unfortunately, many wealthy entrepreneurs lack the skills to evaluate investment opportunities, … [Read more...]
Beware Of Common Frauds And Scams
A closer look at three typical fraudulent schemes, Beware Of Common Frauds And Scams and how to avoid them Scam artists and fraudsters understand human nature very well. They manipulate our fear and our greed to take our money. As someone who has been the victim of a scam, I know firsthand how these people can read our weaknesses and adapt their pitch to get what they want. In hindsight, and with more information, it’s easy to see why a particular opportunity that turned out to be a fake had … [Read more...]
Here’s just another reason you need to be proactive about protecting your business’ money.
Why Your Bank Won't Protect You From Hackers Here's just another reason you need to be proactive about protecting your business' money. As consumers, we take for granted that fraudulent charges on our credit cards aren't our responsibility. Many financial institutions offer a $0 liability policy for fraudulent charges. Others expose you to a maximum liability of only $50. The protections afforded consumers were signed into law with the Electronic Funds Transfer Act in 1978. This protection … [Read more...]
Signs That You Have A Scam Artist Working For You
A new study reveals a profile of a typical scam artist. Criminal investigative analysis is a tool used by the FBI to identify who has committed a crime “based on an analysis of the nature of the offense and the manner in which it was committed.” Using this tool, an expert can develop a profile of the perpetrator even if they don’t know who they are. The means and methods leave the clues. This tool has been used (and abused) on a number of popular television programs like Criminal Minds and Law … [Read more...]
Business Theft May Be On The Rise – Protect Yourself
Protect Yourself: There are several proven strategies to stay safe and prepare for criminal activity. According to recent research released by the National Crime Survey (NCS) and the Federal Bureau of Investigation (FBI), crime statistics have improved in the U.S. over the past several years. The NCS is conducted by the Office of Justice Programs at the Justice Department. It surveys individuals directly to capture data on crime that isn’t reported to the police. The FBI compiles data from … [Read more...]
Fake Tax Relief Services
Be wary of companies promising to negotiate with the IRS on your behalf. Many are fraudulent. How To Avoid Getting Scammed By Fake Tax Relief Services. By now most people have filed their tax returns or asked for an extension. While this provides a momentary respite from tax worries, nagging thoughts lurk in the back of many business owners’ minds: Will I get audited? Will the IRS dispute the amount I owe? For most people this is just normal anxiety associated with the unpleasantness of taxes. … [Read more...]
Accounts Payable Fraud Can Fool Anybody
When your business is in the startup phase it is almost certain that the founder(s) will know where every single penny is being spent. Accounts Payable Fraud Can Fool Anybody. When your business is in the startup phase it is almost certain that the founder(s) will know where every single penny is being spent—it’s the nature of financial scarcity. But as your company grows, this becomes unrealistic and could become counterproductive if you neglect sales. You have to establish procedures that … [Read more...]
Employee Fraud: Detecting Employee Theft and Occupational Fraud at Your Company
The Association of Certified Fraud Examiners (ACFE), the largest anti-fraud organization in the world with over 50,000 members, recently published the results of its biannual study on occupational fraud (also known as employee fraud). With millions of people facing financial hardship, the odds that someone at your company may steal increases. Reading the report will serve as a wake call to business owners who haven’t actively addressed the issue of employee fraud. Three types of … [Read more...]