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Below, experts explain some of themost prevalent scams and ways to avoid them.
Social Media Investment Scams
These scams often involve influencers or fake profiles promoting too-good-to-be-true investment opportunities.
He said theyre especially rampant on platforms like Instagram and TikTok.
These sophisticated schemes can look remarkably convincing, mimicking legitimate institutions like banks or service providers, Shirshikov explained.
Fake Job Offers
With the rise of remote work, fake job offers have become rampant.
Chasin has also noticed this trend.
Scammers target job seekers with fake job offers that require upfront payments forsupposed training materials or background checks.
Chasin has witnessed the same.
Fraudulent e-commerce sites or sellersoffer products at unrealistically low prices, often delivering counterfeit goods or nothing at all.
Student Loan Forgiveness Scams
Another top money scam involves student loan forgiveness.
Scammers offer fraudulent student loan forgiveness programs in exchange for upfront fees or personal information, said Chasin.
These scams promise high returns with little effort but end up draining their savings, he said.
Always question unsolicited offers and verify their legitimacy before taking any action.
When in doubt, he recommended seeking advice from acertified financial planneror trusted financial advisor.
Verify Investment Opportunities
You should always research the legitimacy of any investment opportunity.
Verify the credentials of the investment firm and consult a financial advisor, said Chasin.
If it sounds too good to be true, it likely is.
Avoid Phishing Traps
Never select links or provide personal information to unsolicited contacts.
Always verify the senders identity by contacting the organization directly using official contact information, Chasin advised.
Legitimate employers will never ask for money upfront, Chasin noted.
He recommended using reputable job search platforms and verifying job listings through official company websites.
Shop Wisely Online
Shop only on reputable websites and check forsecure payment methods, Chasin said.
Look for reviews and ratings of the seller before making a purchase.
Avoid deals that seem too good to be true.
Be wary of unsolicited offers for loan forgiveness, he said.
Research government programs on official websites like studentaid.gov.
Always remember, if it sounds too good to be true, it probably is, he said.
Staying informed and skeptical is your best defense against these modern-day scams.
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