Survival and Your Money–Don’t Get Taken in by Business Opportunity Fraud

In a down economy like the one we’re in now, scammers come out of the woodwork. I like to think you and the rest of my readers are pretty savvy and are too sharp to be taken in because you’re focus is on survival, not get rich quick schemes. Nonetheless, we all want to make an extra buck or two when things are tight, and you may be tempted to try your hand at a business opportunity you heard about on TV, radio, or online.

You’ve no doubt heard it said that if something sounds too good to be true, it probably is. Scammers can get around that sometimes by providing references from satisfied clients or customers. That’s just one of several tricks they use to make you think you’re in control and doing the right thing.

The Federal trade commission is cracking down on fraudulent business opportunities. They’ve produced a 10 minute video with general tips and advice on how to recognize and avoid being scammed. The video features a former scammer who served jail time for conning people with phony business opportunities. As the FTC site puts it, he “gives an insider account of how these operations use high-pressure tactics and celebrity endorsers to trick cash-strapped consumers, and how consumers can protect themselves by demanding written disclosures on earnings and other sales data.” When it comes to hanging on to your money, as the former scammer in the FTC video puts it, you should say a lot of fast Nos and slow Yesses.

Watch the video below. And if you have any thoughts, feel free to share your comments below.



Author: John Wesley Smith

John Wesley Smith writes and podcasts from his home in Central Missouri. His goal is to help preppers as he continues along his own preparedness journey.