(Columbus) A study by the Better Business Bureau shows investment scams are on the rise once again. Wisconsin BBB Spokeswoman Lisa Schiller says those scams have overtaken online shopping scams in complaints filed.
“They prey on the desire, really, to make money without much risk or initial funding. They’re really very complex cons, and they can take you for large sums of money.”
Schiller says anyone trying to offer you a fantastic chance to get in on a new business or a new sure thing for your portfolio is likely trying to scam you.
Shaina Hannaman is the bank secrecy act officer of Farmers and Merchants Union Bank in Columbus. One of her many tasks include monitoring day-to-day activities for any suspicious activity and having conversations with costumers about any potentially fraudulent actions.
A way to avoid being victimized of a scam, Hannaman says it is important to trust professionals working at your financial institution.
“One of the big trends that I’m seeing is [scammers] are convincing people that there’s financial institution insider fraud happening and that’s why you can’t mention it to your bank…because we don’t know who the culprit is…well that’s not happening,” says Hannaman. “And the [scammers] want to make sure that you’re not telling professionals what’s happening because the professionals are going to be the ones that are saying ‘there’s something wrong here.’”
Hannaman and officials with the BBB encourage the public to take a step back and do some research before investing your money. They note that if someone is demanding money right now, or will not let you think about the investment, do not take part.
–WRN contributed
