Financial scammers have been adjusting their schemes to fit with what is most relevant in today's economy.
Nigerian letter scams have become something a well-known scheme in America; so well known that they’re sort of a joke. But the truth remains that people still fall for them, and many other scams that could have been avoided.
With times as tough as they are the last thing they want to worry about on top of a weak economy and volatile stock market is getting scammed. Unfortunately, financial scammers have been on top of things, tailoring their new scams toward things they know people are worried about these days, according to Daily Finance.
Most people think about identity theft when scams come to mind. It is definitely the most common consumer fraud in America, and it often leads to credit card fraud all because someone was able to get personal information.
Daily Finance recently listed the most common scams so you can better protect yourself against falling victim to one at all.
Two of the timeliest scams are mortgage assistance relief scams and investment fraud. The former seems to be prime pickings as people are desperate to get some help with their homes. People will pose as lawyers and in exchange for a fee they will help homeowners get a loan modification. The best defense is to do your research on anyone you want to do business with, or find someone who is HUD approved.
With investment fraud, scammers will promote extraordinary profits with little risk. You should especially be wary if the investor encourages you to borrow money from your retirement funds.