smart spending

Phone scams against the elderly

Investment scams
Next
6 of 7
Back
Investment scams

You receive a phone invitation to a free lunch seminar. Or the invitation could be for a weekend getaway or even a cruise. It could arrive in the mail.

If what's being hyped is labeled as an investment opportunity, it's frequently "a bogus investment," says Breyault. These so-called opportunities are often Ponzi schemes.

"Scammers buy phone lists," Breyault says.

Scam signs:

  • Promises unbelievable returns but puts none of that in writing.
  • Pressures you to make a decision on the spot. "If it's a good investment today, it will be a good investment the next day," says Breyault.
  • Claims sponsorship or endorsement by organizations or agencies that don't endorse or sponsor investments.
  • May claim to be registered or licensed when they really are not.

Tip: Never make investment decisions immediately. And vet all professionals and potential investments, Breyault says. Do background checks.

And skip the freebies. Like your mama always told you: There's no such thing as a free lunch.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE REFINANCE AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 3.73%  0.02 3.75%
15 year fixed 2.93%  0.02 2.95%
5/1 ARM 3.02%  0.01 3.03%
 
View Rates in your area Next
Product Rate Change Last week
30 year fixed refi 3.80%  0.02 3.82%
15 year fixed refi 3.01%  0.02 3.03%
10 year fixed refi 3.06%  0.06 3.12%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.68% --0.00 2.68%
48 month used car loan 2.76% --0.00 2.76%
60 month new car loan 3.07%  0.02 3.09%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 1.01%  0.00 1.01%
2 Year CD 1.19% --0.01 1.20%
5 Year CD 1.67%  0.04 1.71%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.88% --0.00 15.88%
Cash Back Cards 16.33% --0.00 16.33%
Low Interest Cards 11.10% --0.00 11.10%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us