Two videos on common types of scams and how to avoid being the next victim.
Often, we hear the saying that if it sounds too good to be true, it probably is. However, could we be missing out on something good if we simply tell ourselves this each time there is a deal which looks too good to be true?
So, how do we tell if something is a genuinely good deal or if it is a well disguised pit. For sure, it is not easy. Even very savvy people have been victims of con jobs because if a con artist is a professional, he could have almost all the grounds covered. I say "almost" because the most elaborate of con jobs would still have loopholes.
How do we discover loopholes, if any? Who better to learn from than a professional con artist?
I read this in the weekend edition of The Business Times, 30 June - 1 July 2012:
"I am a proven liar. Don't believe anything I say," said Samuel Israel. He is the hedge fund manager convicted of running a US$450million Ponzi scheme who faked his own suicide in 2008 to avoid his prison sentence before turning himself in after a worldwide manhunt.
When asked what can an investor do to avoid being conned, he said, "Seek as much transparency as possible. If they do not understand exactly how a manager is making money, do not invest. If there is a secret process that cannot be explained, run."
Investors are sometimes too busy looking for profits to notice where the truth ends and the deception begins.
Fraud: Like taking candy from a baby.