January 9th, 2009
The $50 million ponzi scheme of Bernard Madoff is just the latest financial scam that has cheated those investors who would look for high returns without asking the right questions. This week on Business Matters, we’re looking at the Business of Scams: how they’re run, why people fall for them, and how to avoid them.
Listen to the Full Episode | Download MP3
The Chicago Better Business Bureau recommends three easy-to-remember general rules to avoid being a victim of a scam: Don’t pay upfront fees for promised services, always confirm who is asking for personal or financial information, and if it sounds too good to be true, it probably is.
The 10 top scams of 2008 are:
1. Check scams
2. Advance fee lenders
3. Mortgage Foreclosure Rescue scams
4. Illegitimate credit repair & debt negotiation services
5. Work at home and fraudulent employment opportunities
6. Phishing and fake e-cards
7. Mystery/secret shopping scam
8. Phony directories and yellow pages
9. Grant & government job finding entities
10. Deceptive weight loss products advertising
Part 3: “Bob Roberts,” Former Medical Device Salesman | Download MP3
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