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Avoiding Internet Scams

Avoiding Internet Scams

By Francisco J Colayco


avoiding internet scams


No one ever tires of finding ways to “Get-rich-quick.”   This precise by-line catches everyone’s imagination. Sadly, what I say – “The best way to get rich quick is to get rich slow,” is obviously not exciting! The great majority will always want to make a quick buck because there’s always this feeling of power and having bragging rights attached to succeeding in an activity that probably involves a lot of risk.


These days, scams continue to abound despite all the warnings and for each scam caught, I am sure there are many more that will still continue fooling many willing victims. Scams are precisely very enticing due to the fact that it actually starts well. Many people earn money that they are able to withdraw. They spread the word to their friends making it incredibly deceiving and very tempting.


If these kinds of scams are reaching you, then, most likely you know how to work the internet. When you receive such proposals, do the following things:


1) If the returns are incredibly high, you can be sure these offerings are scams. As they say, if it is too good to be true, it is probably exactly that. It’s not true!


2) Google the names to see if they have official


3) If there are legitimate websites for investment proposals, these should be complete with the names of the people involved with addresses and telephone numbers.


4) If they seem to be credible, then visit their offices and learn more about them.


5) More importantly, the company or fund must be registered by a credible government regulatory agency like the Securities and Exchange Commission (SEC) of the host country. All legitimate funds need to be registered with a duly recognized regulatory body. It is not only advisable but also an obligation to secure the opinion of the SEC before investing in any investment offering.


6) You can also write me to ask and I will try to find out if they are legitimate for you.


There are times when investments are really legitimate and underwritten by competent and professional people and reputable corporations. However, even in such cases, there are risks involved. Performance risks, currency risks, legal risks and many others are always present in all investments. That is because all returns are risk-driven and in investments, there is no guarantee that investors will make money. Thus, in legitimate investments, investors may make money or may lose money. However, when you invest in a scam, you will surely lose money.


Why then are people so enticed to invest in such scams when they don’t have any real understanding of investments? This process seems to be universal. First, the high returns draw them. Second, they instinctively trust the bearer of the investment proposal as more likely, such bearer is a good friend or a relative. Third, more often than not, these referrors are themselves not knowledgeable in investments. Their main interest is to earn commissions. Fourth, those who initially invest and are able to get back their money with good returns become greedy. Instead of just walking away, they reinvest and lose everything thereafter.


Finally, people get to invest because they want to get rich quick. This mindset is our worst enemy. I have always believed that the best way to get rich quick is to get rich slow! Look for solid investments that will grow over the years. Don’t expect to get rich overnight. It just doesn’t happen that way.



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Author: Illustrado

From the Middle East to the rest of the world, IllustradoLife shares the stories of Filipinos expats from around the world, providing a global venue championing the world class Filipino. IllustradoLife features articles on fashion and beauty, travel, lifestyle, business, events and other topics of interest to the international Filipino community from its mother publication, Illustrado Magazine.

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