With the increased use of the Internet for everything from sharing pictures to reserving a hotel room to applying for a loan, you can bet there are many people falling victim to scams. For instance, one of the most common is the copycat scam where scammers will pretend to be a real company that offers a certain product or service. In fact, many Money Mutual complaints are a direct result of these types of scams. There are a number of websites and pop-up ads that carry the Money Mutual name and claim to provide short term cash loans. Of course, this can’t be possible, since MoneyMutual.com only provides its customers with access to a network of lenders and not the cash loans themselves. To avoid falling for this or any other type of scam, it’s important to do your research. Below are several different types of scams to watch out for:
● Soft Scams. These are copycat scams that impersonate genuine products or organizations. Misrepresenting certain aspects of a real company can make it seem more real.
● Hard Scams. These involve nonexistent companies and products that the con artist has made up. These often sound like legitimate business ventures.
● Bad Investment Scams. Involving actual products and companies, but that have extremely high risk. Consumers are often assured by the con artist of high returns with little or no risk, so this statement should always raise a red flag to potential investors.
● Affinity Scams. Usually prey on members of identifiable groups such as ethnic, religious, or professional groups. The con artist often either belongs to or pretends to belong to the group.
● Identity Theft Scams. This type of scam has become one of the most common in North America. Con artists steal a person’s ID, bank account numbers, or something of the like, and use it to purchase items online, commit tax fraud or even commit crimes in their name.
● Internet Scams. As the Internet grows by leaps and bounds, so does the number of scams. Con artists can hack into computers, steal personal information, pretend to offer loans, and create fake websites. They lure their victims into both soft and hard scams using e-mail addresses, social networks, and pop-up ads.
The best way to avoid scams is to constantly be on your guard and never give out any personal information to websites whose security or authenticity you are unsure of. Lastly, report fraudulent activity not only to the federal government’s online scam task force, but also to any company that the con artists had been impersonating. When companies like Money Mutual receive any complaints of misuse, it helps them track down the offenders and avoid any future scamming of customers.
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