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How do con artists exploit social networks?


In traditional social networks, con artists use the weekly or monthly meetings to establish strong bonds through face-to-face contact and sharing of personal interests and lifestyles.

In online social networks, a con artist can establish this trust and credibility more quickly. The scammer has immediate access to potential victims through their online profiles, which may contain sensitive personal information such as their dates or places of birth, phone numbers, home addresses, religious and political views, employment histories, and even personal photographs.

The con artist takes advantage of how easily people share background and personal information online and uses it to make a skillful and highly targeted pitch. The scam can spread rapidly through a social network as the con artist gains access to the friends and colleagues of the initial target.

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What are the red flags of an online investment scam?


Online investment fraud has many of the same characteristics as offline investment fraud. Learn to recognize these red flags:

•   Promises of high returns with no risk.

Many online scams promise unreasonably high short-term profits. Guarantees of returns around 2 percent a day, 14 percent a week or 40 percent a month are too good to be true. Remember that risk and reward go hand-in-hand.

•   Offshore operations.

Many scams are headquartered offshore, making it more difficult for regulators to shut down the scam and recover investors' funds.

•   E-Currency sites.

If you have to open an e-currency account to transfer money, use caution. These sites may not be regulated, and the con artists use them to cover up the money trail.

•   Recruit your friends.

Most cons will offer bonuses if you recruit your friends into the scheme.

•   Professional websites with little to no information.

These days anyone can put up a website. Scam sites may look professional, but they offer little to no information about the company's management, location or details about the investment.

•   No written information.

Online scam promoters often fail to provide a prospectus or other form of written information detailing the risks of the investment and procedures to get your money out.

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