The Internet, social media and messaging apps offer many useful features for daily life, but also new opportunities for investment scams.
While social media platforms, online dating websites and dating apps may be good ways to meet people, Virginia residents should be wary if someone uses an online friendship or romance to solicit an investment or offer investment opportunities.
Individuals trying to promote investment scams may pose as potential romantic partners or possible new friends in an attempt to lure unsuspecting individuals into fraudulent investment schemes. These scammers may set online traps as well as use technology and social media platforms to profile targets. They may spend time getting to know their target and use flattery to try to win them over before introducing an investment opportunity.
The State Corporation Commission Division of Securities and Retail Franchising encourages Virginians to be skeptical of investments offered by a new and unfamiliar online contact or friend request, and to do their homework before considering any investment.
“Don’t let your heart rule your head when making financial decisions,” said Director Ron Thomas. “The virtual world can make it easy for scammers to pretend to be someone who they are not. Whether online, by phone or in person, be leery of unsolicited investment offers and never share financial information with a stranger. Understand the risks and benefits of any investment and do not invest more than you can afford to lose.”
For more information, visit the Division’s website at scc.virginia.gov/pages/Consumer-Investments or the NASAA website at nasaa.org.
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