Quiz: Can You Spot The Signs of an Investment Scam?
See if you can spot the warning signs in these scenarios.
Sept. 30, 2013 — -- A new survey reveals 80 percent of people have been targeted by investment scammers. If that surprises you, then I've got some oil riches you can help me launder out of Nigeria. But what IS shocking is that in that same poll, 40 percent of respondents couldn't spot the CLASSIC red flags of a financial con. The poll was conducted by FINRA, the group that regulates investment brokers.
The poll also unearthed another interesting stat: Only 4 percent of those surveyed would 'fess up and admit that they once fell for a financial fraud. The FINRA Foundation estimates that more than half of financial fraud goes unreported to authorities.
"Our survey reveals that there are a variety of reasons many people may be unwilling to report being the victim of financial fraud," said FINRA Foundation President Gerri Walsh. "Some respondents said that they didn't know where to turn, while others said they didn't think reporting it would make a difference -- or that they were too embarrassed."
So now, so you don't have to be embarrassed -- in the privacy of your own home, and the comfort of your jammies and fuzzy slippers -- I bring you the highlights of the FINRA Investor Education Foundation's survey, so you can test yourself before the bad guys do.