Affinity Fraud Awareness
Are you familiar with Affinity Fraud?
We live in a day and time when dishonest people target seniors, veterans, the military, and even faith-based organizations for financial gain.
The SEC says affinity fraud exploits the trust and friendship that exists in groups of people who have something in common. Fraudsters use different methods to gain access to groups, often using key leaders to promote their scheme. Respected individuals make the scam more believable. Leaders may not even realize an investment is a fraud until after they’ve recruited others.
I know people who were deceived this way. So take some tips from the SEC to protect yourself.
First, do your homework! You may know someone making an investment pitch. They may be a friend or respected individual. Regardless, research his or her background and the investment itself no matter how trustworthy the deal or the promoter appears.
NEVER invest solely on the recommendation of someone from any group you belong to – especially online.
Beware of investments with ‘guaranteed’ returns or those that claim to be risk-free. These terms are immediate red flags!
Run from anything you’re told to keep confidential! Take 24 hours to pray, research and possibly report to authorities!
The Bible teaches: The plans of the diligent lead surely to advantage, but everyone who is hasty comes surely to poverty. (Proverbs 21:5)
Any investment made in haste can be dangerous.
Maybe you haven’t been the victim of fraud, but you are struggling with the stress and strain of overwhelming credit card debt. You can find help with Christian Credit Counselors. To learn more, go to crown.org/ccc or call us at 800-722-1976.