Imagine after investing sums of money and effort into a Business, you are persuaded to invest your money in another Business in the hope of realising a significantly large gain only to realise you’ve been caught up in a Scam. Who else would like this?
It is evident that though no one likes Business Scams, a number of individuals and Business men still get caught up in Business Scams and get swindled. Unlike internal Accounting fraud which can be prevented, a Scam is more of an organised crime and often quite surprising to the victim. In this article I will look at the Little Known Ways and means to Avoid being caught up in a Scam.
Business Scams come in different forms but more often you will be tricked into making an advance payment with a promise of realising more profit at the end of the transaction.
The most common methods are the Nigerian Scam also known as the Nigerian bank scam and others include the Spanish prisoner, black money scam including other internet scams.
It is very difficult for me to list all details and possible methods that Scammers use in one article as they also keep using different approaches, but the underlying principle is that Scammers work on instilling false confidence in you as the victim by giving you false assurances through either fake documents or fake substance believed to be valuable as surety in an effort to persuade you to make the advance payment.
Here is how you can Avoid a Business Scam.
• If anyone introduces a business idea and states that you can make hundreds of dollars instantly, stop and ask yourself it is realistic. While there may be a number of genuine business opportunities on the internet most genuine ones only pay off with time and hard work. Avoid businesses that promise a lifetime fortune in a day.
• If someone introduces a business idea and insists you keep it a secret and you are forced into making quick financial decisions, it might just be an indicator of a scam.
• When you are introduced to a line of business that is extremely vague, and you certainly have no clue about the business then think twice it might just be another Nigerian scam.
• Talk to your friends and spouse the business proposal even if the scammer insists you don’t. This may initially seem like a risk of loosing a potential business partner, but it can save some financial heartache of getting caught in a scam.
A renowned film producer Jeff Sitali once said in a TV commercial that, “When hunters hunt, Vultures wait because Vultures by nature have never mastered the art of hunting.”
While great entrepreneurs are looking for business opportunities, unscrupulous are looking for opportunities to reap where they did not sow. if you want to learn more you can also visit crime-of persuation.com for details on Nigerian scams
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About the Author:
Fixed Asset Consultant at Prosperity Agencies Limited with over 10 years practical experience in physical verification, bar-coding of assets and fixed asset software implementation +260 211 239859
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