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Thursday, May 20, 2010

Smart Things You Should Watch Out About Scams

Today, there are lots of scams operating in various ways. These fraudulent activities rise at a tremendous rate because there’s an enormous amount of profit that can be earned in a short span of time. The timeshare industry is not exempted from these with most of the victims are those owners trying to get out of their timeshares. As reported, the timeshare scams have touched the peak in a short interval of time.

This article presents a number of tips and things that you should consider before going into any venture. Remember not to be tempted by high returns. Whether it’s legal or not, just about all investment returns are related to risk. It's best never to put money at high risk that you can't afford to lose.

It is advisable also to consult a third party, like an unconnected broker or financial adviser about any unusual or high-return investment you are considering. It may reduce the risk of being caught out. Don't be fooled into believing that an investment is safe just because someone you know recommended it. Affinity scams, as they called it, are one of the favorite methods used to lure people into Ponzi schemes. It is important to examine the track record of the individual or organization. Beware also of vague and unsubstantiated statements, both about the financial performance of the business and the actual investment strategy.

More importantly, get as much information as possible in writing. This includes the details of the offer, names of validating organizations, the organization's own research documentation, and copies of any contracts you will be asked to sign.

Scams are very rampant these days whether in the vacation industry or any other sector. However, it is your duty to be informed about such operations before you might get caught. The above-mentioned points may serve as your guide to be aware of such things.

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