Beware of ‘get rich quick’ schemes
The Isle of Man Financial Services Authority continues to support a global campaign that highlights the importance of investor education and protection.
World Investor Week (WIW) is promoted by the International Organisation of Securities Commissions (IOSCO) and is aimed at helping people to make informed financial decisions.
The ‘Smart Investor’ initiative raises awareness of matters such as the basics of investing, initial coin offerings, digital assets, investing online, sustainable finance, and the prevention of fraud and scams.
The Authority, along with a host of other international organisations, supports WIW by sharing tips and guidance aimed at creating smarter investors.
For example, in order to avoid becoming a victim of frauds and scams, a smart investor:
- Avoids ‘get rich quick’ and ‘can't lose’ schemes. If it looks too good to be true, it probably is
- Researches investment opportunities independently
- Is suspicious of requests to transfer money out of the country
- Never discloses personal information on an unexpected call or other communication
- Ensures the use of strong passwords and good data security practices such as two-factor authentication on accounts containing financial data
- Never feels rushed and ignores over-the-top sales pitches and pressure to invest right on the spot
Further information is available on the Consumer Awareness section of our website.