Investment SCAMS

RugbyPete

I'd like to start a thread of online scams. Not just regular HYIP's that come and go daily, but those long term investments that pay upto 20% a month, but dissappear after some time.

Post here, who scammed you online and for how much:

https://www.feederfund.com £900 - Got £400 back, waiting for rest for over a year.

https://www.dxinone.com Embarrassing amount of money went in this one, probably over £1600.... got a lot back but waiting on £600 stuck in the system for over 18months

https://www.fastmarket.com - About £400 went in, I got it to about £1600, took out over £500 then site died within 12 months. Father inlaw lost £1000, never took my advice to take some out, he just compounded and lost the lot.

Sites like Talkgold.com promote these scams, then users on the fourms re-enforce the claims by stating their 'PAID' posts...until of course it all comes crashing down

dunstonh

dont take this the wrong way but have you never heard of the phrase, once bitten, twice shy?

RugbyPete

No worries. It all happened at the same time, keeping eggs in multiple broken baskets...

RugbyPete

http://forums.moneysavingexpert.com/showthread.html?p=5279107&posted=1#post5279107

example of propositions.

stogiebear

It's these scary threads that make me think that my cowardly 6% in the bank is the way to go. At least I sleep at night!

dunstonh

stogiebear wrote: »

It's these scary threads that make me think that my cowardly 6% in the bank is the way to go. At least I sleep at night!

Dont compare these sorts of things to conventional investments. No legit company will cold call you. Thats your first way to eliminate the chance of bring defrauded.

Check the company giving the advice is registered with the FSA (www.fsa.gov.uk/register). At least then you are protected by the FSA, FOS and FSCS.

And lastly, the simple things for simple people approach can very often be the best approach. Unit trusts for example may be commonplace but they are effective and easy to monitor and understand. If it sounds weird and wonderful and too good to be true, then very often it is to be good to be true.

Dont eliminate investments because of a few fraudsters, which to be honest are easy to avoid if you work to the above rules.