October 19 2016
FTC Warns of False Investment Opportunity Scam
By: Robert Parris
The Federal Trade Commission is warning residents to be aware of a possible money scam. The scam is targeting the elderly and veterans.
In the scam, you get a call from telemarketers who say there is an “opportunity” to invest in e-commerce websites with names like “Titan Income,” “Wyze Money,” “Prime Cash,” and “Building Money,”
The scammer will then tell you that you would earn incoming revenue from their sites.They may also say the sites are “risk free” and come with a 100 percent money back guarantee.
The FTC says that for a few months, the scammers made it seem like everything was going according to plan as people awaited their first earnings payment at the end of the quarter. During that time, some people who initially paid hundreds of dollars were convinced to pay thousands of dollars more to increase their return. The company even helped people move their now-huge credit card balances to new accounts with temporarily low or zero-interest balance transfers.
Residents who gave money to the scammers lost as much as $20,000.
If you are considering putting money into a business opportunity then do research first. By law, business companies must give you certain information first, before they hand you money.
If you receive a call like these, immediately hang up and file a complaint with your local police department.