No one likes to think that they are being scammed and a lot of people will think that they couldn’t be scammed. This is the wrong attitude to have and it may be your undoing. Modern day scammers are very skilled and experienced, and the success rate of boiler room scams means that it is important to be aware and on your guard.
It makes sense to be aware of some of the common comments and statements you may hear when you are being contacted by a fraudster looking to undertake a boiler room scam.
You will be told that you cannot lose
One of the things that you always need to bear in mind when it comes to investment is the fact that there is risk involved. This is why there is an opportunity to make money through the buying and selling of shares. The fluctuation of the market place and all of the companies involved in the market provides this opportunity and anyone looking to invest their money has to be aware of the fact that there is an element of risk attached.
Clearly some investments are riskier than others while some will be likely to provide a good return for the amount of money that you spend. However, there is no investment opportunity that comes with a 100% guarantee, and this means that you should be very wary of anyone making this promise to you. It is untrue and you will find that no legitimate investment company would ever make this promise to their clients.
In fact, a proper investment company would likely spend more time telling you about the risks and potential issues involved with an investment. This isn’t because they don’t want you to invest but they understand the importance of ensuring clients is fully aware of the risks and dangers associated with investment.
If you find an investment company or any business telling you about a risk free investment opportunity, you should look to bring the conversation to an end there and then, or at least as quickly as possible.
You will be put under pressure to buy there and then
You will often be told that you need to make your mind up very quickly about the investment and that there is no opportunity for you to go away and think about the deal. The last thing a fraudster wants is for you to go off and speak to other people or do some research of your own about the investment.
This means that they will use high pressure strategies and tactics to try and get you to sign up there and then. While there are some companies operating today who utilise high-pressure sales tactics, the ones used by fraudsters will often be more prolonged and of a pressing nature. If you feel under pressure to make a decision, about any investment, it is probably best to say no. A reputable investment company would inform you that the same scale of return may not be available, or indeed still be on the market, if you wait but they will at least provide you with the chance to think the decision over and then make a decision when you feel confident.
The high pressure strategy used by boiler room fraudsters is one reason why many elderly people are targeted by these fraudsters.
You will be told not to tell other people about the offer
The person on the other end of the call will likely tell you that this is a limited offer that is only available to you and people who are directly contacted by their company. This will lead to them telling you that you shouldn’t tell anyone else about this contact or what is on offer. This will be presented in a way to maximise your return on investment but it is really just a ruse to minimise the chance of information about the scam being told to other people.
If you were to sit down with other people and discuss the matter, it is likely that they would be able to talk you out of the investment plan or at least highlight some of the holes or issues in the investment scheme. The damage that boiler room fraud can cause to people is huge and this is an area of fraud that is becoming increasingly common. This has led to a number of defence solicitors providing services relating to this crime, and if you are involved or been a victim of share scams, it is important to obtain the best standard of service and support.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.
