Real estate and finance are huge, multi-billion-dollar industries, so it’s not surprising that scammers see these industries as lucrative targets for conducting scam offenses. Unfortunately, these scams have become increasingly prevalent in recent years. With the rise of technology and internet usage, scams have grown and adapted to include more sophisticated schemes and scam offenses that target consumers. Considering the rise in such real estate and finance scam offenses, MoRe 2.0 Conference highlighted these scam offenses to create awareness among people.
This blog post will provide a comprehensive review of the most common real estate and financial scams that have become prominent in recent years to help people spot and avoid falling prey to these scam offenses.
Most Common Scam Offenses Underlined At MoRe 2.0 Conference
Ponzi Schemes
Ponzi schemes are illegal investments that rely on bringing in more money from new investors in order to pay out returns to earlier investors. These schemes offer investments with guaranteed high returns in a short time.
The scammers behind these schemes typically use tactics like falsifying records, guaranteeing investments, and concealing essential details to get more money from unsuspecting victims. Experts at MoRe 2.0 Conference shared the importance of noting that these schemes do not produce any real profits but are solely focused on generating more money for the scammers running the scheme.
Pyramid Schemes
Pyramid schemes are also illegal investment scam offenses in which individuals or organizations are lured into buying into an investment that promises significant returns with little to no effort. The schemes rely on recruiting additional members, who in turn recruit more members.
MoRe 2.0 Conference highlighted that this process could continue until there are no more members to recruit and the pyramid eventually collapses. As with Ponzi schemes, these scams have no legitimate business purpose and are designed to steal money from unsuspecting victims.
Foreclosure Scam Offenses
Leaders at the MoRe 2.0 Conference underlined that foreclosure scam offenses target homeowners facing foreclosure and prey on their desperation. Scammers promise to “save” the homeowners from foreclosure, usually by charging hefty up-front fees and not providing the promised services.
In 2023, it’s crucial for homeowners facing foreclosure to be aware of these scam offenses and never to give out personal information or make payments to someone who promises to help them.
Identity Theft Scams
Identity theft scams involve stealing someone’s personal information, such as their social security number or credit card number, and using it to commit a financial scam. The most common ways discussed at the finance and real estate events are by sending emails, text messages, or making phone calls with promises of gifts, services, or products in exchange for the person’s personal information.
Conclusion
Real estate and finance scams can be incredibly lucrative for the criminals behind them. Still, it’s important to stay vigilant and know the most common scams to avoid falling prey to them. Understanding how these scam offenses work and keeping personal information safe are the best ways to save yourself from these types of scam offenses. For this, one can attend a finance and real estate event like MoRe 2.0 Conference in 2023 in the USA and Dubai.