Avoiding Financial Scams

The Australian Competition and Consumer Commission (ACCC) reported that Australians have lost over $88 million to investment scams this year.

The true number is likely to be much higher as many people who are fleeced are too ashamed to admit they were taken for a ride.

As such, they cop the loss and don't notify the authorities.

This was brought home to me recently after receiving a phone call from a friend asking if I knew anything about a particular investment.

After telling him I am not licensed to give investment advice, I  did suggest a few simple questions he might like to ask about the 'can't miss' opportunity before him.

These are pretty staple inquiries that can help one eliminate a majority of the scams out there.  

They include: