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Posts tagged Scams
How to Identify Bad Money Making Plans
Mar 30th
It may be obvious to many of you, but how to identify a bad money making plan is something that everybody should give a little bit of thought to. To me, anytime I see a plan that really gives me little or no information about the plan without requiring information from me, like my email address, name, address, phone number etc usually turns out to be a bad plan. It’s not like they are harbouring some top secret information or something, they are just trying to get your information for other purposes.
Think about it, if I had a really great plan, I would be more than happy to give people as much information as I could about it (without totally giving it away, since I would be selling the information of course). If I presented the information well enough, I wouldn’t have any problem at all in having all the customers I want give me their details later when purchasing the plan. The internet is just flooded with these irritating and annoying landing pages, that promise you the moon or some ‘free download’ if only you give them your information first.
Some of the most dangerous plans are those that work like a pyramid scheme, where they promise you if you become a member and only get so many more members you will be a big success. None of these plans work and my best advice to you is to instantly avoid any of them. MLM’s or Multi Level Marketing schemes are crafted cleverly so they can say they are not really a pyramid scheme, but in reality they are. They just changed the way they do it a little since pyramid schemes themselves are illegal.
Perhaps the most important thing to remember in all this is that old saying, “if it sounds too good to be true it usually is”. I also like to look at these plans saying to myself, if I really had a plan that could make me easily $10,000 a month, why would I even want to share it with anybody else? And if I did, why would I have to charge them for it and go through all the trouble of creating elaborate pitch pages, collect information etc?
Doubling Stocks – MARL Stock Picking Robot
Feb 4th
I saw this one advertised in several places so I decided to have a look for myself. This place that has the MARL stock picking robot will either sell you a newsletter of free stock picks or sell you the stock picking robot for your own use. The best part of the presentation though had to be the video inviting you to watch over his shoulder as he made over $6,000 overnight in a single trade based on a robot pick for a small telecommunications penny stock.
He starts out by bringing up the NY Times homepage to show you the date and time, then logs into his etrade account to make a trade. Noting that the stock is at a bid price of only $0.13 he proceeds to say he will only buy $2,000 worth and puts in a trade to buy 15,384 shares which would be $2,000 worth at the $0.13 price. However, he adds a limit to the order instead of placing a market order and puts a $0.38 limit on the trade.
Now it is the following day, he brings up the NY Times page again to show you this is so, and then logs into his etrade account once again, this time he puts in a market order to sell 1,450 shares of the stock at its current price of $0.43 for $623. So, what ever happened to the other 14,000 shares? Did he already sell them yesterday? Did he make other trades? Well, we have no way to really know because at no time did you ever see 15,384 shares of the stock in his account. It is hard to believe that anybody with even half a brain would blindly go ahead and buy into this system after viewing such a faulty video presentation. In fact, it should have the opposite effect, watching such a video should scare you right out of wanting to know or hear anything else from this company or person whoever they might be. For all you know, they could have transferred in $6,000 from another account just for the purposes of the presentation.
I have over 30years experience in trading stocks, options and commodities having worked in the past for a large brokerage firm developing stock analysis programs of all kinds. My best advice for you is, if you are considering getting into stock trading, tread carefully, make sure you know what you are getting into before investing any sort of serious money into it. There really are no gimmicky one shot wonder type programs or robots that are going to make you rich overnight. At their best, computer stock analysis programs are just handy tools that you can use along with a lot of other information to help you in your trading decisions and strategies.
Cash4offers.com Review – Don’t Bother
Dec 29th
I saw a few ads for this place cash4offers.com, so I decided to check it out. Supposedly, they pay you cash for reading emails, reviewing offers etc. Well, I tried to check around for reviews on them and came up with some interesting results. There were plenty of negative reviews, full of comments from users who claimed to have been ripped off, cheated, or tricked in some way by the site. Most complaints were related to people who achieved the payout level of $25, but when trying to receive their cash, they were met with a myriad of excuses or just never paid at all. Several responders reported the same fact, that they were told that even though they reached this $25 level, all they had done was read emails, when, in fact, they had to participate in several of the offers to actually receive their payment. Also, the cost of participating in these offers was greater than the amount of money they would be getting, so, in most cases these users just decided to give up on cash4offers and never visit them again.
On the other hand, there were plenty of positive reviews on cash4offers.com but, unfortunately, most seemed to be written by affiliates eager to earn their $1.10 per customer they are supposed to get for each customer they get signed up on cash4offers.com. I would recommend you pass on cash4offers.com, there doesn’t seem to be any hope of real money to be made there.
Payment Processing Scams
Dec 6th
Payment processing scams are everywhere, they come in countless varieties, but, the general theme is always the same. The business/charity or individual needs your help to simply process some payment for them and you get to keep a substantial part of the payment as your commission just for doing the transaction for them. What could be easier than that? It’s all legal isn’t it? Unfortunately for you these are all scams and you will find yourself in hot water, owing thousands of dollars if you even try one out. If you want to learn a bit more about them, read on.
These scams are very dangerous and you can find them everywhere, in ads, posted on job boards as real legitimate jobs, or by an email you received. Although they come in many flavours, and some are masked better than others, the general theme of these scams is always the same. The scammer will give you some check or even a bank wire transfer into your bank account, along with forwarding instructions for where the payment is to go. You simply withdraw the money from your account after the payment has cleared and forward it to the payee via Western Union, minus your commission and the Western Union fees. The problem for you comes later, you see, all these payments being sent to you have been hacked or stolen from someone else’s bank accounts. As soon as the theft is realized by the bank or person, the issuing bank issues a reversal against your account and now you are on the hook for the entire amount of the transaction. The bank doesn’t care if you were scammed or not, they just want their money back and will do whatever it takes to get it from you. So, if you received a payment for $2,000, withdrew it, kept 10% ($200) and sent the $1800 on, you are now responsible for the entire $2,000, not just the $1800 you sent on. Since you are the one who withdrew the money from your account, you are the one now responsible.
No legitimate business, charity or individual needs your help to process a transaction. These are ALL scams, it is just that simple. If they really needed to have Western Union payments sent to their clients they could do it themselves using their own bank and would not even have to pay a commission. Never get involved with ANY sort of payment processing transaction, and whatever you do, no matter how official the scammers might seem, never give your name, bank or any other personal details, or you could also find yourself the next victim with money being stolen from their account too.
Cash Gifting Programs – Can You Say PYRAMID SCHEME?
Dec 4th
Cash Gifting Programs are the latest face of one of the oldest con games and schemes, the Pyramid Scheme. No matter how you dress them up, or how fancy the wording is, they are all the same and destined to fail. There is no magic formula, or secret method, it is mathematically impossible for any such scheme to work. For x number of people to make $10,000, y number of people must lose $10,000, it is just that simple. Whenever such a scheme finally collapses (which they all must do at some time) almost 90% of the people who have entered it simply lose whatever money they put in.
Don’t let the dollar signs and hype fool you. There is no unlimited pool of wealth out there just waiting to come your way. The number of people required to support the payout must increase exponentially. Perhaps the best way to show this is through a simple example, please keep in mind that the con artists who run these scams will do everything they can to try to convince you why this won’t happen with their club of course.
Let’s say Wealth-4-Life Gifting Club offers a $10,000 payout to each member when they reach the top level of their club, the entry cost is $1,000 but you are going to get back 10 times that, so what a windfall this is! So to pay out the first ‘winner’ only 10 people have to join up and gift their $1,000 and pay off the $10,000. Now, for each of these 2nd level entrants to get their $10,000 you need $100,000 so the club needs another 100 new entrants with their $1,000 entry fee. Now, to make sure all these new 100 entrants get their $10,000 you will need $1,000,000, so now you need to have another 1,000 new entrants come in with their $1,000 entry fee. Next, to make sure these 1,000 new entrants also get their $10,000 you need to come up with $10,000,000, now you need 10,000 new members. Next level, 100,000 new members needed, after that, 1,000,000 new members, 10,000,000 new members etc etc.. I think you can see where this is headed.
Just keep in mind that the job of the person running the club is to use whatever methods they can to convince you to join and to assure you that unlike other plans you WILL make money with theirs. They will use all manner of phoney charts, statistics, testimonials from ‘real’ winners etc. If something seems too good to be true, it usually is.
CashMultiplierSystem – Scam
Dec 2nd
The Cashmultiplier System is one of the many gambling system based money making systems around. As with others of this type, they rely on a Martingale gambling system where in it’s simplest form, the gambler is guaranteed of winning based on the strategy that if they keep doubling their losses on a simple bet, sooner or later they will win. For example, with roulette, the system will tell you that if you bet either red or black consistently, sooner or later you will just keep winning. Unfortunately, in real life, these systems can never work. Casinos have betting limits in place just to prevent this sort of system from working, and its a good thing for you that they do. You could lose a ton of money if allowed to double your lost bets for any significant number of times, since the amount of each successive bet goes up exponentially. At a $100 roulette table, you would need $12,400 just to cover 7 lost bets in a row, for 8 bets $24,800, for 9 bets $49,600 and so on, doubling with each successive loss. For a good explanation of why this system won’t work, just visit the following link Martingale Betting System Explained
The only people making any money with these sort of systems are the places like this one who get commissions from the casinos by drawing in customers for them by getting them to download their free software and sign up for an account.
Process Auctions At Home
Nov 29th
You may have received emails, or seen ads for programs where you can make lots of money online by processing ebay auctions. An example of such plans is at processauctions.com. The plans are all similar and sound the same “make $195 per day and up”, “make $13 per commission and sell as many as you like”. What it all boils down to is, they want to sell you their training/certification program that will show you how to make huge income online. The plan is currently going for $197, but of course you must act fast as it could be ending at any moment.
They are going to charge you a lot of money, to teach you a system that you could really figure out on your own with a little research and it is plagued with problems anyway. In a nutshell, they are going to tell you how to join an affiliate marketing system (e.g. ClickBank) then select products you can sell, list those items for sale on ebay, and then just reap the vast rewards for your efforts as you instantly collect commissions on every single sale.
That’s where the pitfall of the whole system lies. The catch is ‘for every single sale’, there is no guarantee you will ever even sell one item. Remember, listing on ebay is not free, it will cost you money for every listing you make and ebay will also take a portion of your sale as their final value fee. Now think about this for a moment, if you sell a $100 item and your commission is $13 for the sale, you can first count on ebay to take maybe $1 for the listing fee, then another final value fee of $5, in addition, if you accept paypal there could be another $2 gone for fees. So, you are paying $8 to receive a commission of $13 per sale. Then subtract off all the $1 listing fees for all the listings that don’t sell.
Don’t get me wrong, if you could find the right product and successfully sell it through ebay you could make money. I am just saying why pay somebody $197 to learn something so simple. If you are really interested in trying something like this, sign up for ClickBank or some other affiliate marketing program and see what sort of products they have available to sell, then check ebay and see what kind of competition and interests there are in that product.
Forex Trading Secrets
Nov 26th
Forex trading secrets are everywhere. Countless webpages are dedicated to selling you their “guaranteed” successful Forex trading secrets and strategies. They are always chock full of exciting statistics, photocopied results and of course, raving reviews and customer testimonials. Well, I hate to be the bearer of bad news, but there are no “guaranteed” success methods, indicators, strategies or programs. As I have stated previously in this blog, yes, you can make money in Forex trading, it is possible, but I really don’t think it is something for anyone who doesn’t have years of experience in trading and intricate knowledge of markets should be involved in. The reality is, the chances that you will lose all your money invested far outweigh your chances for gain.
Let’s use a bit of common sense here. If after years of work, I finally uncovered some incredible secret trading method or strategy, do you really think I would be sharing it with you, or with anyone else for that matter? Why would I? I have seen several of the pitch pages offer weak reasons as to why they are doing that, and none of them hold water. Sure, I’ve just uncovered a secret that can make me virtually unlimited money, and I am willing to share it with you for only $29.95. Ask yourself why, if I can make a fortune in Forex trading, why would I be bothering to spend the time and effort to try to hawk an online plan for $29.95. The same sort of logic can be applied to just about all such information related to Forex trading. Why are they so interested in helping you? It’s like saying “hey, I just found an incredible gold field out here in the wilderness, I’ll sell you a map how to get here for only $29.95.”
Would you like to learn where the single greatest source of Forex trading secrets is located? Currently, based on search statistics, the largest mother load of Forex trading secrets is located somewhere deep in Nigeria, home to the world’s greatest internet scammers and con men. Does that surprise you? In fact, it should scare the hell out of you.
Forex Trading – Danger Keep Out
Nov 21st
Forex Trading is currency trading in the foreign exchange market. According to Michael Dunn of the U.S. Commodity Futures Trading Commission, currency trading has become the fraud du jour since 2008. Based on CFTC records, the average forex trading victim loses $15,000 $USD. Trading futures is an extremely risky business, where the chances of incredible losses is even greater than the chance for incredible gains. The North American Securities Administrators Association says that “off-exchange forex trading by retail investors is at best extremely risky, and at worst, outright fraud.”
To put it simply, if you are not an expert on currency trading, leverage, risk management, spreads, market timing and other market related concepts, you have no business in forex currency trading. Conversely, if you are an expert, you would know that you would be much better off doing any of these sorts of trades through a legitimate brokerage service on your own.
Keep in mind that futures trading is a “zero-sum” operation, where for every dollar made, somebody must lost that same dollar. Any money you care to risk in forex trading is going against experienced currency traders who have huge amounts of capital behind them (banks) and they have been doing this trading for many years. They spends all day long doing nothing but monitoring the currency market and trading, this is their job. These are the sorts of traders you are pitting yourself against. Who do you think has the better chance of coming out ahead?
How about many of the forex ads, where they promise 200 to 1 leverage in your trading. Do you think that is a good thing? Most reputable brokerages will never allow you more than a 10 to 1 leverage to keep you from losing all your money too quickly. With a 200 to 1 leverage, this means that if you invested $1,000 you are now trading effectively $200,000 worth of commodities. It wouldn’t take much of a market change for your $1,000 to disappear, at which point you get a margin call for the amount owing. Don’t have it? Well in that case they just take all your money and sell off your commodities immediately, you are all done, your $1,000 has disappeared in less time that it took me to write this page.
In summary, if you have a lot of money that you are really tired of owning, go ahead and throw it away in a forex trading scheme, or just take it all to the casino and bet it all on a single roulette wheel spin.
The Underdog Wealth System
Nov 20th
The Underdog Wealth System is one of the many gambling system based money making systems around. As with others of this type, they rely on a Martingale gambling system where in it’s simplest form, the gambler is guaranteed of winning based on the strategy that if they keep doubling their losses on a simple bet, sooner or later they will win. For example, with roulette, the system will tell you that if you bet either red or black consistently, sooner or later you will just keep winning. Unfortunately, in real life, these systems can never work. Casinos have betting limits in place just to prevent this sort of system from working, and its a good thing for you that they do. You could lose a ton of money if allowed to double your lost bets for any significant number of times, since the amount of each successive bet goes up exponentially. At a $100 roulette table, you would need $12,400 just to cover 7 lost bets in a row, for 8 bets $24,800, for 9 bets $49,600 and so on, doubling with each successive loss. For a good explanation of why this system won’t work, just visit the following link Martingale Betting System Explained
The only people making any money with these sort of systems are the places like this one who get commissions from the casinos by drawing in customers for them by getting them to download their free software and sign up for an account.