Money & Scams: What to Look For

Avoid the growing number of scams designed to separate you from your money.

I’ve seen one to many scams popping up on my social media feed. From the rogue account trying to beg for cash app transfers to large scale pyramid schemes. Lets break them down and put a three step method to finding scams to avoid.

Let me paint a picture…

You are scrolling through your instagram stories and see someone sifting through a large amount of money with the line, ” Your bank here” hit me up to make some money today! Clearly they are trying to lure you in with the idea that they can scam the bank out of money and give you some profit as well.

But lets be clear, they are not scamming the banks. They are scamming you. Once you provide your bank card or credentials the scammers go to town taking what ever you do have in your account. Two or three accounts a day and they can create the videos you saw you entice more victims into their scams.

Another scam I’ve seen is the the trading pyramid scam. It’s a simple scam really, so simple it seems legit. Just like other pyramid schemes they brand it, create a sense of community. Anytime you find a mentorship that values new members more then the content of their education, you know something is up.

Let me just tell you this. The best trading academies are for the finding on google. Have thousands of member testimonies and are upstanding businesses. They are not recruiting traders on facebook. The ones recruiting are trying to profit off your subscription.

Photo by Negative Space on

I would suggest if you are really interested in day trading check out babypips. This site provides free basic education on forex charts. It can be a great way to sift through the BS. If the videos you see are spouting basic information as if they are “gems” you know to stay away.

I’ll explain really quick how these “mentorships” work. Don’t get my wrong I am not against mentors, I have had many mentors through out my life but never have I paid them a subscription. The scams I am talking about are the people who make mentorship their main game.

If they are more concerned with signing people up than teaching and producing content than you know there is an issue. I am not associated with any academy so I will not be endorsing one, but they are out there. Most real mentors will show you exactly what they offer, courses, speakers. The one on one education is my main seller.

Many of my mentors through out life have also required me to do some leg work for them in Lew of payment for education, which I did. So mentorship in itself has a give to receive relationship, but know when you’re giving too much.

Look for a few things when selecting a trading mentor. Look to see if their posts are more geared toward trying to find more clients compared to talking about their education. If their focus is their course most of the time it’s less flashy with more engagement.

Popular Scams

Another scam I see all the time is someone on Instagram sifting through thousands of dollars cash on their stories. They front with as much cash as they can get and make it seem like they can get you in on their hustle.

You message them and they say they can dupe your bank. They know how, they just need your bank card. Which their associate will pick up. The next day a dude rolls through and gets your bank card and says he needs your social just incase the bank catches on.

Now I shouldn’t have to explain any further. They call the bank with the card and verify that they either want to close the account, withdraw all the funds, or check how much they can withdraw.

Since they have your social the bank will believe they are communicating with the account holder and will give them exactly what they want. Now you sitting their an hour later watch your account go from how ever much was in there to zero. You try to contact the person you chatted with originally just to be blocked.

Two hours later someone else gets lured in with your hard earned cash being sifted through by the same person who scammed you.

I’ve seen it before many times. People want to get rich quick and I don’t blame them. I know some people who run the above mention scams and they always end up in trouble. I would advise against even getting involved. Double check and ask questions don’t be afraid to be vigilante.

If people drop a deal because you asked a few questions you probably dodged a bullet scam or not.

Want some more help?

I love to research scams, it’s one off my hobbies. If you feel like you are getting scammed feel free to reach out with a comment. I am always here to help with any financial questions or concerns.

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