Consumer Reports: Men Most Likely Victims of Investment Fraud
February 2, 2007 at 6:10 PM CST - Updated July 3 at 10:57 AM
When it comes to investment fraud, you might picture an elderly widow being swindled out of her life savings. But Consumer Reports Money Adviser says according to a recent study, swindlers prey on another group--one you probably wouldn't expect--financially astute men. And according to the study by the National Association of Securities Dealers, what makes them vulnerable is that these men are confident in making on-the-spot investment decisions.
Before a con artist can convince someone to buy into a bogus deal, the victim has to be comfortable with investing in the first place. Once that hurdle is out of the way, they're more likely to invest in whatever the crook is selling.
The likely investment victims' profile: They are married men, financially literate college grads, and they attend free investment seminars. The victims are optimistic. They are more willing to believe that this may be the one time when something that sounds too good to be true actually is true.
Consumer Reports Money Adviser says the best way you can protect yourself against investment fraud is to check with your state's securities regulators. And no matter what's being sold, always be suspicious of a salesperson who pushes too hard.
Consumer Reports Money Adviser says you can learn more about how to protect yourself from investment fraud by going to the National Association of Securities Dealers Web site, at www.nasdfoundation.org.
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