Serving as a money mule can also hurt your credit score and financial situation. In addition, you risk having your own personally identifiable information stolen and used by the criminals you work for, and you may be held personally liable for repaying funds lost by victims. Criminals often target students, job seekers, or dating sites, but anyone can be targeted like a mule. even if their goods are not genuine. Ecommerce stores pop up all the time, and it`s almost impossible to know which ones are legit or how we should define „legitimate.“ For example, while a high-end handbag manufacturer may not be happy with cheap imitations that appear on a competitor`s website, many consumers don`t mind having a cheaper option. And technically, many counterfeit retailers operate legally. When it comes to scams, sometimes the law protects you, sometimes it doesn`t. The best policy is to take care of yourself – and those you love. The scam: Scammers pose as debt collectors or law enforcement agencies and say that legal action will be taken against you if you don`t pay them what you owe. Some may claim to be trusted companies or the government, such as utilities or the IRS. If you transfer money under someone else`s direction, you can serve as a mule. Investment fraud promises high returns, with no financial risk.

Use this information to report and protect your investments. A telltale sign of phone fraud is when the caller asks you to make a payment with a gift card. Many fraudsters prefer this non-refundable and hard-to-trace payment method. Scammers spoof caller credentials so that an incoming call displays the same initial digits as your own phone number (usually the first six), making it look like someone else with a local number is trying to reach you. In mirror spoofing scams, the caller makes your own phone number appear on your caller ID. Scammers claim that you qualify for a government subsidy and offer to pass it on to your checking account as soon as you give them your account information, which they sell or use to steal your money. The scammer may forge the number of the government agency he allegedly represents in a government subsidy scam. Beware of advertisements and calls about free government subsidies. These are usually scams. The solution: It`s nasty.

Beware of using an escrow company that someone else suggests – scammers have even been known to hijack legitimate business names and create fake websites. The gift is usually a Western Union money transfer request instead of a bank-to-bank transfer. You could get this profit and loss profile by insuring the levees in New Orleans. Wall Street sells naked put options, buys junk bonds or does long-term capital management. In all these cases, the asset manager succeeds in sweeping risk under the carpet. Taleb`s favorite name for this game is Rubin Play, in honor of a well-paid bank manager who needed to be saved. The solution: It could happen anywhere. If you`ve been scammed, it`s easy to be fooled by a purported opportunity to get your money back. It`s too good to be true. Asking for more details about the permits and then checking them would have put an end to this scam. Don`t deposit cheques or money orders from strangers or businesses you don`t have a relationship with. Overpayment fraud – Someone sends you a cheque, asks you to deposit it into your bank account and transfer some of the money to it.

But the check was fake, so you have to pay your bank the amount of the check, and you lose the money you transferred. A pre-recorded telemarketing call. As of September 1, 2009, almost all telemarketing robocalls to consumers` homes and mobile phones are illegal. What to do: Don`t reply to the email or click on any links or attachments included in the message. Don`t send money. If you find that your current password is listed in the email, change your passwords from another computer and run virus scans. Delete the email or add it to your spam/junk folder. Russian roulette. Suppose a strategy generates above-average returns for nine years and a catastrophic loss in the tenth. It`s a formula for wealth – when you play with other people`s money. Collect a handsome sum in good years, then shake the tenth.

The scam: Scammers pose as grandchildren and pretend to have serious problems, such as in prison or in the hospital. They are urgently asking for money in the form of transferred funds or prepaid gift cards. You can also say that his voice seems unknown due to injuries. After the first call, they may claim that you will hear from a lawyer or official. The Wall Street bag, as I count it, contains five tips. If you understand them well, you`ll hesitate before hiring the next high-priced investment genius to pick stocks for you. You might even follow the advice we`ve often given you to invest a large portion of your retirement money in low-cost index funds. The scam: You get a phone call, email, or email claiming you`ve won money or a prize — but there`s a catch: you have to pay money upfront for taxes or fees.