A former closing salesman for fraudulent companies made millions over the period of one decade until the FBI busted him in 2004, according to AARP.
The man, who simply identified himself as Jim, spent three years in jail but now works to help people avoid scams.
Some tips he gave included waiting until 24 hours after a pitch to let emotions wear off, avoid sharing personal information with salesmen and making sure to ask yourself how the pitchman will benefit.
The best targets for a scam are people who make decisions on an emotional basis, don’t ask questions and don't read fine print.
Scam artists most commonly target older people with gold coin and reverse mortgage schemes. Jim said old people are the best targets because they are so open about their needs and generally have a large nest egg.
If you fall victim to investment fraud, insurance scams or other types of fraud, you can report the incident to your state securities regulator, state insurance department or the state attorney general’s office, according to AARP.
- Verizon buys Yahoo for $4.83B, marking end of...
- Historic solar flight marks first...
- Judge set to decide on $15B Volkswagen...
- Former Oregon lumber town rides digital wave...
- US home prices rise at steady pace as sales...
- Stocks waver as investors monitor company...
- US stocks rise, helped by jump in Apple shares
- Fiat Chrysler raises outlook as Q2 profits...
- Get all your outdoors work done by... 14
- Utah communities are working to stop... 5
- How to recognize the signs of a scam... 4
- Verizon buys Yahoo for $4.83B, marking... 3
- Deseret News, KSL want court records in... 3
- Jennifer Napier-Pearce named editor of... 3
- Judge sends Jeremy Johnson to prison... 3
- Historic solar flight marks first... 1