White-collar crime. Corporate fraud. Financial scam. These terms alone almost water down the devastating impact these types of crimes have on victims. As an economic crimes detective, I've spoken with too many victims to ignore how many struggle with the devastating financial and emotional effects of these crimes for years to come.
Unfortunately, these crimes are not going away anytime soon; the risk-reward ratio is far too skewed in the criminal's favor for them to stop. The financial payout can be huge for scammers, far bigger than a typical robbery or burglary, and tracking them down is a logistical nightmare. Local law enforcement departments struggle to deal with the boundaries of their own jurisdictions and lack of technological resources to successfully chase down criminals around the world. Federal agencies, as well, are often overwhelmed by the sheer volume of reports they receive.
As is often the case, however, an ounce of prevention is worth a pound of cure. With that in mind, let's identify some of the most common types of financial scams that are reported today so that you don't fall victim to similar crimes.
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