Gold scams and fraud are very common as investors seek opportunities abroad for new gold suppliers, sellers, miners and buyers. Gold prices keep rising, and so does the fraud. Most of the fraud is coming from West Africa from countries like Ghana and Sierra Leone, but there is also a high degree of risk from South Africa and China. China, South Africa and Ghana are the largest gold producers in the world, and no country is booming with gold investment like Ghana, so getting in on the action means dealing with significant risk.
There are endless combinations of gold scams. Gold scams can take the form of advance fee fraud, i.e. paying for gold that never arrives. Gold deals involving the internet are especially prone to scam and fraud. Gold coins and bars can be filled with lead or other metals and coated in gold. Claimed mining companies or gold sellers can also engage in scams or fraud by manipulating contracts and sales agreements, shipping complications, customs fees and claimed taxes. Scammers are increasingly registering fake companies with South Africa, Ghana and China government agencies, so checking to see if a company is registered is no longer a sufficient way to hedge risk. Investing in mining companies on a financial exchange or buying a gold ETF offers the least risk.
If possible, ask for a referral from a trusted source within the industry. If this isn't an option, get a list of licensed and registered companies from government agencies in the country where the gold dealer, buyer or supplier is located. Ask for references and never send money via Western Union. Because of the high risk, contact a company like Wymoo International for a background check or due diligence investigation, to be certain you are not dealing with a scam. For investigation and verification services, always use a private investigation or background check firm with field investigators in the actual country.
The main scams to avoid when investing online are Ponzi schemes, promissory notes, affinity fraud, senior investment fraud, and hidden costs in variable annuity investments. One must also beware unlicensed individuals selling securities.
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It is hard to avoid "cash for gold" scams, because the seller, who is supposed to send in his "scrap gold," is basically at the mercy of they buyer. Once the buyer has the gold in hand, they can decide on whatever valuation is best for them, knowing the seller has no little experience of knowledge, and just send a check for a bogus amount. The seller has the option of sending back a check, but they have to act quickly to meet the deadline set by the buyer. Honestly, the best way to avoid such scams is to go to a jeweler or pawn shop, both of whom are likely to buy your gold for closer to its true value.
No, not all psychics are scams. You can find out how to avoid them at www.qondio.com/avoiding-fake-psychics-and-psychic-scams
Yes, listed under money fraud and scams
You can call the police fraud division and the Better Business Bureau.
To prevent yourself from being victimized by internet fraud, you can avoid phishing by being wary of suspicious emails from businesses you use, not clicking on pop up ads, ignoring money transfer scams, and having good anti virus.
Listed under money fraud and scams
Listed under money fraud and scams
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The 24 karat gold plated it is scams, the same lake soft yellow gold metal with Rhodium plated it's real scams!
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