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A high-yield investment program (HYIP) is a type of Ponzi scheme, an investment scam that promises unsustainably high return on investment by paying previous investors with the money invested by new investors. [1]
Business impersonation scams are the most reported type of financial fraud. According to a May report by the Federal Trade Commission (FTC), about 332,000 people fell victim to these scams in 2023 ...
Report the scam. If you feel you’ve been taken advantage of by an investment scam, contact your local banking institution to go over how to best protect and recover your personal finance ...
Investment scams often rely on similar techniques, but without the crypto spin. The Better Business Bureau, or BBB, considered the combined crypto and investments scam to be the riskiest scam in ...
Typically, Ponzi schemes require an initial investment and promise above-average returns. [21] They use vague verbal guises such as "hedge futures trading", "high-yield investment programs", or "offshore investment" to describe their income strategy. It is common for the operator to take advantage of a lack of investor knowledge or competence ...
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