On one hand, the coronavirus brought out the best in us. People across the country pitched in to help others, from providing protective masks for health care workers to simply buying gift cards to support local businesses. On the other hand, some bad actors sought to take advantage of the situation to try to defraud people. How can you guard against these virus-related scams?
First, watch out for appeals from fake charities. You can find many legitimate groups working to help those afflicted from the illness.
Also, ignore any offers for products claiming to prevent or cure the virus. When a real vaccine is available, you’ll hear about it.
And you might encounter offers for “risk-free” investments that can help you get through this period of market volatility. But all investments carry risk. Stick with a long-term strategy that’s appropriate for your needs.
Finally, warn your elderly relatives about potential scams. The elderly are always the most vulnerable to fraud.
By taking the proper precautions, you can avoid being victimized by scammers. So, stay alert.
This article was written by Edward Jones for use by Mark Hornok, an Edward Jones Financial Advisor in Barrington. Call 847.382.3476 or visit EdwardJones.com.