Michelle Singletary, Washington Post financial journalist, warns:
Fraudsters will use Russia’s invasion, declining stock values and spiking oil prices to come after your money
“You see images from Ukraine and feel compassion and the need to give what you can to help civilians fleeing to safety. Con artists see the Russian invasion as a way to use your generosity against you.”
Stock market indexes are down, and you worry your investment account won’t return what you need to live a financially peaceful retirement.”
“Not to worry. Criminal enterprises are ready to persuade you that they have a guaranteed way for you to invest and earn big money without any risk.”
Rising inflation makes con artists jump for joy because they know frightened investors are more likely to fall for scams involving gold, cryptocurrencies, foreign currencies or fake investment opportunities.”
If you want to help Ukrainians, take the time to check out a charitable appeal.
To avoid a scam using the conflict in Ukraine or any other current event, start with the premise that every direct message, link, email or text is fake and work from there. This should be your default response to any contact you did not initiate.
Trust nothing. Verify everything.
Paranoia is your protection from losing your hard-earned money.
Source: Financial Planning for Women