They may be legal, but they're still scams!

TL;DR

This video exposes two scams in the finance industry - the Nationwide Claim Service trying to sell shares at a high commission rate and a company selling a horse betting software package for $10,000.

Transcript

g'day and welcome to this week's video my name's robert goudie and i'm a certified financial planner with consortium Private Wealth this week we've got some really interesting stuff to have a look at and essentially looking at at what I would cause a scam but not necessarily illegal and it's just some information that our clients have brought in ov... Read More

Key Insights

• 💁 Scams in the finance industry can take various forms, such as false claim services and fraudulent investment opportunities.
• ☠️ The Nationwide Claim Service scam attempts to exploit individuals by offering to sell shares at a high commission rate.
• 🏇 The horse betting software scam tries to entice people with promises of easy profits without providing any evidence or real horse-related information.
• 👋 It is crucial to remain skeptical and question offers that seem too good to be true, especially in the finance industry.
• 🐕‍🦺 Clients should be cautious when approached by unknown companies or services offering quick and guaranteed returns on investments.
• ❓ Financial professionals should educate their clients about common scams and how to identify and avoid them.
• 🤑 Scammers often target vulnerable or unsuspecting individuals who are looking for easy ways to make money.

Questions & Answers

Q: What is the Nationwide Claim Service scam?

The Nationwide Claim Service sends letters to clients, falsely claiming that their shares are worth a specific amount and offering to sell them at a high commission rate. It is a scam designed to deceive clients and make money off them.

Q: How does the horse betting software scam work?

The horse betting software scam involves a company selling a software package for $10,000 that supposedly guarantees profits in horse betting. However, there is no evidence or pictures of horses, raising suspicions about the legitimacy of the product.

Q: Why is the commission rate of 14% in the Nationwide Claim Service scam significant?

The 14% commission rate is significant because it is an exorbitant fee to sell shares. It indicates that the Nationwide Claim Service is trying to make a large profit off unsuspecting clients.

Q: Why should people be cautious of scams like these?

People should be cautious of scams like the Nationwide Claim Service and horse betting software because they aim to deceive individuals and take advantage of their finances. It is important to question suspicious offers and seek advice from trusted financial professionals.

Summary & Key Takeaways

• The Nationwide Claim Service sends letters to clients, claiming that their Commonwealth Bank shares are worth $7,000 and offers to sell them at a commission rate of 14%.

• Another scam is a company selling a software package for horse betting, claiming high profits and using glossy photos, but offering no actual evidence or pictures of horses.