FBI Warns of New Scams Targeting Michigan

Have you been getting any weird investment messages recently? There is probably something that you should know, if you have. There is a scam going around here in Michigan that has gained some attention from the FBI.

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The new scam is tricking people into using fake stock trading groups, and a lot of people are falling for it.

How Does This New Scam Work?

Just like scammers since the beginning of the internet, they often reach out online or by text, acting like you could be a part of this exclusive investing club. They want to hype up low-value stock, making it sound bigger and better than it may actually be.

Once they get enough people to buy in, the stock price jumps, they'll dump their shares and then vanish, leaving everyone else stuck with an investment that will be worth nothing.

It won't look like your typical scam. There's no fake call from the IRS, or a click here to send money to another country. The people in these scams come across as educated individuals. That is why this particular scam is so dangerous; it looks and feels legit, and like you'll be getting something early on.

How To Stay Safe:

Always take a step back when you get an "opportunity" that may sound like it is too good to be true. Chances are, sometimes things are just that. Too good to be true. If anyone ever pushes you to join a group, download a trading app, or put money into a stock you've never heard of, you should avoid listening and report the person immediately.

Also, keep in mind, most scammers push haste on you. Anything that feels urgent may not be a legitimate investment.