Know the Red Flags of Investment Fraud

 

As scam artists continue to target the hard-earned dollars of potential victims, Staten Island’s only community-based commercial bank is urging that everyone be extra diligent before investing. Victory State Bank is reminding people to be extremely cautious when considering places to invest their money.

 

As a means of shielding your money from scam artists, Victory State Bank suggests you be aware of indicators of fraud. With this in mind, the bank is pointing to some red flags of fraud listed by the U.S. Securities and Exchange Commission:

 

·         If it sounds too good to be true, it is. Compare promised yields with current returns on well-known stock indexes. Any investment opportunity that claims you'll get substantially more could be highly risky. And that means you might lose money. 

·         "Guaranteed returns" aren't. Every investment carries some degree of risk, and the level of risk typically correlates with the return you can expect to receive. Low risk generally means low yields, and high yields typically involve high risk. If your money is perfectly safe, you'll most likely get a low return. High returns represent potential rewards for folks who are willing and financially able to take big risks. Most fraudsters spend a lot of time trying to convince investors that extremely high returns are "guaranteed" or "can't miss." Don't believe it. 

·         Beauty isn't everything. Don't be fooled by a pretty website – they are remarkably easy to create.

 

·         Pressure to send money RIGHT NOW. Scam artists often tell their victims that this is a once-in-a-lifetime offer, and it will be gone tomorrow. But resist the pressure to invest quickly, and take the time you need to investigate before sending money. If it is that good an opportunity, it will wait.

 

Con artists are experts at gaining your confidence. So be certain to treat all unsolicited investment opportunities with extreme caution. Whether you hear about the opportunity through an email, phone call, or a fax, be certain to check out both the person and firm making the offer and the investment they are pushing.

 

Remember: An educated investor is our best defense against fraud! For more information on how to invest wisely and avoid fraud, visit the Investor Information section of the U.S. Securities and Exchange Commission website.

 

 

About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.

 

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