How to avoid investment scams, by NOA

In response to the rising tide of fraudulent investment schemes targeting Nigerians, the National Orientation Agency (NOA) has issued an advisory to help citizens recognise and avoid falling victim to such scams.

The agency, using its social media handles, emphasised the importance of vigilance, especially as scammers increasingly exploit social media platforms to lure unsuspecting individuals with promises of high returns.

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According to the NOA, key investment scam indicators include promises of unrealistic returns with little or no risks, pressure tactics that demand immediate action as way of discouraging potential investors from conducting due diligence and lack of transparency, which manifests in lack of clarity of information about the business model, risks, and regulatory compliance.

The NOA, which also listed risk factors to include endorsements that are not independently verifiable, advised members of the public to conduct thorough research before committing to any investment, including verifying the company’s registration status and seeking advice from financial professionals.

It equally warned against sharing personal or financial information with unverified entities, as scammers are in the habit of using such data for identity theft or unauthorised transactions.

Additionally, the NOA advised individuals who encounter or fall victim to investment scams to report such to the Economic and Financial Crimes Commission (EFCC) or the Nigeria Police Force.

Timely reporting, it added, could aid in investigations and prevent others from being defrauded. The NOA, however, stated that it remains committed to educating the public on financial literacy and fraud prevention, urging Nigerians to stay informed and exercise caution when approached with investment opportunities.