The IIA - Identify Fraudsters and Scammers

About Offshore

Scams & Fraudsters

Buying Property Abroad

Timeshare & Vacation Clubs

Due to the fact that, certain offshore jurisdictions are somewhat lackadaisical with their company incorporation procedures, and monitoring of those companies once incorporated, this invariably invites the fraudsters in, and abuse of the system inevitably follows.

So before dealing with any offshore company it is imperative you conduct adequate due diligence. Therefore, we have compiled a check list of questions and procedures in order to assist you with that due diligence.

If you are cold-called by telephone, this is not a good start, and if the person that has called you cannot explain how he got your phone number, then he has most likely purchased it as part of a database from a list broker, or you may have already sent him money in the past, to a previous scam he was operating?

Ask the following questions, and most importantly, write down the answers. The reason for writing the answers down is that, when they call you again a few days later, you can throw in the same questions here and there, and see if you get the same answers..

Always ask for their company’s website address and company telephone number, if they refuse or delay, then hang up the call.

Always take the name of the person you are speaking to

Ask their age

Ask them how long they have worked for the company.

Ask their position within the company and how long they have held that post.

Ask them how many years they have been a financial advisor, and what qualifications they have.

Check out the company website

Does it look professional or is it just a few pages that have been thrown together?

Does it provide you with extensive information about the company and the industry they are involved in?

Does it name the Board of Directors?

Can the person you have been speaking to be found or mentioned anywhere on their website?

Can you communicate with that person via the website?

Does their website document facts, figures and statistics with reference to the company’s performance?

Does the company send you professional literature or just a fax you a request for payment?

Try asking the person calling you for their personal mobile phone number, if they are looking to make you a client of theirs, they should not object to giving this to you. (Although you may not necessarily be able to contact them during work hours), but what we are looking for here is the willingness to divulge.

These are all things that will give you a strong indication as to whether the company is of stature or whether they are an empty shell.

Alternatively, go to our “Assist Me” page and complete one of our confidential investment requirements forms and allow us to select an I.B.A. member that will provide you with sound investment advice.

"Always ensure the company you do business with is an I.B.A. Member"