5 Ways You Can Avoid Money Scams in Oman

Are you an expat looking for other ways to earn? Is your current job not sustainable? If you are one of the populations of expatriates who are hoping to earn an extra stash of cash abroad, don’t worry because there are a lot of possible ways to do it. There are many options you can choose from like looking for part-time jobs and investing.

Also Read: Guide: Banking in Oman

If you have a full-time job already, it would be exhausting to look for part-time work. This is the reason why some expats choose to invest instead because passive income is one of the best ways to become rich and successful overseas. If you are in Oman and currently obsessed with different investment portfolios, here are 5 ways you can avoid getting your money scammed in this country.

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5 Ways You Can Protect Your Money In Oman

Never fall for internet investments

Although some investment scams are easy to determine, there are still people who falling for this type of fraud. Don’t get caught up in banners and ads showing you promising yields because there is no such investment that would give you high returns overnight. Learn and get to know more about the website asking for your investment so you won’t get scammed online.

Avoid Ponzi Schemes

Ponzi scheme is a type of investment wherein your money doesn’t go to real investments but it is rather used to pay for the returns of investors who are ahead of you. This just means that your money is not earning somewhere. To protect yourself from getting scammed, avoid this type of investment by learning thoroughly the scheme of you investment.

Don’t trust insiders

Insiders, who will likely tell you that they are investors, are people who scammed other people by the method of pump and dump. This method is when they tell you to buy stocks because it would perform better in the coming days. When more investors buy stocks, the stock price will inflate and once it bounces back, insiders will sell it for high prices then leave other investors with worthless stocks. Avoid this kind of self-made brokers!

Also Read: Dos and Don’ts in Oman

Never join pyramid schemes

A pyramid scheme is a type of investment where investors bring in new investors to make a profit. It’s like an endless system of referrals. Don’t join pyramid schemes because you are likely to get nothing if you don’t bring in new investors.

Beware of forex scams

Usually, forex scams are done through offshore banks. Frauds will ask you to wire or transfer money to offshore bank accounts so you can start your forex trading. Beware of their sweet words if you want to protect your money.

These are ways you can protect your money in Oman. If you want to become a successful investor, you need to become aware of your environment especially if it involves scams and frauds. Share this with your family and friends to raise awareness!

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