It seems scams lurk everywhere from travel to the internet, from door to door meat sales and once again investment scams. The Better Business Bureau is fielding an increasing number of complaints about investment scams involving
purchasing Iraqi Dinars.
In Dinar exchange scams, potential investors exchange U.S. currency for Dinar - on the premise that buying the Dinars could be a great investment if the value of the Iraqi money were to increase. It appears that in some cases these companies are not providing the Dinars nor are they returning the money back to the customers. BBB inquires and complaints have increased nationally. It is extremely important to look into the company that you are investing your money into.
This is true with any investment you make. Take the time to find out information on the company and make sure they follow ethical practices and provide the services they advertise. Start with Trust.
The BBB offers the following tips to help to avoid investing in a potential Dinar scam:
- Make sure the company has authentic currency. It is important when working with Dinar to make sure that you are receiving legitimate currency. It is necessary to do some background research on the currency and understand what you should be receiving. It is also important for the company to provide a money-back guarantee in case something happens and you never receive the Dinars.
- Make sure the company has a long history. When investing in a company it is important to be able to look at the company history and see that it has established itself over time. By having a long history of business, it shows that this is not a business that will disappear over night or take the money and run.
- Make sure the company follows regulations. It is very important, when working in foreign currency, to ensure that the company follows all necessary regulations; including industry, state and federal. These standards are put into place to help protect the consumer, and help ensure ethical procedures. For more information about currency trade regulations visit
http://www.cftc.gov/ConsumerProtection/FraudAwareness
Prevention/ForeignCurrencyTrading/index.htm
Make sure the company is transparent. Transparency is extremely important in a business, especially one in foreign currency. It is important to know who is running the company and where else the company is connected. It is also very important for the business to be up front about the worth of the money and give basic estimates about growth opportunity in the future.
The BBB of Acadiana works for a trustworthy marketplace by maintaining standards for truthful advertising, investigating and exposing fraud against consumers and businesses. Please contact the BBB at www.acadiana.bbb.org or (337) 981-3497 24 hours a day for information on businesses throughout North America.
The BBB of Acadiana services the parishes of Acadia, Evangeline, Iberia, Lafayette, St. Martin, St. Landry and Vermilion.
Acadiana residents can now have BBB information in the palm of their hand with the official BBB Search app, a convenient, mobile BBB solution available for the iPhone, iPad and iPod Touch. The app can be found at: http://itunes.apple.com/us/app/bbb-search-find-local-businesses/id440014505?mt=8.