Ohio officials are warning that investment scams are surging nationwide.
Consumers lost $5.7 billion to investment scams last year — up 24% from the prior year, according to the Federal Trade Commission.
The Ohio Department of Commerce Division of Securities said these scams often promise guaranteed returns or big profits with little risk. Consumers are lured with online ads, social media posts and direct messages using deceptive tactics such as fake success stories and pressure to act quickly.
State officials recommend that people ask whether the individual or entity promoting the investment is licensed and registered, and to verify it with regulators.
Officials also recommend researching the investment thoroughly and consulting an independent professional, such as an attorney or accountant, for advice.
