Money Monday: 6 Financial Scams to Watch Out For

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  • Top Emergency Scam: Grandparents Scam
  • Top Employment Scam: Mystery Shopping
  • Top Advance Fee/ Prepayment Scam: Nonexistent Loans
  • Top Sweepstakes/Lottery Scam: Jamaican Phone Lottery
  • Top Sales/Rental Scams: Real Stars Fake Goods
  • Don't Get Hooked
  • Financial Scams
  • Top Over-Payment/ Fake Check Scam: Car Ads

Top Advance Fee/ Prepayment Scam: Nonexistent Loans

Most of the scams advertise online and promise things like no credit check or easy repayment terms. Then the hook: you have to make the first payment upfront, you have to buy an “insurance policy,” or there is some other kind of fee that you have to pay first to “secure” the loan. (Photo: Jeremy Woodhouse/Getty Images)

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