Alerts Sounded on Pension Loans, eBay Scams and TV Casting

Only a few weeks after our warning about a medical alert scam targeting seniors, we've encountered another warning for retirees -- pension loans, a costly variation of the predatory payday loan scam.

Payday loans, as most people know, are short-term loans intended to tide over borrowers until their next paycheck.

Interest charges are usually high but the scam element comes into play when lenders employ dubious techniques to push their loans, conceal the terms or charge outrageous interest rates (which are outlawed in some states).

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©Copyright Audri and Jim Lanford. All rights reserved.

Reprinted with permission.

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GAO Warns on Misleading 401k Rollover Info

When it comes to switching jobs, are you getting accurate advice on whether and how to transfer your retirement investment -- better known as a 401k rollover?

The Government Accountability Office (GAO) thinks not -- at least with some financial advisers.

That could lead to a costly mistake, as we explain in this week's issue.

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©Copyright Audri and Jim Lanford. All rights reserved.

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Are You a Victim of Hacked Email?

More and more these days, we're hearing reports about hacked email accounts -- in which individuals' accounts are hijacked by crooks and used to spam their victims' contacts.

Some members of our own team have been getting these types of messages, which appear to come from people they know.

Often they contain a link that leads either to a sales site or, worse, a malware download.

Or they may be one of those spoof distress emails claiming the supposed sender is in trouble and needs money. For more on this type of scam see the article: How Distress Scam Storylines Aim To Win Your Sympathy.

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©Copyright Audri and Jim Lanford. All rights reserved.

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YOU NEED CONNECTIONS, NOT JUST PROSPECTS

While you're busy building your business, it can be easy to hyperfocus on making contact only with people who might become clients. After all, you may reason, to have a successful business, you need a full pipeline of prospects. That's true, but prospective clients aren't the only type of contacts you need for your business to thrive.

Successful entrepreneurs go beyond just making the acquaintance of likely clients. They typically maintain a wide range of connections in a number of different fields. Why? Here are six reasons.

1. Referrals. Some of your best referral sources may turn out to be people who would never be candidates to become clients. Don't focus exclusively on current and former clients in your quest for referrals. Consider also other entrepreneurs who share your target market, people who work for companies that might hire you (even when those people are not decision-makers), and folks who seem to have a strong network themselves.

2. Leads for places to speak, network, or write articles. Your connections can often help you market yourself more effectively by suggesting where you might gain more visibility or make new contacts. Word of mouth from people in the know is often the best way to discover important venues like these.

3. Information about what's going on in your field or with a particular company. When you need to research trends and current happenings in order to position yourself correctly or close a specific deal, it's a godsend to be able to simply ask someone who has an answer at the ready.

4. Support. Entrepreneurship can be a lonely road, especially when you are low on client work. Your connections can serve as sounding boards, sources of inspiration, a cheering section, accountability partners, or help you brainstorm.

5. Testimonials, references and endorsements. It's not only clients that can speak to the quality and value of your work. Your connections can write you testimonials, endorse or recommend you (on LinkedIn or Yelp, for example), or serve as peer references. This can be especially helpful when you are new in business or changing directions.

6. Suggestions for valuable resources. A busy, successful entrepreneur needs to hire helpers or specialists, identify helpful books to read or classes to take, and find good deals on services and equipment. Your network can help with locating all of these essentials.

All these possible ways that others can help in your business make it clear that you need a strong network of contacts in order to succeed as an entrepreneur.

So while you are busily making contact with potential clients, don't forget to also spend time connecting with colleagues, and staying in touch with family, friends, neighbors, and former co-workers. Your contacts can contribute a lot more than just opportunities for sales conversations. They can provide the connections, information, and resources to propel your business to success.
Copyright © 2013, C.J. Hayden

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FinCEN on the Front Line of Financial Crime Battle

The importance of cooperation between financial institutions and law enforcement agencies in tracking down and blocking financial crime is highlighted by the activities of an important but little-known (at least in the public eye) agency -- FinCEN.

The Financial Crimes Enforcement Network, to give it its full name, is the focus of our latest spotlight report on scambusting organizations.

It's part of the US Department of the Treasury and acts as a coordinator, bringing together various groups to share information in their effort to combat financial crime.

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©Copyright Audri and Jim Lanford. All rights reserved.

Reprinted with permission.

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