CHICAGO,
IL - August 7, 2012 - The Better Business Bureau serving Chicago
and Northern Illinois 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.
The BBB has had 2,206 inquiries for this type of
business for this 12 month period, compared to 529 for the previous 12 months; an
increase of 317%. There were also 12 complaints for this 12 month period,
compared to 5 for the previous 12 months; an increase of 140%.
“It is
extremely important to look into the company that you are investing your money
into,” said Steve J. Bernas, president & CEO of
the Better Business Bureau serving Chicago and Northern Illinois. “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.”
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 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.
For FREE
Consumer Tips on in northern Illinois,
visit www.bbb.org
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As a private, non-profit
organization, the purpose of the Better Business Bureau is to promote an
ethical marketplace. BBBs help resolve buyer/seller complaints by means of
conciliation, mediation and arbitration. BBBs also review advertising claims,
online business practices and charitable organizations. BBBs develop and
issue reports on businesses and nonprofit organizations and encourage
people to check out a company or charity before making a purchase or donation.
