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Did you know that according to the Federal Trade Commission, in 2022 alone, consumers reported losing over $8.8 billion to fraud? (1) That’s a staggering number. But even more concerning is the fact that many victims never report these crimes. The financial world can feel like a vast ocean, and unfortunately, just like in the ocean, predators are lurking in the depths waiting to exploit the unsuspecting. 

These “financial sharks” come in many forms – from sky-high interest rate lenders to investment scams that promise unrealistic returns. They prey on our hopes, fears, and sometimes, simply our lack of financial knowledge. So, how do we avoid becoming their next victim? 

The first step is awareness. Educating yourself about common financial scams and predatory practices is your best defense. Here’s a closer look at some of the “sharks” you might encounter: 

  • High-Interest Loan Sharks: These lenders offer quick cash with seemingly easy terms, but the reality is that the interest rates are often exorbitant, trapping borrowers in a cycle of debt. 
  • Investment Scams: Beware of “get rich quick” schemes. If something sounds too good to be true, it probably is. Do your research before investing in anything, and never give out personal financial information to unsolicited callers. 
  • Phishing and Identity Theft: These scams can target you through email, phone calls, or even social media. Phishing emails often try to trick you into clicking on malicious links or revealing personal information. 

There are many resources available to help you navigate the financial waters safely. The Federal Trade Commission ( and the Securities and Exchange Commission ( offer valuable information on how to identify and avoid scams. 

Remember, knowledge is power. By learning about financial predators and taking steps to protect yourself, you can avoid becoming their next catch. 

Want to Dive Deeper? 

Schedule a complimentary consultation to discuss your specific financial goals and concerns. Together, we can create a personalized strategy to help you navigate the financial waters with confidence and avoid the lurking sharks. 


  1. Liu, H., & Staff in the Office of Technology. (2023, February 23). New FTC data show consumers reported losing nearly $8.8 billion to scams in 2022. Federal Trade Commission. 

This information is being provided only as a general source of information and is not intended to be the primary basis for investment decisions. It should not be construed as advice designed to meet the particular needs of an individual situation. Please seek the guidance of a financial professional regarding your particular financial concerns. Consult with your tax advisor or attorney regarding specific tax issues.

Pinnacle Financial

The Pinnacle team’s primary objective is to provide holistic financial strategies. Our ultimate vision is to educate clients about their own personal financial challenges and potential solutions regarding complex financial issues.

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