Audacious scams (part 2); could this ever happen to you?

In the second of our features on the “Top 14 Financial Frauds of All Time” we turn our attention to “The Wright Panic” of 1900.

The draw of a quick killing can lure the best of us. The old adage “if something looks to good to be true, it probably is” applies to this case! The Wright story is one of a series of companies that on the face of it looked profitable and had credibility because the rich, titled and famous were persuaded to not only invest but also to sit on the boards. In reality the companies simply moved money between them and when the money finally stopped circulating the shareholders were left out of pocket.

This is an extreme case of using others identity to lend credibility to a scam and illustrates the need to thoroughly check any venture. Statistics show identity theft is a crime on the rise at a personal and a business level. One of the simple steps anyone can take is to destroy letters or documents containing personal or sensitive information.

Rexel has a full range of paper shredders that are ideal for the home or business.

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