New scams, new dangers

The responsibility of financial institutions, and the related departments in government is huge, and urgent
New scams, new dangers

The basics of business remain the same. No matter what one does, it involves time to grow. Money and labour when mixed with consistent and long term effort pay dividends. But there is a tendency to make quick buck, in the shortest possible time. These short cuts finally result in big tragedies, at individual level, and huge scams, at collective level. We have seen in modern era how the new ways of investment and earning opened up fresh pathways for scandals and scams.

People were robbed off their hard earned money in the hope of making a killing overnight. The stock market and share holding has now been an established way of doing business, and there are people who fully devote themselves to such business. But unfortunately some people, without having enough knowledge about this filed of investment, are lured by the promises of huge profits, and thus end up losing their entire wealth.

These days we have a new form of business getting popularised at a terrible pace. The advertisements of virtual currency on mainstream media is inviting for one and all. But we have seen in past how Ponzi schemes, and fast growing funds have finally ruined people’s lives. We have a series of such scams.

In this virtual currency domain we have had a huge scam just recently. In this scenario it is the duty of banking and financial institutions to issue guidelines, and popularise them. It is extremely important for the concerned government departments to sensitise people about the dangers of making investments in unknown terrains in the expectation of making huge profits in shortest possible time.

The campaign to sensitise people should be taken at a massive level, and this must involve younger generation also. We have seen that young people are investing in these new forms of virtual currencies, and it can turn out to be disastrous for them, and their families. The fundamentals of business remain the same and this point should be emphasised over and over again. The responsibility of financial institutions, and the related departments in the government in this regard is huge, and urgent.

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