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Affinity fraud is an investment scam where scammers target members of trusted groups, like churches or clubs. They use trust and promises of high returns to lure people into fake investments.
Warning Signs
- Exclusive offers for group members only.
- Use of group trust and loyalty to gain credibility.
- Promises of high returns with low risk.
- Pressure to invest quickly or keep it secret.
- Individuals not properly licensed to sell investments.
- Lack of proper documentation or registration.
How to Protect Yourself
- Verify the seller’s license, even if you trust them.
- Check licenses with Washington DFI by calling 1-877-746-4334 or emailing dfi@dfi.wa.gov.
- Research the investment thoroughly before committing.
- Ask for documentation and investment details.
- Be cautious of group-exclusive offers.
- Don’t rush into investments due to pressure.
Report Affinity Fraud
- Report affinity fraud in Washington State to the Washington DFI by calling 1-877-746-4334 or emailing dfi@dfi.wa.gov.
- Outside of Washington State, report to your state's securities regulator.