Home Tech Tips Security Products TDS Fiber Online Life TV Biz Blog Visit Our Websites FTC: Before you join that crowdfunding campaign, read this by TDS Guest Author on November 24, 2021 in Online Life If it takes a village to raise a child, crowdfunding may be what it takes to make that invention a reality. But scammers could be behind those crowdfunding efforts and take your money without delivering what they promise. Crowdfunding can help raise money to develop a new product or invention. To get investors, the organizer may promise something in exchange for contributions. Investors might get a payout once the invention is profitable, be the first to get the new product, or get the new product at a discount later on. When you give money to a crowdfunding campaign, it goes directly to the campaign organizer. But a dishonest businessperson might lie about the project, product, and timeline. And they might lie about the rewards you’ll get once the product is finished. So before you pledge funds to any crowdfunding campaign, check on a few things first: Who created the campaign? Find the name of the organizer on the crowdfunding page and do your own vetting. If you can’t find anything about that person, or the details don’t match what they’re telling you, that’s a sign of a scam. Search for the name of the organizer and project with the words “complaint,” “review,” or “scam” to see if anyone has already had a negative experience. What’s the purpose of the campaign? Be clear what the funds are for and what you should expect from your contribution. Not all campaigns promise you’ll get anything in return. What happens if the project doesn’t get off the ground? There’s no guarantee that the project will be successful and completed. Find out what happens to your money if the project doesn’t get going. Can you expect a refund? How you will get it? If you come across a crowdfunding scam, report it to ReportFraud.ftc.gov, your state Attorney General, and the crowdfunding platform. By Emily Wu Attorney, Division of Consumer and Business Education, FTC Share: Click to email this to a friend (Opens in new window) Click to print (Opens in new window) Click to share on Facebook (Opens in new window) Click to share on Twitter (Opens in new window) Click to share on LinkedIn (Opens in new window) Click to share on Pinterest (Opens in new window) Related FTC warns: new variation on tech support scams April 11, 2018 In "Online Life" Scams that start on social media October 26, 2020 In "Security" Warning: Even the FTC is being used in a phishing campaign We talk to you fairly often about phishing scams. That's because, unfortunately, scammers use our name in emails to try and trick you into revealing personal information. Today, the Federal Trade Commission (FTC) revealed the commissioner's name is also being used in a phishing campaign. Learn more about what's happening. August 20, 2021 In "Security" About TDS Guest Author Official news and alerts from TDS Guest Blogger. View all posts by TDS Guest Author → Connect with TDS Stay connected with TDS Home for the latest news. Related Posts: FTC: Celebrate Hanukkah without the scams Cheap Tunes Tuesday: Squirrel Nut Zippers’ Christmas Caravan Hallmark Christmas movie bingo 2021 Cheap Tunes Tuesday: Greta Van Fleet 10 great Thanksgiving movies Cheap Tunes Tuesday: AIC MTV Unplugged Cheap Tunes Tuesday: Squirrel Nut Zippers’ Christmas Caravan No comments yet. Leave a Comment TDS Connect Blog Learn more about how TDS can keep you connected in the home with Internet, TV, TDS Fiber, DVR and phone services and solutions. 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