Rip off a page from the conman’s guidebook

If you are in business, making good money and your future prospects seem bright, there is a high chance that someone whose sole intention is to defraud you is lurking in the shadows. Like a detective lying low, a conman will be out to understand your movements before pouncing.

You will need to keep a sharp eye out to avoid falling into their trap, as conmen have overseen the fall of business empires and led to the collapse of successful careers. And the best way to be prepared for them is to know how they operate. Here’s how they identify their prey.

1.Thou shalt evade paperwork

Con artists target people who do not value paperwork, those who sign contracts on the basis of on mutual trust. Most cons lack physical addresses, but will find a way to talk business owners into entering deals without necessarily providing any evidence for what they promise to undertake.

That means that when they finally defraud you, you cannot trace them and neither can you sue them because there is no evidence to support your claims of being defrauded.

Foil the plan: Do not enter any business partnership without signing a contract. Do not leave anything to chance. Let mutual trust be a secondary asset. First thing should always be proof of partnership.

2. Reel in the unsuspecting by telling them your flaws

A good con artist will put his or her victim at ease by sharing stories that reveal their own anxieties, faults, and desires, thereby creating what appears to be common ground. 

The conman will make you feel that they understand business dynamics and have been through its ups and downs. They make you confident that they understand what you have been through because they have experienced it themselves, and that they are willing to wade through murky waters with you because they have developed a thick skin.

 Foil the plan: Do not fall for testimonies that cannot be backed by evidence. If evidence is there, seek to prove its authenticity. Do not trust people based on what they say about their past. Every good con will try to sound as experienced, and as mortal and real as possible.

3. Let your prey win at first

The typical conman will give you a freeway to victory on your first try. If it is about returns expected from some mysterious investment, you will make great returns the first time and that will lure you deeper into their scheme. But then, at a time when you have made a mammoth investment after gaining confidence in their business, they will pull out and vanish into thin air.

As such, conmen are looking for business owners who are overambitious, and especially those who seem thrilled by the idea of quick money.
Foil the plan: Do not be greedy. Make gradual and sensible profits. Do not chase after quick money. If the deal is too good, think twice.

4. Be a master of trust

A good conman will give you a deal and make you trust them. They sound as professional and trustworthy as anyone, ensuring that you fall for their bait.

“You can learn a lot about trust from the people who violate it for a living,” writes Brandon Specktor. A con will never understand everything about your operations without first gaining your trust and getting you to believe in everything they say.

 Foil the plan: As a business person, do not be too quick to trust. And always beware of any potential partner who comes in with a flawless ability to make you trust them even when they are complete strangers.  Again, take time to study them, shelving the temptation to trust, and verify every detail before sealing any deal.

5. Get your victim talking

After building your confidence, the conman will get you talking. They are keen not to let you ask questions, but they will ask you a lot of their own. They will reveal as little about themselves as they can, and dig up as much information from you as they can. A conman will do everything to make sure you can reveal all your secrets. Naturally talkative people, braggarts and those poor at keeping secrets are most vulnerable to their wiles.
Foil the plan: Keep your information to yourself. Do not spill your secrets, and do not give your strengths away. Stay grounded and let your success speak for you. Maintain a low profile, or if you can’t, give out as little of your insider information as possible.  

6. It is all about emotion, not logic

A conman will have studied your business and will most likely focus on your points of weakness. Instead of straight up offering logical, business-like suggestions, they will stir up your emotions and drive you to your weakest corner where reason gives way to emotion. And then you will be in the trap.

“As a master closer, I made it my first objective to get the victim ‘under the ether’,” reveals a veteran scammer in an anonymous confession. “Ether is that fuzzy state when your emotions are stirred up and you’re so agitated that you won’t know which way is up and which is down. Once I have got you into this condition, it doesn’t matter how smart or dumb you are. Ether trumps intelligence every time,” he says.

Foil the plan: Always be careful to keep professional matters professional, without allowing emotions to override logic. Remain focused.

7. Pounce on the well-heeled

Business owners are not interesting to con artists if they are not wealthy. In any case, what have the cons to gain in pursuing people who are not affluent? Cons are after your money after all. When your business starts doing well and the income peaks, and suddenly there are calls from potential partners, think twice. The con republic has just woken up.

Foil the plan: Determine the authenticity of partners who only spot you when your company is very stable. When you have the money, take your time before you sign a deal. Don’t rush in. Consult, think and hire experts. Be cautious and shrewd.

8. Seek out the vulnerable

“I think older people are easier to scam, because their emotional needs are closer to the surface. They aren’t afraid to tell people how much they care about their kids and grandkids. They aren’t afraid to share their fears about the unstable financial markets and how much they worry about being on a fixed income. These fears are real. And every one of them is a bullet for my gun,” confesses a former con man.

The old, especially those sitting on treasure chests, are vulnerable to con artists. They are not always suspicious because they grew up in a time where people were relatively more honest. Business deals at this point can be very high risk.

Foil the plan: Do not let people prey on your empathy or feelings, and take advantage of your emotional attachment to something. Keep it strictly business.

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