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Have you ever met a businessman or woman who seemed like he had everything about his life figured out? Looking stunning in his suit with a nice ride and a “wonderful investment opportunity” you shouldn’t miss out on but there seems to be something off about this “opportunity”

It is no news that owning a business is the new game-changer and a lot of individuals want to be classified as a business owner because of the numerous benefits that come with the role. 

However, there has been an overflow of counterfeits in these past years. Stories of victims who encountered people who knew little to nothing about owning and running a business masked up as a businessman eventually scamming unaware individuals of their hard-earned money. 

According to the Federal Trade Commission U.S., in 2023, consumers lost a record $10 billion to fraud, the majority of which were investment scams by “businessmen”. Interactions with these victims showed a pattern among these scammers making it easy to spot one.

Many questions have been asked about these unfortunate incidents but the real question is: How can you spot a fake businessman? Several individuals and organizations including the State of Michigan, have provided solid tips of how to spot a fake business person.

How to Spot A Con Artist in A Business Relationship

The following are ways to spot a con artist personality in any type of relationship; most especially in business.

Projecting an image of an overachiever:

Despite their best efforts to convince you that they are “just simple dude,” scammers are aware that this will not persuade you to give up your money. They put a lot of effort into projecting an image of success, professionalism, and ease. They may pose as wealthy and operate out of offices that look notable. If the only way you communicate is through the mail, the office might have a prestigious-sounding address. Before you spend your money, it is best to look past the obvious and conduct thorough research. (which is what this article is all about).

Unrealistic Business Offers

We live in a very realistic world and when an offer looks too good to be true, it is. When Businessmen give offers that appear unrealistic that’s a gateway to knowing whether they are a fraud or not. These fraudulent men know of people’s need to have high-quality service or products in exchange for a minimal price. Knowing this, they use their unrealistic offers as bait to catch unaware clients by their throats eventually defrauding them. You would know how to spot these offers if you have read how to spot a fake business website.

High-Pressure Sales

If you are being pressured by a businessman to make a business transaction that ordinarily requires you to take your time, then that’s a big red flag lying in front of you. Decisions majorly business-related decisions are to be made precisely and not in a hurry. They pressure prospective clients into making these decisions so that they would be unable to detect the ingenuity of their business.

Vague Business Background

Most often when we meet these con artists, they claim to be gurus in their industry with so much knowledge from their experiences running a business. Self-proclaimed serial entrepreneurs should be avoided if they don’t give a clear history of their prior endeavours and successes. No one is considered a thought leader in entrepreneurship if they have launched twenty firms and achieved nothing.

Secrecy or Excessive Privacy

When Businessmen refuse to disclose information about their business, then there’s an underlying problem. There’s absolutely no problem with a businessman sharing details about his business as it is not something to conceal but rather disclose to prospective clients. Knowing details about a business helps you make proper decisions and take relevant steps, all along assuring you of its competence and transparency.

Propose Unclear Contracts

You have probably been pitched a “miracle’ product or a once-in-a-lifetime investment opportunity with little to no risk at all. These fake businessmen thrive in confusion. They would use technicalities and jargon to confuse you, then position themselves as the “expert’ to guide you through understanding the jargon. If a product or an offer seems unclear to you, ensure to do your research before making decisions.

Name-Drop Powerful Individuals

 To boost their credibility and wow their prospect, they frequently drop names of important/influential people.  They want to provide the appearance of authority and knowledge by claiming to be surrounded by investors, successful company founders, and prominent figures in the field. 

 This strategy could be deceptive, though, as it doesn’t always mean they possess the skills and background needed to offer insightful advice or that the people they are so pleased to acknowledge have deep relationships with them. 

 In contrast, real businessmen develop their credibility by their own name and track record.  Even if they might know prominent individuals, they don’t make use of these ties as their main selling point. Rather, they concentrate on proving their abilities by the depth of their advice and the observable outcomes they have produced for their customers or their own companies.

Unprofessionalism

Every “Real” businessman is professional; this is an inevitable truth. Once you sense a lack of professionalism, then there’s something bizarre going on which should not be taken for granted. When making business deals, everything matters; punctuality matters, dressing matters and many other vital aspects. Professionalism is a key aspect of Business which every business owner should always put on as attire and if it is found lacking then there’s an underlying problem. 

How to Avoid Falling Prey to These Con Artists

Having listed the signs to look out for when approached by a “businessman”, the next step would be to stay vigilant and ask thorough questions. Be extra cautious if they minimise any negative effect you raise or deny the existence of any risks.  

Fake businessmen typically struggle to provide thoughtful answers to crucial questions. Verify credentials, and go through their websites and social media platforms. If possible, ask for the contact of their previous clients and try to interact with them. 

Without Fear, feel free to walk away from large offerings and assured earnings without a detailed description of the investment vehicle, the promoter’s history, or the risks. Never make a decision based solely on the businessman’s charisma or passion since they can be more interested in getting your money than you realise.

In all, there’s a cluster of fake Businessmen today, and it’s only those who are discerning and attentive that would not get caught up in their lies and scamming activities. Don’t get too comfortable with anyone who calls himself a businessman; rather, you should look for the signs that distinguish the fake from the real ones.

Despite their best efforts to convince you that they are “just simple dude,” scammers are aware that this will not persuade you to give up your money. They put a lot of effort into projecting an image of success, professionalism, and ease. They may pose as wealthy and operate out of offices that look notable. If the only way you communicate is through the mail, the office might have a prestigious-sounding address. Before you spend your money, it is best to look past the obvious and conduct thorough research.