A less-than-honest company can label its product with a similar-sounding name in order to capitalize on internet searches and brand recognition.

Who Is It Targeting: Consumers interested in making more money

What Is It:  An “investment” app with a strikingly similar name to Tesla Motors.

What Are They After: If a company has to pull some shady tactics to get recognition, that should be the very first red flag. There are a growing number of reviews online speaking out against an investment “robot” that plays the stock market for you, even if you don’t know anything about investing. The company claims you’ll make thousands of dollars a day using their app, which should immediately be the second red flag.

When a company has to resort to playing off of something famous just to get attention, it’s a bad sign that they’re not marketing themselves well and might have less than scrupulous intentions.

How Can You Avoid It:

  • First of all, there is no such thing as a magic robot that earns you money in the stock market.
  • When a company name—in this case, Tesler—relies on internet search traffic and news headlines for a well-known company, it should warn you away.
  • No app will actually provide the “get rich quick” results that are promised in this scam.

If you think you may be a victim of identity theft, contact the Identity Theft Resource Center for toll-free, no-cost assistance at (888) 400-5530.

Find more information about current scams and alerts here.

For full details of this scam check out this article from EasyTradingHub.com.