How to spot a con man in business? Here's 3 simple tips!

Don't jump into a business proposal too fast and you might just find yourself losing thousands to a con artist. 

Dato' Dr. Mohamad bin Hashim shares his business tips on how you can catch on a con man's act.

1. He talks of millions and billions but can’t buy you a cup of coffee?

He says the business is a guaranteed success. He says you will get millions in return. He says not to worry he’s a big-time businessman who’s has achieved a lot of successes and has a big fat bank account. And yet, he tells you to meet up in some dodgy hotel, wearing clothes that doesn’t fit the money he claims to have and has the guts to expect you to pay for lunch when he’s the one asking you for money.

2. Business Card?

He’s prepared a detailed business proposal for you and claims he’s got everything covered yet what? He ran out of business card? Or forgotten to bring some?

If he does pass you his card, don't just keep it as a souvenir. Instead, examine it.

All these are tall tales if he really does have a proper office. From there you know who you're dealing with even before visiting their office. But if nothing fits the bill, it means he has a lot to hide.

3. Cross check on what he claims.

Check the registrar of company (SSM for Malaysia) or just use google! See whether he truly is a director/shareholder or even whether the company is as good as he claims. Also, see whether the company is active or substantial. All these can help you judge his financial standing and his capabilities as a business partner.

If it really is a legit business and he really wants to work with you, he will give you some time to think it over.