How to Protect Yourself from Financial Scams

2 Mins read

In a world where technology continually blurs the line between innovation and deceit, it is paramount to have essential skills and knowledge that can decipher scams. 

The rate of cybercrime and the effort put into it is very alarming that even the smartest person may be deceived. Cyber criminals have made it their full-time job to swindle innocent people and leave them in misery. We’ve heard several stories from victims saying they received calls from unknown numbers asking them to send an OTP from their phone and just like that, their hard-earned money is gone! This is just one instance of many.

In this article, we’ll arm you with knowledge needed to outsmart the cunning perpetrators lurking in the shadows of the financial world. So, fasten your seatbelts as we unravel the mysteries of financial fraud.

  1. Use Strong and Unique Passwords: Create strong, unique passwords for your online account. Stop using easy to guess passwords like just your first name, your date of birth. Also, consider using a reputable password manager to keep them secure.
  1. Educate yourself: Knowledge is your best defence against scam. Stay informed about common scams and latest fraud tactics.
  1.  Enable Two-Factors Authentication (2FA): Add an extra layer of security by enabling two-factor authentication on your online accounts.
  1. Beware of Phishing emails: Phishing emails often appear to come from trusted sources, but they aim to steal your personal information. Check email addresses and be cautious of clicking on links or downloading attachments from unknown senders.
  1. Avoid leaving sensitive comments on your financial provider social media page.
  1. Check Website Security: Look for “https://” in the website URL and a padlock icon in the address bar before entering personal or financial information online.
  1. Monitor Your Financial Statements: Regularly review your bank statements for unauthorised transactions or unusual activity.
  1. Don’t Share Personal Information: Avoid sharing sensitive information like Social Security numbers, bank account details, or passwords via email or over the phone.
  1. Be Cautious with Links and Attachments: Don’t click on links or download attachments from unknown sources, as they could contain malware.
  1. Beware of “too good to be true” offers : If the offer is too good to be true, then it probably is.
  1. Verify Investment Opportunities: If someone offers you an investment opportunity, verify their credentials and check if they are registered with relevant financial authorities.
  1. Keep Software and Antivirus Updated: Regularly update your computer, smartphone, and software to patch security vulnerabilities. Use reputable antivirus and antimalware software.
  1. Don’t succumb to pressure to act quickly: Scammers often create a sense of urgency, pressuring you to make a quick decision. Take your time to research and think before committing to anything.
  1. Ensure safe internet connection: Try to avoid using public wi-fi as it is less secure and can expose you to hackers. If at all you have to use it, make sure to log out all accounts you’ve signed into before leaving.

Remember that scammers are constantly evolving their tactics, so staying informed and alert is crucial to avoiding financial scams and protecting your financial security.

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