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What are Financial Scams?
What are Financial Scams?
Financial fraud and scams are a major threat to everyone, and this problem is expected to grow as more people adopt digital transactions to perform online purchase, access their bank accounts, make payments, transfer funds, and other such similar activities.
Financial fraud is any crime that involves finances or illicitly gained funds. Financial fraud typically involves someone being scammed out of their money through theft or deceit. Financial scams can devastate your bank account and make it hard and sometimes impossible to recoup losses.
Financial fraudsters typically rely on the following traits to mislead people:
Constantly changing approach to confuse people into sharing sensitive financial information
Creating a false weblink, which leads to a “similar” looking website
Instill a sense of urgency and fear thus tricking people to divulge information
Gain people’s trust by claiming that the caller is from their financial institution
Create a click-bait link to trick people into willingly take financial risks by offering ridiculously low prices on desirable items (example – phones, laptops etc..)
Never share personal information
Never share personal information
Don’t give your financial information—Social Security number, credit card, or bank account numbers—to anyone you don’t know.
Review credit cards transactions
Review credit cards transactions
Make it a habit to review your credit card purchases regularly to ensure there is no fraudulent activity; call the financial institution if you see any suspicious transactions
Make sure companies are legitimate
Make sure companies are legitimate
Never send money to any mailer, caller, or emailer unless you initiated the contact.
Check your credit report
Check your credit report
Monitor your credit report frequently.
Deposit mail close to pick-up time
Deposit mail close to pick-up time
Deposit mail containing any personal financial information such as your bank account information or Social Security number in USPS® Blue Boxes as close to the pickup time as possible.
Check for website security
Check for website security
Look for the security lock or https:// in your browser to ensure a website is secure.
And finally – the best way to protect yourself is to constantly remain vigilant and alert!
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