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How to Avoid Most Common Financial Scams?


April 7, 2021 ( Newswire) Financial scams come in different forms these days. They can start as online scams, identity thefts, or data breaches which can then lead to finances being taken out from unsuspecting victims. Below we discuss some common scams and how to avoid them by taking certain security measures.

Secure Online Gambling Measures

There was a time when online gambling activities were frowned upon. However, today all online casinos that bear legitimate licenses are backed by appropriate authorities. Hence, players can enjoy a secure gaming experience at the They can register with confidence, knowing that their money is in safe hands. Most casinos nowadays also have speedy withdrawal timelines, allowing players to get their wins into their bank accounts within hours.

Safeguard Your Money Online

Not all online activities or communications are legitimate. Here are some common scams and what you can do to avoid them.

Strangers Seek Money in Emails

This is a common financial scam that most people have found in their email inbox. These have consisted of seemingly wealthy individuals seeking assistance to get their money from a foreign country. They usually claim to have a stake in hundreds and thousands of dollars, and all they need from you is bank details where they can receive their funds safely. In return, they would share a small part of their fortune with you. Indeed, though most people have found the emails ridiculous, some have fallen prey to such emails, which were mostly in the early days of the internet.

In general, the rule to follow here is never agree to wire money to a stranger. Even if it is for business correspondence, ensure that you have valid contact details of the person to whom you are wiring money. The same applies when you share your bank details. However, sharing bank details is a relatively secure process since one cannot tamper with your funds with that information alone. However, sharing bank details should only be restricted to the bank account numbers and bank address details. It should never extend to username or password details of your net banking access.

Online Lottery Scams

This is another popular scam initiative that has been doing the rounds in people's inboxes. Many emails come into inboxes, claiming that the email recipient has won a certain amount in the lottery. They are then asked to provide bank account details where the money can be sent. These are fraudulent emails that should be removed to spam or trash folders automatically. They often contain links that can activate spyware or phishing viruses in your computer system. Hence, it is best that one does not click on such links and sends the emails to trash or spam right away.

Do Not Give Out Financial Information

This is another way that fraudsters try to get sensitive information that can get them access to people's bank account or credit card details. Hence, you need to be aware that you never hand over the following information to anyone:

  • Net banking username and password.
  • A debit card or credit card PIN.
  • Credit card or debit card number and CVV.

In most cases, banks also inform customers that their personnel will never ask for such details from their customers for any kind of transaction. Hence, if you receive a text or an email seeking such information, you need to become aware that it is regarding fraud.

Shop from Secure Online Sites

The other windows of opportunity for financial fraudsters arise when people shop online and use their financial information. Hence, it is important to ensure that you have appropriate antivirus and spyware protection on your desktop and mobile devices. Also, you need to shop from reliable and reputed brands-most online retail sites tie up with payment gateway partners who securely redirect customers to payment platforms. The entire process needs to be protected with SSL technology, keeping information secure and confidential. Hence, ensure that the sites where you shop and share financial information are reliable and reputed portals.

Do Not Share Social Security Details

Most country residents have social security or a similar citizenship ID that is linked to their bank accounts and other confidential property rights. Hence, such details should not be shared ad hoc with any stranger. If you are keying in such information on a site, ensure that it is a legitimate, secure site from where such information cannot be phished out.

Though the internet has made access to banking and retail shopping so much easier, it is imperative that customers remain aware of the safety requirements in transacting over such platforms. Ensure that antivirus systems are updated in their desktops and mobiles, as well as update the app software that is regularly used and involves financial transactions.

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