Your hard-earned money is a valuable resource in today’s world. It’s what keeps you safe and sheltered, and it’s what puts the food on the table. It is very important, therefore, to keep your money safe. Money may not buy you happiness, but it can surely help you live in the world. This is especially true if you live in a capitalistic society, where everything can be bought for the right amount.
Financial scams and frauds are becoming so common nowadays. Although there are good, reputable deals, such as a Chase sign-up bonus, a lot of the promises made by people for other people to gain money are actually scams. As bad as that might sound, this is just how the world works. In order to protect yourself, you must know the ways these attackers get to you so that you’d be able to identify if something is a scam or not. The rule of thumb about these things is that if it’s too good to be true, it’s usually just that: too good to be true. Below are some of the general tips that you could learn about to keep yourself from being involved in these things.
Watch out for unsolicited emails and/or texts.
One of the most common ways that scammers try to get a hold of you is by using fake emails or texts that look like they come from a legitimate organization. They pose as charity organizations, official government accounts, and even official bank accounts. These messages have clickable links that, when pressed, usually redirect the users to a seemingly legitimate website. It is from here that they urge you to input your personal information and credentials. The way to avoid such scams is to block any number that tries to offer a promotion or ‘raffle winning’ texts to you. They often sound too good to be true, and that’s when you know it is not a good text.
The most important thing to keep in mind is to always watch the platforms where you input important information, such as bank account credentials, personal information, and more. Make sure that the website is safe and that the link on the address bar is exactly the same link as the official website. Scrutiny will save you from these scams, and it’s always a good measure to double-check your actions.
Don’t give any personal information.
This is especially hard nowadays, as most online accounts ask for your phone number, address, and even demographic information (age, sex, etc.). As people of the modern age, we are trained to easily give out our information for a specific product or service. This could lead to us being scammed, however, so it’s important to know the distinctions and nuances within the topic. To protect yourself, don’t give login credentials or any financial information at all on websites that you got from texts or emails. Verify the source first before doing anything.
Research, the company you’re investing in.
Whenever you put out money for something, especially for the goal of growing that money, you have to research the company or organization that is pushing for it. This is because scammers and fraudulent perpetrators use different strategies to make themselves look like legitimate organizations. The most common scam in this industry is the Ponzi scheme, also known as a pyramid scam. Know how this works, and don’t ever invest in such companies. One of the common denominators of Ponzi schemes is that they usually have products to sell, but they also have levels of membership that you could avail of. They offer more discounts on the products to resell if you’re on a higher member tier.
One dead giveaway is that they offer large rewards for referrals. They focus less on their business model and give light on anecdotal evidence of a member getting rich from the company. They usually try to lure you with luxurious cars and large amounts of rewards, but that ultimately leads to your money being given to older investors as ‘interest.’