The increasingly digital world means we get to communicate less in person and more over digital technologies. However, it is hard to know the true identity of who you’re communicating with or their intentions.
Thus, one can easily fall victim to financial scams disguised as genuine. Thankfully there are ways to avoid this. American Hope Resources provides information to boost your financial future.
Below, American Hope Resources Shares the most common online financial scams to be aware of and avoid falling victim to.
Common Online Financial Scams To Be Aware Of
Some of the most common online financial scams include:
Fine Print Scams
This scam is one that every one of us is prone to fall victim to. When we sign agreements with Terms and Conditions, we usually click on agree immediately because we do not wish to read something ‘so long and tedious.
However, some scammers use this knowledge to include extravagant charges or access you wouldn’t usually grant to the terms and conditions. If you can’t read the terms and conditions when signing up with a new website, you can read reviews of other customers to see its efficiency or otherwise.
Phishing is a method used by scammers to gain access to your personal information. They usually do this via email. The scammers either hack the email of someone they know and trust or create an email similar to a trusted organization, usually a financial institution.
This email is sent to develop a level of urgency, telling you that there is an issue with your finances or crypto and requiring that you provide certain information or access to fix it. Any information you input can be stolen from you and used to siphon your funds.
Granting access via that email might also give a third-party access to the personal data on your device, such as your bank details or social security number, which can be very detrimental.
Therefore, you must stay informed about the kind of information your bank or exchange can ask you for so that you can be wary when you see such emails. If you see an email you are not comfortable with or sure about, don’t rush into it.
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Most times, the phishing account will have spelling errors or all lowercase letters, or a wrong logo. Look out for signs of illegitimacy. You can also compare it to previous emails that you have gotten from such institutions before.
This is done not to get your personal information but to get access to unique data you have access to. Don’t grant anyone access to any information without confirming with your team or company.
This is another popular type of phishing. But instead of emails, your information is sourced through SMS. Be wary of strange SMSs, especially from unknown numbers.
You can sometimes be contacted about getting help to reduce or forgive your debts. This is usually targeted at those knee-deep in debt and desperate for a way to get out.
They are then asked to bring an upfront payment. Avoid any of such persons or organizations offering that. Go through the proper means or authority for debt forgiveness.
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