If you have ever been scammed, you’ll know that it’s a truly horrible feeling that erodes your trust in humanity. Thankfully, most people would never think to scam someone, but they’re sadly becoming more common than ever, so it’s essential that you know what to look out for to avoid becoming a victim. So, follow this list of tips to protect yourself from financial scams, and you should be able to avoid ever having this horrible feeling again.
Stay Cautious with Unsolicited Emails
One of the most common ways that someone will initiate a scam is through sending an unsolicited email. For this reason, if you ever find a strange email in your inbox, particularly one asking for personal details, treat it with extreme caution. Scammers often create emails that mimic trusted companies right down to the logo, so avoid clicking links or downloading attachments from unknown senders. If you’re unsure, type the company’s website directly into your browser rather than using the link in the email.
Be Wary of Pressure Tactics
Preying on the vulnerable, scammers often pressure their victims into acting quickly, claiming it’s a “limited-time offer” or an urgent situation. Don’t listen to this nonsense–take a moment to pause, which can make all the difference, giving you a fresh perspective on why you are being pressured. Ultimately, legitimate organisations will never rush you to make a decision, so step back, breathe, and evaluate the situation.
Never Share Personal Information on the Spot
No matter who is asking, you should never give out sensitive information, such as passwords, to anyone–even big companies. In fact, they’ll never ask for such information, so if you do receive such a request, this should raise alarm bells. If you’re ever unsure, hang up and call the company using a number you trust—not the one provided by the caller.
Monitor Your Bank Statements
While it might not help you avoid a scam completely, regularly checking your bank statements can help you catch unauthorised transactions early. Look for anything you don’t recognise, no matter how small the amount; fraudsters often start with tiny transactions to see if you’re paying attention before going for larger sums.
Use Strong and Unique Passwords
You’ve probably heard that weak passwords make life easier for hackers, so always be sure to use a mix of upper and lowercase letters, numbers, and symbols to strengthen your online accounts. Avoid reusing passwords across websites because if one site is breached, others could become vulnerable, too. Better still, consider using a password manager to keep track of them all.
Keep Your Software Updated
People often forget that using outdated software can leave their devices exposed to cybercriminals. Those updates that you’re always pestered about aren’t just for fancy new features; they also patch up security flaws that scammers love to exploit. Therefore, turning on automatic updates for your phone, tablet, and computer is always wise, as it ensures you’re only using the most secure versions of your apps and operating systems.
Beware of Too-Good-To-Be-True Deals
As the expression goes, if it seems too good to be true, then it probably is. Perhaps someone is offering you a holiday at a fraction of the cost or a product that is priced unbelievably low. Regardless of the details, scammers often rely on excitement to cloud your judgement, so take your time to research any deal and the seller, as a quick online search could reveal complaints or warnings from others who’ve been duped.
Verify the Identity of Callers
If someone claims to be from your bank or a trusted organisation, make sure that you ask for their name and department, then verify it independently. Use official contact information from the company’s website to confirm that they’re genuine. Don’t feel awkward about being cautious—it’s better to be safe than sorry.
Avoid Public Wi-Fi for Financial Transactions
Free Wi-Fi might seem convenient, but it’s often insecure, making it easier for hackers to intercept your data. Sure, you can use it to surf and use social media, but you should save online banking, shopping, or any other sensitive activities for when you’re connected to a secure network. If you must use public Wi-Fi, a virtual private network (VPN) can add a layer of protection.
Learn to Recognise Phishing Attempts
One of the worst scams out there is a phishing attempt, an evil strategy that is designed to steal your personal information by masquerading as legitimate entities. Learning how to recognise these can make them easier to avoid, though. For example, check for red flags like spelling errors, generic greetings, or email addresses that don’t match the company’s domain.
Be Careful on Social Media
It’s a sad fact that scammers often mine social media for details to make their schemes more convincing, potentially bringing up personal information, such as your hometown, family members, or job. This is why it’s always smart to review your privacy settings to control who sees your information. Also, avoid sharing details like your birthday, address, or travel plans online, as they can be used against you.
Research Before You Donate
If you want to protect yourself from financial scams, watch out for fake charities tugging at your heartstrings–especially during crises. Always research an organisation before donating because established charities will be registered, with their websites providing clear information about how your donation will be used. If someone approaches you directly for money, consider contacting the charity to verify their involvement.
Stay Alert to Investment Scams
As we mentioned earlier, you should be aware of offers that seem too good to be true, such as promises of high returns with little risk. Scammers often push investment offers like this, so you should research the investment opportunity before continuing, checking whether the company is registered with the Financial Conduct Authority (FCA).
Avoid Clicking Pop-Up Ads
When surfing online, watch out for those flashy pop-ups promising a free prize or warning of a virus on your computer, as they’re often bait for scams. Closing the browser window directly instead of clicking the ad can save you from malware or phishing attacks, or better still, install a pop-up blocker to add an extra layer of security to your device.
Secure Your Post
Believe it or not, sensitive information sent through the post can be intercepted if your mailbox isn’t secure. This is why people often recommend that you shred documents containing personal information before throwing them away, as someone could even be going through your rubbish bins to look for ammunition. Furthermore, if you’re expecting important mail, keep an eye out for delays that could indicate tampering.
Teach Yourself to Spot Fake Websites
It’s not going to be easy, but you should teach yourself to spot fake websites, as they can look surprisingly legitimate. Double-check the URL for slight misspellings or added characters that mimic well-known companies. Also, keep note that secure sites will display a padlock icon in the browser address bar, which indicates they’re encrypted.
Watch Out for Fake Job Offers
These days, job scams are on the rise, often involving upfront payments for “training” or “equipment”. This is nonsense; genuine employers don’t ask for money before you’ve even started. Research the company and reach out to them directly if something doesn’t feel right, or read some reviews from former employees to reveal how their recruitment process really works.
Keep Your Guard Up with Unexpected Windfalls
Last but not least, regardless of whether you receive an email about a lottery you never entered, an inheritance from an unknown relative, or any other offer that seems too good to be true, be very cautious. Genuine lottery winnings don’t require you to pay fees, and legal inheritance matters are handled through proper channels. Sadly, it’s very rare to receive an offer like this that is actually legitimate, so maintain a healthy dose of scepticism at all times, and it could save you a lot of trouble.
