We can tell you how to save money but it can all disappear in the blink of an eye in the hands of scammers and fraudsters.
In this digital age, scammers & fraudsters have also found innovative ways of getting their hands on your hard earned money. Here are 4 ways you can keep your money safe from scammers & fraudsters:
1. Overpromising. The golden rule says, ‘if it is too good to be true, it probably is’. Most scammers will come up with very lucrative deals e.g. invest in this project and you will get 100% profit in 5 days. If it’s not clear how these profits are made, it’s probably a scam.
2. Phishing.This is an attack that attempts to steal your money, or your identity, by getting you to reveal personal information — such as credit card numbers, bank information, or passwords through emails, texts, calls or websites. A project that requires you to give too many personal details such as your Bank account or Mobile wallet password is a red flag. Always keep your passwords private and have second level authentication on your Banking mobile app. Also put a limit on your Debit/Credit cards and limit them to your country of residence unless you advise the Bank differently.
3. Prey on your emotions. Have you ever been walking on the street and met someone with a sob story? Then, after giving them money, one week later you bump into them and they tell you the same story? Well, that’s how scammers/fraudsters work too. They prey on your emotions. These may be in the form of online dating scams or someone pretending they are in need to get your sympathy. Be careful and always verify information.
4. Creating a sense of urgency/threats. This happens a lot through phone calls where someone calls you and pretends they are from your Bank or telco and tell you that your Debit card has a problem or SIM card and they need you to follow certain instructions or your account will be frozen or your sim card blocked. This creates a sense of urgency that does not give you the time to verify the information or call your Bank directly. In case of such a call, hang up and visit your nearest branch or call the Bank using the official telephone numbers. You can reach ABC Bank via 254 701 700 700 or 254 719 015 000.
Share with us what other ways you can get scammed or protect yourself from being scammed in the comments below.