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Protect yourself from these 6 common financial scams designed to cheat you out of cash.
As more and more of our banking, shopping and general personal admin is done online, cyber-criminals and fraudsters are becoming increasingly sophisticated in how they target individuals in order to steal your personal information and scam you out of your hard-earned cash.
Here are 6 common financial scams you should be aware of:
These scams are becoming increasingly common as cybercriminals target individuals to gain access to their bank accounts.
How to avoid these scams:
Fake Money Transfer scams, also known as Deposit and Refund scams, involves an attempt to steal goods or services without making the necessary payments.
Scammers will order goods or services from you or your business and supposedly make a payment into your account. This is done mostly by means of a fraudulent or stolen cheque or a fake money transfer.
They will then either receive goods they haven’t paid for or ‘change their mind’ and request a refund, which you will pay believing their money is in your account.
How to avoid this scam:
A Pre-Approved Notice is typically granted for bank loans and credit cards. It’s based on the fact that you’ve met basic eligibility criteria to apply for a credit card or loan. If the offer is from a respected institution or your bank and aligns with your current financial goals, it could be exactly what you are looking for.
Unfortunately, many unscrupulous fraudsters use fake pre-approved notices to lure in victims and then request upfront fees or cash payments to activate the ‘loan’.
Victims make these payments, however, the loan or credit card never materialises.
How to avoid this scam:
COVID-19 has left many people in a dire financial situation. Over-extended credit and increasing debt is causing stress, and any debt and credit relief is welcome.
Unfortunately, fraudsters are very aware of this fact, and they’re using it to offer debt and credit relief that are scams.
These scams offer additional credit or promise a quick fix for bad debt and credit records for a fee.
How to avoid this scam:
This scam typically targets businesses. The fraudster impersonates an existing supplier and sends a communication (either via email or letter) to the business advising them that the supplier banking details have changed.
The banking details are fraudulent and will lead to all future payments being processed into the fraudster’s account instead of the supplier’s legitimate account.
How to avoid this scam
Online vehicle marketplaces have become common. Unfortunately, criminals use this fact to advertise fake vehicles online at discounted prices. These fake advertisements usually include photos matching the description of the vehicle and a phone number or email address to contact the supposed seller.
Once contact is established, the criminal sends the intended buyer additional photos, along with convincing explanations for why the vehicle’s price is discounted and why the transaction should be concluded urgently.
After the buyer has paid for the purchase in full, they don’t receive the vehicle and when they try to make contact with the online seller, there is no response. The ‘seller’ has disappeared, and their money is gone.
How to avoid this scam
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Thank you for these tips. I wonder when these scammers will be eliminated
Protect against scams by staying vigilant, verifying, and utilizing trusted services. Ehall pass
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