Spotting a scam:

Always remember if something that you have heard or read sounds too good to be true, then it probably is!

Money scams are of different types and they are always changing and adapting. However, there are ways in which you can avoid them by knowing how to spot them and avoid them.

There are a few general signs that should raise flags wherever you spot them:

  • When you are asked for an advanced payment
  • If you are told to keep it a secret
  • You can text, call, letter or an email from someone anonymous
  • If someone asks for your personal details or passwords – remember your bank will never ask you for your PIN code or password
  • When you are pushed or forced to make a quick decision – fraudsters always want you to make a quick decision
  • You hadn’t entered or heard about some competition that you have won
  • You are offered a deal that is too good to be true

How to avoid being a victim of money scams:

  • If you get any suspicious letters, it is better if you don’t reply to them
  • If you think any phone call that you have received is suspicious, hang up, and never give out your personal details
  • The same applies to any suspicious emails that you have received – don’t click on strange or download any attachments
  • If a person shows up at your doorstep and you have doubts that they aren’t from the company then ask them for their ID
  • If an unknown company contacts you, always check if they are legitimate or not. Search for them on the internet.
  • Make sure your online devices are secured. Avoid sharing access with other and use passwords.
  • Your passwords should be selected carefully and don’t use same passwords for different accounts.
  • Read everything. Even the small print as it is that way for a reason.

In case, you have become a victim of money scams then are some things to keep in mind:

  • Stop sending money to the individuals or firm right away. If you have shared your bank details then you have to call your bank and notify them.
  • Contact the local authorities and report the scam.
  • You should be aware that there might be a follow up scam. That is, after being scammed once, other fraudsters might target you who claim to get your money back for you.

Common types of money scams you need to watch out for:

It is important for you to know about all the money scams that take place on the internet today. These fraudsters use different techniques to con you and steal your money. Here is a list of most common scams:

  • Lottery / prize scam
  • Advance-fee fraud
  • Dating / romance fraud
  • Health scams
  • Employment / job scams
  • Online auction fraud
  • Pension scams
  • Phishing
  • Telephone scams
  • Property fraud, etc.

There are several other ways in which the scammers will try to get their hands on your money. They may steal your personal information from your social media accounts, Wi-Fi connections or through different types of insurance frauds. Always be on a lookout for these money scams!