We hope our readers have not had the negative experience of falling victim to a finance scam, however they are everywhere. Particularly with the COVID pandemic, when the going gets tough, financial scams increase. It might seem overwhelming and unavoidable but following the below rules will help protect you from becoming a victim.
1. Learn about the existing scams: Being aware of some of the most common finance scams. Recently there has been an increase in COVID related scams. Once you see the types of scams that exist, you will be able to better spot them in the future as new ones develop.
2. Keep on top of your accounts: Check your credit card and banking accounts on a regular basis to ensure that there are no unauthorized charges. To help you catch fraudulent charges quickly, monitor your online or mobile banking accounts daily.
3. Be careful of Phishing. phishing, a process in which scammers send emails as if they were a bank and ask you to update or confirm your account information. Always contact your bank directly to ensure that your account information does not fall into the wrong hands. Also, remember that the IRS will never initiate contact with you via email, text, or social media to demand personal or financial information.
4. Properly dispose of documents. If you are throwing away old bank statements or other paperwork with sensitive information such as account numbers, social security numbers, personal identification numbers, etc., make sure to shred everything before disposal.
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