HAVE YOU EVER BEEN SCAMMED FINANCIALLY? HERE ARE 10 WAYS HOW TO PROTECT YOURSELF FROM SCAMMERS.

With the arise of the internet and technology we can do more finance online. We can bank, transact and invest online using our mobile phones, computers, etc.  Technology has both positive and negative impacts on the actions and behaviour of people.  To some people what we call online fraud which includes financial scamming is the best development that technology has implemented for them. They have grown rooted in how to steal people’s money using mobile phones, computers, etc. in a tricky manner. Financial scamming is an everyday story today. Wherever we go we hear someone has just been scammed. Who is the scammer? We don’t know. However, online scamming should not intimidate you from saving and investing money on the internet or from using technology. This article provides ways to protect yourself from scammers.

1.       Review bank accounts

Check your banking accounts frequently and regularly to make sure that you have no unrecognized charges or any deductions. If you observe any strange transactions or charges report them immediately to solve and rectify the problem.

2.       Change your account passwords

Make sure you change your account passwords frequently even if you do not sense the sign of insecurity. Do not use the same password for a long time because it may happen that someone has accessed it without your knowledge.

3.       Never share your password

Do not share or reveal your passwords to anyone unless otherwise because you do not know what is in their minds. Do not entrust people even your closest individuals with your account passwords because if you do so you open the door for fraudsters or scammers.

4.       Set strong and unique passwords for every account

Use complex and long passwords to strengthen your account security. Your password should contain numbers, letters, and symbols so that it is difficult or even impossible to be tracked. Avoid simple passwords which can easily be discovered, guessed, or hacked with just a glimpse or trial and error technique. Moreover, do not use the same password with more than one account because if they attack one account, they might be suspicious of the rest of your accounts. Additionally, you might be overusing the same and the chances of exposure would always be high.  For security purposes, every account should have its password.

5.       Use apps wisely

Some apps are used for transactions, banking, or managing your bank accounts. Be sure you have them protected with strong and complex passwords on your mobile phone.

6.       Do not make financial transactions on open public networks

Most hotspots or public Wi-Fi have weak or lower security such that fraudsters may try to eavesdrop on whoever is on the network. Therefore, if you make an online transaction on such networks your account information might be intersected.  These open public networks can be accessed at airports, restaurants, etc.

7.       Dispose of bank account documents properly

Do not throw your documents that contain your bank details such as bank statements or any other documents that contain sensitive information about your t bank account such as account number, account name, password, ID number, money card, etc. Make sure you throw them where they cannot be accessed or tear them to shreds.

8.       Be suspicious of scamming techniques

You should be aware and know about how official financial communications are done while putting into question some of the unusual communication statements or approaches because they might be scammers. Be sure the messages or emails you receive in your account are from your official or loyal corporate.

9.       Do not share your reset password link

Avoid sharing or exposing your reset password link because it is a powerful tool that scammers use to access your email account details. Also, make sure the security questions for your account are very strong and unique because once the fraudster answers your security question hacking your account has passed.  

10.   Check your credit report

Once every year contact a credit report agency such as Transunion or Equifax. These agencies are based in Canada and they provide reports for free. Once they provide you with the report, check and make sure your information is accurate, if there is any unusual change or unrecognizable debt be free to question about it.

 Here is the summary of 10 ways of protecting yourselves from scammers

Review your bank accounts, change your account passwords, never share your password, set strong and unique passwords for every account, use apps wisely, do not make financial transactions on open public networks, dispose of banking account documents properly, be suspicious of scamming techniques, do not share your reset password link, and check your credit report once every year.