How To Avoid Online Finance Scams: Scams involving money are becoming prevalent online. The Federal Trade Commission (FTC) received more than 2.8 million fraud reports in 2021, with losses to American consumers totaling USD$5.8 billion, an increase of more than 70% from the previous year. In other parts of the world, the situation is the same.
Finding measures to be secure is essential since con artists are becoming more audacious and inventive daily. If not, you risk continuing to lose your hard-earned money online. The methods to avoid online scams in 2023 are covered in this post.
5 Strategies to stay away from financial scams
1. Examine your financial records.
To ensure there haven’t been any fraudulent charges, frequently review your credit card and banking statements. If you do come across a payment for anything unfamiliar, get in touch with your banking institution right away and let them know so they can help you challenge the charge.
2. Create secure passwords and update them frequently.
All of your online accounts should have secure passwords, and it’s a good idea to update them frequently. Avoid using the same password for several different accounts. Use our advice to create secure passwords.
3. Discard confidential data.
Never dispose of any private documents without first shredding them. Scammers frequently utilise the method of “dump diving,” in which they search through your trash for information such as account numbers and passwords, then use that information to access your data or steal your identity. Always destroy bank statements, tax records, and other documents containing sensitive data such account numbers, social security numbers, personal identity numbers, etc.
4. Surf the web securely.
Avoid using public WiFi as much as possible because it is less secure and can expose you to hackers. Always log out of any accounts you have signed into before leaving when using public computers, like those at a library. Always use a secure website and Internet connection while making purchases online or entering any type of personal information.
5. Examine your credit history.
Contact one of the two major credit reporting companies in Canada, Equifax and TransUnion, once a year to request a copy of your credit report. Many organisations offer a report without charge. Make sure the information on your credit reports is accurate by carefully going over them. Inform them that you want to contest any debts that you do not recognise.
Recheck the URLs
For malevolent objectives, cybercriminals operate phoney versions of well-known e-commerce websites. The name of the official website is frequently misspelt. One can change Amazon to Amazzon or Amaz0n, for example. Product listings on fake websites could resemble those on the real one quite a bit.
They want to trick you into spending money on the promoted goods on the bogus website. They steal vital credit card details during checkout in order to commit identity fraud. If you finish the purchase, you could also lose money.
Shop from official websites to keep yourself safe from these scams. Verify that there are no typos in the website names. Furthermore, sloppy grammar in product descriptions is a warning sign. You can also verify if the company’s logo and typography are being used.
Report instances of fraud
Cybercriminals are aware that many victims are often reluctant to disclose scams. And so they have more room to commit wicked deeds frequently. Scams can be reported to the appropriate government agencies using the websites provided, greatly reducing the risk of recurrence. Apps for messaging can also block reported emails and phone numbers.
Conclusion
Cybercriminals are constantly increasing the number of online financial scams they use to swindle unsuspecting internet users. Their strategies are changing every day. You must therefore be informed on the most recent online frauds and be aware of how to avoid them.
Staying safe requires constant vigilance. When making purchases online, pay attention. Avoid acting impulsively or making emotional purchases. Anytime you feel a deal is being rushed, take a deep breath and relax.
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