There have always been money scams in society, but the ways in which criminals scam the rest of society have evolved with technology. Whether you’re a first year college student or a senior citizen, it’s important to keep aware of the most common scams. By learning about financial scams, you’ll be better prepared to avoid them.
Phishing
This type of scam starts with an email or text that appears to originate from your bank or from a website for a commercial business. The message will ask you to click a link to verify or update your account. While the landing page may look legitimate, it’s a fraudulent site that’s set up solely to get your account login information. If you get an email from a business where you hold an account, it’s better to type in the web address for the site yourself. This will ensure you really are on the site you intend to visit.
Ransomware
This type of scam typically affects businesses, but it can also affect personal users. It involves hijacking a computer or server until a ransom is paid to the originator of the virus. This type of virus infects your computer when you click on a link in an email or visit a website that’s set up to transmit the virus. To avoid this type of virus, never click on unfamiliar links in an email or text. You should also use cybersecurity programs that include virus protection and firewall services.
Imposter Fraud
This is an old scam that has been updated through the use of emails, text messages, and social media. It involves the criminal pretending to be a blood relative of an elderly person in order to ask for money. They will say they’re in jail and need bail money or in the hospital with a serious injury. If you get this type of call or message, be sure to verify that you are speaking to the relative in question.
There are many more types of scams, and there may be less common scams that haven’t yet been publicized. As a general rule, you should be cautious with your spending and with your personal data. If something seems suspicious or you get a bad feeling about an individual, avoid that interaction. It’s better to lose out on a deal that seems too good to be true rather than risking your life’s savings.