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What Is A Financial Scam
What Is A Financial Scam
A financial scam is a fraudulent scheme designed to deceive people into giving away money or personal information. Scammers who perform these scams use tricks, fake promises, or threats to steal from people.
Types of Financial Scams
Phishing (Email/Phones): These are fraudulent messages or calls that are sent to try to steal personal info like bank details or passwords
Investment Scams: These are fake opportunities that promise high return or something very valuable with very little risk. These are too good to be true
Identity Theft: Stealing personal information to open credit card accounts or make purchases
Red Flags Of Financial Scams
Too good to be true: Offers with high reward with little effort or normally scams
Pressure to Act Quickly: Scammers usually create a sense of urgency to make people act without thinking properly
Requests for Unusual Payment Methods: Scammers ask for payment by weird methods such as wire transfers, gift cards, or cryptocurrency
How To Protect Yourself From Financial Scams
Never share personal or financial information over email or phone UNLESS you are sure of the source
Verify if the offers and businesses are legitimate before sending money OR clicking on links
Use strong, unique passwords to make any accounts less hackable and enable two-factor authentication on financial accounts
Be cautious of any "too good to be be true" deal!
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