Banking Awareness Tips to Protect Yourself against financial scams

In order to protect yourself from financial scams, the best way is to learn more about how things work. That calls for a good banking awareness and a deep understanding of common scam patterns. You need to keep an eye out for suspicious activity and recognise the difference between authentic bank communications and fraud ones. Here are 5 things you can do to protect yourself against financial scams.

Do not neglect even the slightest threat

In a survey was found that, over 90% of all reported financial scams and abuses where carried out by the victim’s closest family members are well-known friends. Common tactics include what can be broadly described as confidence scams where the close friend or family member promises something to the victim in return for money. Seniors are most often targeted because of their easy-going nature. Do not neglect even the slightest threat to your personal finances.

Destroy all records with sensitive data

Identity theft is a serious issue related to financial frauds. In many banking awareness seminars, a very common topic of discussion is managing sensitive data related to credit card numbers and passwords. If you have any receipts with your credit card number and phone number on it, nature to destroy it as soon as possible. Identity theft can happen even with simple information about your credit card and phone number. Hackers can leverage social engineering to mislead bank officials to give out sensitive information about you.

“Do Not Call Service” Is Very Helpful

If you have not already activity do not call service on your phone number, it is time you do that. Most scams and frauds start with a simple call made by telemarketers. It is impossible to monitor all telemarketers who may ask you for sensitive personal information such as your address, phone number, banking details or credit card information. Do not give any of this information to anyone at any cost. By subscribing to the do not call service you will minimise the risk of fraud telemarketers calling you day and night.

Deposit your checks personally

Direct deposits ensure that your checks go to the right account where you want to put your money. Smart hackers (social and IT hackers included) can twist information and change information on your check for your personal benefits. If you drop your check in a mailbox, make the extra effort to go to the bank and drop it in the bank’s drop box. That way it is much secure and you will have the counterfoil from the bank for further investigation if necessary.

Read more about banking awareness and stay up-to-date on educational information sent by your bank. Whenever in doubt, contact your bank for clarification, but never give out details such as your credit card number or password, not even to your bank! Bank officials may ask your name, email ID or phone number but they never ask for password, security question answers or credit card numbers. Your vigilance is your best weapon. Stay safe, happy banking.