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9 Tips to Protect Yourself from Financial Scams

tips for financial scams
Image source: Flickr | 9 Tips to Protect Yourself from Financial Scams

Everyone is susceptible to being a victim of financial scams. Unfortunately, the sophistication of these scams has increased over the years, making it increasingly difficult to identify them – and therefore security concerns have become increasingly relevant.

In an increasingly digitalized and interconnected world, scammers have also developed different types of fraud for the online environment: from false investments and loans, pyramid schemes to phishing, a tactic in which scammers pretend to be companies to obtain personal data or receive cash transfers, there is no shortage of alternatives. Therefore, it is essential to always be well informed about possible threats to protect yourself.

After all, suffering a blow impacts not only your finances but also your personal life. In addition to the risk of losing a substantial amount of money, the difficulty in recovering values, reestablishing yourself, and equipping yourself with defenses to avoid falling into traps again generates great emotional stress.

To help you protect yourself from financial scams, we have put together ten practical tips on the most common types of fraud that occur and how to avoid them. Check out the following list to put the practices into action today:

1. Stay Informed

Firstly, be up to date on the different types of financial scams that are currently occurring. This can be done by reading financial news on trusted websites, for example. The Central Bank offers information and guidance on financial security on its official website.

Another tip is to monitor updates sent through the official communication channels of the financial institutions you use, and when you receive an email, a call, or a message on behalf of the bank, always pay close attention to the sender's details. In general, your bank is unlikely to contact you through an unofficial means to request your information, and payments, among others.

2. Be wary of offers you can’t refuse

If something seems too good to be true, it probably is. Be wary of killer promotions, investments, or business opportunities that promise exorbitant returns with little or no risk. Research carefully and contact the company's official channels before making a purchase, confirming any information, or making any important decision.

3. Protect your personal information

Store your personal information in safe places and avoid sharing it with third parties. Never give passwords, bank account numbers, or credit card details to unknown people, and make sure that the websites you use to carry out financial transactions are secure.

4. Check the legitimacy of companies

Before carrying out financial transactions with any company, store, or establishment, check its legitimacy. Research information about the business, such as physical address, telephone number, and commercial records and make sure it is properly registered and regulated by the competent authorities.

5. Use strong passwords and update them regularly

Protect your social media accounts, banks, and other online platforms with strong and unique passwords. Avoid using obvious, easy-to-guess sequences, such as birth dates or simple sequences. It's also important to update your passwords regularly and not share them with others.

6. Keep an eye out for suspicious emails and messages

Be cautious when opening suspicious emails or messages. Scammers often use fake messages to try to obtain data or trick people into clicking on malicious links. Be alert to spelling errors, urgent requests, and requests for confidential information, and be suspicious if you receive unknown charges.

7. Check your statements and accounts regularly

Regularly monitor your bank accounts, credit cards, and investments to identify any suspicious activity. If you detect unauthorized transactions or unusual activity, immediately contact your financial institution to take protective measures.

8. Be careful with high-risk investments

Although the return potential may be tempting, avoid investments that promise guaranteed or well-above-average returns. Please be aware of the risks involved in high-risk investments and consult a qualified financial expert before making any investment decisions.

9. Protecting yourself from scams on WhatsApp

Scammers also often use WhatsApp to scam people and obtain financial data. To protect yourself from scams on WhatsApp, it is important to be aware of certain warning signs. Scammers can pretend to be friends or family and ask to borrow money through messages, so always check if the request is real, confirm through another channel, or even make a call.

Do not share personal or financial information through WhatsApp, even if the request appears legitimate. Remember that reputable financial institutions and companies never ask for confidential information through messages.


Finally, if you suspect or are the victim of a financial scam, report it immediately to the appropriate authorities. Contact the police or the police station specializing in cyber crimes in your region to report the incident, and be sure to inform your financial institution of the incident so that they can assist you in how to proceed and, above all, prevent other people from also being victims of this crime.

Financial security is a responsibility shared between consumers and financial institutions, but simple tips like the ones mentioned in this article already significantly reduce the risk of falling for financial scams and protect your money. Be alert, question any suspicious activity or message, and guarantee the confidentiality of your data!

And, to stay informed about everything that happens in the cybersecurity space, follow the Dygital9 blog and check out first-hand news and specialized articles.

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