How to Protect Your Hard-Earned Money from Scammers

Scammers are the worst. They use sneaky tactics to take advantage of people, leaving victims feeling hopeless and distrustful of the world. When it comes to protecting yourself from scammers, knowledge is power. Here are some thoughts on how to recognize and avoid con artists.

General Good Practices to Protect Yourself from Scammers

While there is no foolproof way to avoid becoming the victim of a con, you can take effective steps to keep scammers from gaining access to your personal information. Here are some general good practices to protect yourself from becoming the victim of a scam.

• Check your bank and credit card statements thoroughly each month. Looking through statements line-by-line can help you catch problems early.
• Run your credit report yearly and check for any discrepancies.
• Protect your identity by securing sensitive documents, such as Social Security cards, in a safe place in your home. Shred all documents with sensitive information rather than discarding them whole.
• Make it a point to change your online passwords yearly, being sure to choose difficult-to-decode passwords.
• Avoid using a shared computer, such as one at a hotel or public library, to make financial transactions.
• It might not be a bad idea to have a single credit card (one not directly connected to your bank accounts) that you use to make online purchases.

How to Recognize a Scam

Unfortunately, avoiding scammers can be quite the trick. Constantly coming up with new ways to rip people off, con artists can be difficult to spot. Here are some simple tips to help you recognize the differences between interactions with a legitimate company and dealings with a scammer:

• Legitimate businesses don’t ask to be paid in gift cards and never ask you to send part of the funds they intend to send you to a third party.
• If it sounds too good to be true, it probably is. Require a great deal of proof of legitimacy when the stakes are high.
• If they ask for something from you upfront to receive something “free” down the road, be suspicious. This is a commonly used scammer tactic.
• Scammers will often claim to be from legitimate organizations, contacting you due to a problem with your account. They ask for sensitive information from you to verify your account. Unless you are 100% sure you are talking to a legitimate person, do not give out important personal information, such as your Social Security number, bank PIN, or credit card number.
• If the person you are speaking with tries to create a sense of pressing urgency that you take action on a matter immediately or attempts to intimidate you in any way, stop communication immediately and seek the input of a trusted confidant.
• Watch for poorly written emails containing obvious misspellings or grammatical errors; scammers often aren’t too bright and sometimes can be identified this way.
• Be very leery of anyone who asks you to download apps or files to your phone or computer; this is a common way con artists attempt to gain control of your computer or phone.
• Beware of the charlatan who will attempt to use your kindness against you; make sure that you know someone well before you let them into your circle of trust.

What to Do If You Suspect You Are Being Scammed

It can be incredibly stressful to realize that you may be the victim of an attempted scam, especially if the interaction at first seems legitimate only to later go downhill. Should you hang up mid-call? Send their emails to spam? What if it really is a legitimate call? What if you only realize you’ve been scammed when it’s too late?

• The fear of offending someone by making assumptions about their intentions often can lead us to make poor choices. Trust your instinct. If something doesn’t feel right, end the communication.
• When in doubt, ask for more time to research the legitimacy of a request.
• If you’re questioning whether you are in the middle of an attempted scam, take a break from the interaction and talk to someone you trust. The observations of an outsider can often lead to clarity.
• If you suspect fraudulent activity, report it immediately. Even if someone has already made off with your money, there are ways it can be returned in some cases. And, if nothing else, you may be able to protect someone else from experiencing the same fate.

Unfortunately, scammers use our innate human desire to trust one another for nefarious purposes. Hopefully, someday they see the light and instead seek out legitimate means of making a living. But in the meantime, protect yourself and speak with those you love about the dangers of scammers.

*Photo by FLY:D on Unsplash