The world is becoming more digital as technology advances daily, making life more convenient and comfortable. In the same way, the activities of fraudsters have become more sophisticated and targeted. Over the past decade, the fintech industry has seen tremendous development in the area of financial transactions online. That is why it is crucial to stay informed and alert to reduce the risk of being scammed or defrauded. Nothing is more painful than for unscrupulous people to sit somewhere and empty your hard-earned money in your account. Check out these points below to help reduce your risk of falling victim to financial scams. 

1. Educate yourself and stay informed

Knowledge, they say, is power. The first step towards avoiding being scammed financially is to educate yourself and be up-to-date on the common fraud trends. As the world gets more complicated, new forms of scams are always emerging; hence, staying informed is essential. Failing to do this makes you susceptible to all forms of scams. Some people don’t also believe in fraud, maybe because they have not been defrauded before. But truth be told, the activities of scammers are increasing more rapidly than ever with the help of technology. 

2. Protect your personal information

Not sharing your personal information with people is another secret to avoid scammers. Technology has advanced so well that when scammers get certain information, like your card or bank details, they can access your accounts. Often, scammers trick people into revealing personal information by pretending to be reputable companies through fake emails, websites, texts, and phishing links. Always look out for suspicious elements like incorrect URLs, misspellings, and requests for urgent actions like verifying your account or changing passwords, and avoid taking action on such. 

3. Verify sources and watch out for red flags

This is very crucial. Anytime you receive any suspicious message or offer from a known organization, don’t be quick to click on any link or make a decision. Contact the company directly using official contact details from their website, not those provided in the message. Here is the trick: Scammers often create a sense of urgency to push you into making hasty decisions (e.g., "act now or lose out!"). Genuine financial offers will always give you ample time to research before deciding. It is also imperative to check the credentials of any financial service provider or investment advisor to ensure they are licensed and regulated.

4. Practice safe online habits

There is online etiquette that must be observed when browsing. Learn to use strong, unique passwords and enable two-factor authentication (2FA) for all financial accounts where possible. Another thing is to avoid using one password across different accounts because scammers can easily get access to your other accounts once they break through one. It is also important to regularly update your passwords and monitor account activity for any unauthorized transactions.

5. Monitor your financial accounts & avoid shortcuts to making money

There are no freebies anywhere in the world. So, don’t be interested in cutting corners or wanting to get rich overnight.  Avoid offers that are unsolicited or demand immediate action. For instance, Emails, phone calls, or texts promising quick riches, lottery wins, or investment opportunities that seem too good to be true are often scams. Additionally, regularly monitor and check your account to identify fishy things and take immediate action, like reporting to the appropriate authorities. Let me reiterate that you must take your security seriously now more than ever because the activities of scammers have become more sophisticated. "Prevention, they say, is better than cure.”

In closing, if you run a business and need capital to expand or are an individual looking for a loan to solve a need, I implore you not to fall for scammers. Get the best help you need from SRF Micro Credit. We have the most affordable loans.  

Contact us on 0240061709 or visit our social media handles, Facebook, Twitter, Instagram, and LinkedIn, to find out more.