We’ve all been warned at least once in our lives to double-check the emails and messages we’ve received in the event that someone’s trying to rip us off. In fact, there are some major companies around the globe that constantly train their employees to tell the difference between an authentic email and a scam. The reason is simple, it’s because scams are dangerous and no one wants their personal information to fall in the wrong hands.
A scam is a term that denotes a fraud or scheme used to steal money from an unsuspecting person. Usually, people are exposed to false claims and promises and will be required to supply their bank account details and personal information. This allows scammers to perform fraudulent activities that trace back to the person whose details have been collected. While scams come in a variety of shapes or forms such as money mules, internet scams, phishing etc. there are common ways to identify them.
Here are ways to spot a scam.
1. Check the email address
Generally speaking, scammers can’t send you emails from authentic addresses. While the overall look of the email may seem genuine, the address is a clear telltale sign whether the email is fake or not. For example, all banks’ emails end with their domain: @xyzbank.com. While scammers may attempt to trick you by using your bank’s name, it won’t be accurate. It will always have an indicator, such as an extra letter or number, that you can spot.
2. You’re being rushed
In case you’re being rushed to send your information because you’re at risk of losing your account, a transaction has been issued under your name or there’s an enticing offer that’s awaiting you… well, there’s a high chance you’re being roped into a scam.
3. The offer is too good to be true
A lot of the time, scammers will offer returns that are off the charts. They’ll give you an appealing opportunity that usually has to do with investment and will go on and on about how rewarding it is despite the risks. And then they’ll either ask for your details or money. Make sure to avoid any offer that sounds too good to be true.
4. They’re asking you to wire money or OTP
Conducting a wire transfer is a sure way to get roped into money muling activities among other scams. Never send money to anyone unless the sender is a trusted source. Scammers might also ask you for your card number or one-time password (OTP), which you should never give to anyone.
Here’s the thing, banks have your details stored. This means that under no circumstance whatsoever will the bank send you a message, an email or even contact you via social media to request for your details. If you ever come across an email that’s supposedly from your bank but you’re unsure about it, don’t click on anything. Call your bank at once before taking any further measures. Money scams are widespread, and we’re all exposed to them. It’s important to realize when you’re being scammed and when you’re not to avoid drastic consequences.
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