Don't Fall for Financial Scams

Written by: Chris O'Shea | savvymoney.com

How to avoid scams and fraud

One of the best things you can do to ensure financial security is to dodge the many scams out there. But how do you do that? Here are some ways to avoid scams.

Be Alert and Aware

The scammers have to get to you somehow. And they are relentless, so be extra aware of the following:

• Be wary of unsolicited contacts.
• Anytime you see a phone call, text, email, or social media message that seems suspicious, it is most likely a scam.
• Don’t click on any links sent in the messages.
• If it’s a phone call, hang up and verify the caller’s number and any other information that they claimed.

Hold Back

A legitimate business will never ask for personal information like your Social Security number. This only happens when you are asking a business for something, like applying for a loan.

Ask yourself the following:

• Would a lender ever call you out of the blue and ask for your bank account number? No.
• Does your bank call you periodically to update your Social Security number? No.

Do not give out sensitive information unless you are the one who initiated the conversation or transaction.

Check Up

Another way to avoid scams is to check your credit report regularly. Often, you can spot something inaccurate, which could be a sign that you are being targeted. If you spot something suspicious on your credit report, report it immediately to keep yourself safe.

Do One Thing: If something seems suspicious, it probably is. Avoid scams by trusting your instincts.