Unmasking Scams and Shielding You from Financial Fraud

Daryl Editor

It’s important to always keep an eye out for scams, they can affect anyone. Below we outline our simple steps to protect yourself as well as outlining one of the more popular scams, Loan Fee Fraud.

Things to Look Out For

Stay vigilant by recognising these six warning signs of potential scams:

You receive an offer that seems too good to be true
You're asked to send personal information
Someone unknown contacts you unexpectedly
You feel like you're not dealing with a legitimate company
You're asked to transfer money quickly
You're asked to pay in an unusual way

Steps to Protect Yourself

Protect yourself from scams with these six proactive measures:

Never give out personal information
Ensure your devices have up-to-date antivirus software
Use strong passwords for all your accounts
Ask for identification before allowing anyone into your home
Verify website security with "HTTPS" instead of "HTTP"
Never respond to scammer emails and be wary of spelling mistakes and suspicious sender email addresses

The Impact of Loan Fee Fraud

During these challenging times, scammers are seizing the opportunity to exploit vulnerable individuals through an increasingly common tactic known as loan fee fraud. This scam preys on those seeking financial relief, promising loans in exchange for upfront fees, only to leave victims empty-handed.

Loan fee fraud intensifies financial pressures, especially during holiday seasons when the worry about personal finances is at its highest.

The ongoing cost-of-living crisis has cast a financial shadow in recent times with 71% of individuals experiencing a decrease in disposable income so it is vital to protect yourself from scammers.

Protecting Yourself

The Three-Step Check

Before making any decisions related to loans, it's crucial to pause and perform the three-step check. Have you been in any of the following situations: