Financial Insight: Red Flags and Smart Steps to Avoid Scams
Article by Early Warning Services, LLC
(BPT) - You work hard for your money. Unfortunately, crooks work hard as well, attempting various tactics to take your money. If you fall for a scam, little can be done to help you get your money back. In order to keep your financial and personal information safe, it's necessary to look for red flags and be proactive about security.
Know the red flags
From classic methods to using sophisticated technology, criminals will try a variety of strategies to gain access to your money. If you experience any of the following, consider it a red flag and pause before you act:
* A person calls or emails, pretending to be someone you trust, such as a family member, government official or a well-known business or nonprofit organization. The intention is for you to let your guard down immediately.
* They push you to make decisions in a hurry, ask for personal information such as an authorization code, often threatening legal action or using intimidation tactics to get you to act. They know fast action can mean you won't think things through, causing you to make mistakes.
* They will ask for money through undetectable methods such as wire transfers and gift cards, or they may even send a check and ask you to return some of the money through these methods.
Learn the do's and don'ts
The Bank of America Privacy and Security Center provides key actions you can take to help protect yourself from becoming the victim of a scam:
* Don't send money or give out your personal information in response to an