Financial scams take place every day and it is inevitable that you might become a target of scammers and fraudsters. They become more and more creative and while the Nigerian prince emails have been running for a while now and hopefully no one falls for it, there are also others including phone calls from faux government officials, fake banking emails and websites, fake debt collectors and even online listings on forums and classified websites and much more.

So how can you avoid being scammed?

Make sure your passwords are ultra-secure 🔒🔒🔒

Did you know a lot of people still use Password1. as their actual password? Michael McIntyre made a great sketch about it. With a population of people using the easiest to remember passwords, it is becoming a very easy job to access people’s information and even bank accounts.

Therefore, be smart with your passwords. Do not use the same passwords for your social sites and banking sites as well as any other sites. The chances are that if hackers can obtain your Instagram login data, they will be able to use the same information to log into your bank account.

Also, update your passwords frequently. Websites get hacked all the time and sometimes it takes months before we learn about it so be vigilant and update your passwords regularly.

Tip: Your passwords should be difficult to figure out for anyone and contain a combination of upper and lower case letters, digits and special characters so get creative and avoid using your date of birth, names, surnames and addresses.

Use enhanced security features

Nowadays, our mobiles are equipped with a wide array of security features to help you add the extra security layer and prevent others from accessing your personal information. If you have the option, make sure to use enhanced security features which include OTPs, mobile phone prompts, security questions, one-time passwords and many more.

Avoid using public Wi-Fi networks 🚫 Blog - Protect yourself from scammers - Public WIFI

While it might seem convenient at first and help you save your data, free Wi-Fi can often be a great place for hackers to access your information or distribute malware. If you allow file-sharing across a network, the hacker can easily plant infected software on your computer.

Therefore, make sure you switch off the option to connect automatically to Wi-Fi networks as these can be easily set up and hacked and avoid accessing any websites with sensitive information like your banking sites, governmental sites or even shopping sites that might be storing your payment details.

Stay vigilant and alert 🕵️‍♂️

Always stay alert when you receive communication from organisations that want to access your personal or banking information. Nowadays, hackers are getting very creative with phishing and even create fake domains, apps and websites to resemble those of public institutions. They also use all sorts of communication channels to obtain the information they are after so do not access any links from suspicious emails or text messages as they might contain malware.

If you suspect something is off, you are probably right so make sure you verify the information before you share any of your banking details with anyone.

Set up alerts 🚨

Don’t ignore your banking apps alerts, especially when it comes to transactions. You will be able to quickly spot something that is not right if you keep an eye on it and save yourself a lot of trouble if you react in a timely manner.

For extra security, use Bankiom. We are launching our digital Mastercard this week so make sure you get it and use it for online transactions and much more. Get our app and sign up today.