Falling for a scam can have devastating implications on your finances, mental health, and quality of life. This article will teach you how you can identify scams from the get-go and avoid them. As a general rule, if it sounds too good to be true, it probably is.
Con Artists from History
Scams, cons, and fraud have been with man since his inception. Some are sophisticated, others are not. One of the most sophisticated con artists of our time, Bernie Madoff, masterminded an elaborate scam that duped Hollywood A-listers like Steven Spielberg into handing over millions of dollars. However, Madoff’s reach did not just extend to Hollywood, but instead, permeated every level of society. Suggested – A Guide on Using Finasteride
Madoff’s fraud was modeled around a scam developed by Charles Ponzi, whose namesake, the Ponzi scheme, attracted investors promising huge rewards. His scam, like Madoff’s, collapsed [as they always do].
Very few people are too clever to escape sophisticated fraud, even the world’s elite, like Steven Spielberg, Nikola Horlick, and Emilio Botin could not, and they collectively lost over 2bn dollars to Madoff.
If They Couldn’t, How Can I?
A fair question. Avoiding fraud is difficult, but it is possible. Fraudsters are getting smarter and changing their methods to avoid detection. First and foremost, we recommend that you do not give away money or personal details to anybody you are not familiar with, and to any tradesmen, workers, or contractors whose identity you have not yet verified. In the 21st-century, very few contractors, laborers, and tradesmen will operate without licenses, so always ask to see their license [con artists will likely not have them].
You should also avoid allowing tradesmen who come door-knocking and offer to fix parts of your home, such as your roof, guttering, or garden for so-called ‘low’ prices. It is not uncommon in the United States for fraudsters to cause damage to your home then to knock on your door and ask you if you would like it repaired [there are also other targeted door knocking scams]. You should report any instances similar to these to the police immediately.
Infographic by www.comparethemarket.com.au
The Changing Face of Fraud
Fraud, however, mostly takes place on the internet now. The EU’s industry chief, Thierry Breton, even went as far as to call the internet the ‘wild west’. Fraudsters are becoming more sophisticated with their scams and are targeting people digitally. To avoid fraud and scams online, we recommend you use a VPN when browsing so your personal details and location cannot be revealed. We recommend you do not shop at websites that are not secured [and websites you are unfamiliar with].
We recommend that you do not open unsolicited emails, and we recommend that you do not give your details to anybody over the internet. Additionally, be careful where you store your information, and be sure to change your passwords regularly. If you do notice something suspicious or believe yourself to have been a victim of fraud, we recommend you report this immediately to your local police.
We hope that with this page you will be better equipped to avoid and identify fraud. Fraud is ever-changing and always adapting; there is no way to stop it, you can, however, avoid it. We hope you enjoyed the read and benefitted from the information offered on this page.
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