Ways You Can Detect a Financial Fraud

  • Read your monthly bank statements. Know every purchase and credit to your accounts. Scammers can steal your information and set up charges you might mistake. Check for hidden “membership” fees or any other unapproved charges.
  • Give to recognized charities. When a disaster occurs, your instinct is to give to those who lost their homes, clothes, etc. Do your research and give to a recognizable charity or a credibly ranked one. You can find more donating tips by using a website like Charity Navigator.
  • Investing is taking a chance. There is no sure profit when investing. An investment opportunity with a low-risk, high-return investment can strike red flags! Take time to learn about the product and company beforehand. Also, prepare for a sales pitch. Watch for words like ‘guarantees’ and ‘promises’ with little ‘financial risks’.
  • Don’t deposit a check from, or wire money to, an unknown recipient. The law requires banks to have deposited checks available within days. However, to recover a fake check can take weeks. Someone who overpays using a check is likely connected with fraud.
  • Use strong passwords. Passwords should have eight or more characters. Use a combination of letters, symbols, and numbers that have no significance to you or records that lead back to your password.
  • Don’t reply to messages that ask for personal or financial information. These messages are likely waiting in your inbox, but send via telephone or text message too. Do not click these links or return these calls, remember you are a click away from a fraud.