Scams are getting more and more organized. Scammers or fraudsters have come up with ingenious ways to trick people and rob them of wealth. Scammers target you to obtain personal and financial information like social security number, bank account number and passwords.
What is a financial scam?
A financial scam takes place when an individual or a company uses illegal or unauthorized ways to obtain money, assets or other property held by some individual. Scams come in many forms, but all types of scams are designed to cheat you. The scammers can do this either by convincing you to reveal personal and financial details or by getting you to willingly handover the cash.
SEE ALSO: Post your complaints on Indianmoney.com if you are cheated by personal loan
Types of financial scams:
The various types of financial scams are discussed below:
- Phishing scam: This is one of the most significant types of scams. Fraudsters sent e-mail attachments or messages. The messages encourage you to click on a link and log on to your bank account, by displaying a message that shows your bank account has been locked or there is a large transfer of money. In reality, the link in the email goes to a fake website which collects your personal information.
- Vishing scam: A phone call where the scammers pretend to be from your bank, building, society or even a government agency. During the phone call, fraudsters will attempt to get you to reveal personal details.
- Investment scam: Generally a phone based scam, although you might be targeted in other ways, like emails or people coming to your front door. Although investment scams vary, the principle remains the same. You are encouraged to hand over money to invest in a company or product, which doesn’t really exist.
- Pension scam: These are unsolicited phone calls or unrequested people who target retirees by promising high return policies at minimum risk. Pension scammers follow the path of investment scams with contact normally made through telephone calls.
- Authorized push-payment frauds: In this type of scam the fraudsters intercept or hack e-mail accounts. They then pose as a legitimate business asking for payment. This often occurs when you’re in the process of buying a house, having building work done on your home or booking a holiday.
- Loan fee fraud: If you’re searching for loans online, you might be contacted by fraudsters offering you a loan directly. You will be asked to pay an upfront fee to receive the loan, but the money will never be sent to you.
- Safe account scam: You will be contacted, usually on the phone by someone claiming to be from your bank. They will say your account has been compromised in some way and encourage you to transfer all money from your bank account to a “safe account”.
SEE ALSO: Post Complaint On Indianmoney If You Are Cheated In Home Loan
Tips to avoid scams and frauds:
- Avoid any unexpected contact. Any phone calls, letters or emails should be ignored.
- Never give out personal information. This can be used to steal your identity and access accounts.
- Make sure all accounts have a strong password. Don’t use the same password for multiple accounts and change them regularly.
- Don’t make any advanced payments until you are sure the company you’re dealing with is legitimate.
- Make sure any websites you are using are secure. Check to see if the web address starts with HTTPS, not just HTTP.
How IndianMoney can help if you are a Victim of Financial Scams:
- Indian Money advises you to file a complaint with your bank and get an acknowledgement.
- Wait for 30 days for the bank to respond to complaint else approach the banking ombudsman.
- The banking ombudsman looks to have an amiable settlement between the bank and the complainant.
- IndianMoney guides you on taking further action if you are not happy with the verdict. Banking ombudsman is generally fair and always looks to resolve the issue.
SEE ALSO: Review By IndianMoney On Getting Money Back From Online Fraud
Are you cheated by financial scams? Lodge a complaint on Iamcheated.com which is a free online consumer complaints portal, which registers consumer complaints online and helps resolve them. If you have been cheated by financial service providers or if you do not receive any response from them. You can post your complaint on Indianmoney.com complaints portal IamCheated.com.
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