6 Things to look for to avoid online financial scams

Navigating the Internet, shopping, trading, and meeting people online is a part of our everyday lives. The Internet has brought numerous benefits and ease many aspects of our way of life. Also, it calls for vigilance. The more scammers become sophisticated; the more security literacy the public needs these days.

You don’t ought to be a security expert to recognize if something is wrong. There are some revealing points of every fake company, fraudulent individual, and website. Let’s take a closer look at all these encompassing fake company, online tutoring, eCommerce frauds, and many more.

Lack of transparency

Their image and overall image could be obscure, like hesitating to reveal the location of their headquarters or trying to veil the things related to where their money comes from. It’s more than obvious something is wrong there. If the company has a website, but you suspect copyright infringement or are not disclosing accurate info, dive deeper into it and make sure they offer what they claim. The involvement of Omri Shafran in the medical equipment scheme still shakes the public and investors’ interest.

Communication only via Whatsapp and similar service

Why would legitimate companies insist on communicating in such an obscure way? Phone calls and Skype calls are much easier and convenient, especially when you aim to entrust some money to the company. This could be a red flag.

Generic email account

These could be Gmail, but in most cases, it’s AOL free address when it comes to the US public. More personalized accounts could give away serious business. However, this is not a rule written in stone.

Bad English

Once you establish the appropriate channel of communication, you need to pay attention to the level of English of your business partner. We are all aware of many attempts of so-called Nigerian prince schemes trying to scam up via email. The email might look good, but the mistakes can reveal the fraudsters.

Online tutoring scam

Scams could be found where you least expect them, for instance, in the online tutoring field. They are less aggressive than, for instance, Forex scams, but they know how to approach unknowledgeable people. Without any proof of expertise, asking money in advance for several courses ahead, these fraudulent individuals need to be on your blacklist. If you still think the person is honest, ask for the referrals and freelancers’ websites with their profiles. These can prove it might be a good mentor.

Ecommerce scams

Besides financial trading, this could be the field you need to be the most vigilant with. They have many ways to drive you crazy and keep or steal your money paying for the product or service. Insisting on using their own courier service means “stay’ away” from them.

And vice versa; if you are their customer, make sure there is reachable customer service in your language, and you understand the terms and conditions of the purchasing and delivering process. Because when buying online, the devil is in the details. Make sure that the website features HTTPS in the left corner just after the name of the website.

About Trevor Kenzie