How to Spot Online Scams
Maintaining your financial wellbeing is often about being intentional with your habits. When you are balancing work, family and household budgeting, it is easy to let your guard down when you’re browsing on your laptop or scrolling on your phone. However, digital threats are evolving. It’s important that you understand how to avoid online scams and protect your peace of mind as well as your bank balance.
In this guide, we will explore what to do if you’ve been scammed online, the signs to look out for and the steps you could take to stay secure in an increasingly digital world.
What is an online scam?
Before you can protect yourself, it helps to understand what an online scam is. In simple terms, it is where criminals attempt to trick you into giving away money or sensitive personal information. Scams can arrive in various forms, including, but not limited to:
- Phishing emails
- Fraudulent websites
- Fake social media posts
- Misleading advertisements
- Text or WhatsApp scams
Common red flags: How to spot an online scam
Scammers often rely on creating a sense of urgency to stop you from noticing that something is amiss. When you’re learning how to avoid online scams the first thing to do is identify the common red flags.
- Pressure to act quickly: They may claim your account is compromised or offer a deal for a limited time – this is a telltale sign that something isn’t quite right.
- Requesting sensitive data: Legitimate companies will never ask for your full PIN or password via email, call or text.
- Unusual payment methods: Be wary if you are asked to pay via gift cards, bank transfer or cryptocurrency, especially when you’re being contacted unexpectedly.
- Too good to be true: If a loan offer or investment seems perfect with no checks required, it may be a scam. If it sounds too good to be true, it usually is!
How to avoid online scams: Prevention > cure
Protecting your digital life is about setting yourself up for success in advance. Get ahead of the game, and you’ll know how to avoid scams online.
- One of the biggest scams is phishing. These emails or text messages nearly always look like they are sent from trusted brands or people. Always check the sender’s email address for slight misspellings.
- Use multi-factor authentication as an extra layer of security on sensitive accounts like your bank.
- Keeping software updated will only work in your favour. Depending on the app that you’re using, regular updates often include security updates to help you stay protected against new threats.
If you receive an unexpected call or message, find the company’s official number independently and give them a call to verify the communication that you’ve received.
What to do if you've been scammed online
Acting fast is crucial if the worst does happen. If it involves your bank, contact them immediately so that they can freeze your account and/or stop any pending transactions. If your online accounts have been targeted, make sure you change your passwords and any other relevant credentials.
The last step is to report the incident. The best way to report online scams is through Action Fraud: the UK’s national reporting centre for fraud and cybercrime.
Staying secure with a trusted credit broker
Managing your finances safely is a priority. If you are looking for ways to manage debt or fund a project, a secured loan from a regulated lender will help you know where you stand at all times.
At Evolution Money, we prioritise a human-led approach. With us, you will speak to a friendly advisor who performs thorough affordability checks and can talk you through the application process. This personalised touch ensures that the product you are offered is suitable for your unique situation.
Check your eligibility today to see how you could move toward a more organised financial future.
Loans are subject to status and affordability checks.
Your home may be repossessed if you do not keep up repayments on a mortgage or any other debts secured on it.
Representative 21.54% APRC (Variable)
For a typical loan of £12,000 over 60 months with a variable interest rate of 21.54% per annum, your monthly repayments would be £310.60. This includes a Product Fee of £1,200.00 (10% of the loan amount) and a Lending Fee* of £763.00, bringing the total repayable amount to £18,635.80. Annual Interest Rates range between 8.6% to 27.87% (variable). Maximum 50.00% APRC. *Lending Fee varies by country: England & Wales £763, Scotland £1,051, Northern Ireland: £1,736.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it. If you are thinking of consolidating existing borrowing, you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
