Your Money

Five tips to avoid fraud and scams

| More

Every profession has its secrets to success – even scam artists. MoneyGram, a leading money transfer company, has shone the spotlight on five things fraudsters don’t want you to know, based on research from their fraud prevention technology.

“Through MoneyGram’s ongoing fraud prevention program, the company has prevented AU$76 million globally in fraudulent activity since mid-2010,” says Kim Garner, senior vice president of global security and investigations, MoneyGram.

Garner lists five insights that could prevent scam artists taking advantage of you:

  1. Destroy; don’t bin it – rather than throwing away old credit card statements, bank account statements, and utility bills, shred them before disposing of them.
  2. Be mindful of what you put online – even with privacy settings, fraudsters can hack into your personal information, so never post anything related to your bank accounts or other financials.
  3. Facebook can be very revealing in more ways than one. Fraudsters can obtain common names and phrases from your profile which link to your passwords for online accounts. Prevent fraud by choosing passwords with a combination of letters and numbers, and consider changing them at least twice a year.
  4. Scam artists can hack email addresses and pose as a friend or family member. If you receive an email from someone you know asking to wire funds, follow up with them over the phone or in person.
  5. Fraudsters monitor online job boards and post notifications for job offers asking to send money before you start the job. Avoid any of these posts, especially those which guarantee that you can make quick money with them.

For more information on scams, and how to avoid them, visit the Government's MoneySmart website.

For advice you can trust book a complimentary first appointment with Switzer Financial Planning today.

Important information: This content has been prepared without taking account of the objectives, financial situation or needs of any particular individual. It does not constitute formal advice. For this reason, any individual should, before acting, consider the appropriateness of the information, having regard to the individual’s objectives, financial situation and needs and, if necessary, seek appropriate professional advice.

Published on: Thursday, March 29, 2012

Related articles

8 steps to family financial planning

How do I get rich?- the vital question not asked

How do I get rich?...the vital question not asked

How do you win?

The vital question not asked: how do I get rich?

blog comments powered by Disqus
Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300 Pixel_admin_thumb_300x300