How to Protect Yourself from Fraud

The digital era has made financial transactions extremely fast and convenient. Nowadays all you have to do in order to pay money is input your PIN code or OTP in your mobile device or laptop and voila, the amount will be deducted from your bank account. However, there is a flip side to this new flexibility. The rise of online transactions has also opened doors to new ways of fraud.

As the number of direct bank transactions has risen, so too has the number of money impostors and fraudsters who are on the lookout to make quick money. These nefarious people use a variety of methods to scam people out of their money, from misleading phone calls to texts, that are meant to swindle innocent citizens.

It’s now necessary for any Arabian citizen or tourist to stay wary of these fraudsters. Here are the ways that you can protect yourself from money impostors and frauds.

  • Don’t Pay for a Promise

The first thing that fraudsters try to do is give you something. It could be a fancy car or a dream vacation, but it’s definitely going to be something that you will be attracted to. The next step is promising that it’s within your grasp and you just have to reach out and take it, but there’s a catch. First, you’ll have to send some money as a booking amount, if you come across such a situation beware because they are trying to cheat you!

  • Online Research

Nowadays, every legitimate person, agency, or organization has a presence on the internet. So if anybody reaches out to you claiming that they’re from an official organization that you haven’t heard of before, then get on the internet and look for them. If you don’t find them, the odds are that they’re fraudsters.

  • Never Share Your Personal Details

Your personal details are the only guardians that are protecting your assets. You should never ever share them with anyone, no matter what they say. These details are only meant to be known by you and you alone.

  • Check Your Bank Statement Regularly

Sometimes you may be cheated, and you won’t even know about it. It’s scary to think about it, but with the kind of hacking and viruses that are being developed by fraudsters, there’s a chance that this might happen to you. This is why you always need to check your bank statement for irregular activities of any sort.

  • Block Your Card Immediately If You Spot Irregular Activity

When you spot any transaction that looks fishy, you need to immediately reach out to your bank and block your credit card or debit card. This will minimize your losses and help you recover whatever you can from the account. Any minute wasted is another minute where those fraudsters can suck money off your account.

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