When you need money, you are more prone than ever to fall for a finance scam. It is a pitiful situation because you are trying to make things right in your life, and there are people who are ready to ruin it further for you. Financial fraud scams are nothing new, but you can say for sure that they have become more sophisticated today than before. At the same time, they can cause more damage to you today than they did in the past. Don’t forget that your personal information means much more than money in the 21st century. So, here are some signs that should keep you from falling for a finance scam.
1. Someone Called You
The first sign of a finance scam is that they will call you. In the real world, you have financial institutions enjoying a special place in our societies. Why? Well, because they are the entities that help people when they are in need. In other words, you go to them when you need them. They never come to you for any help. So, when you see that there is a financial institution calling you to get you approved for a loan, you can be sure that they are lying to you. It has to be someone from the other side of the world trying to convince you to provide them with your personal and credit card information.
Unfortunately, more people fall for these scams every year than you may realize. You just have to know this rule that financial institutions do not call you to give you a loan. Think about it; how can they? They cannot forward you a loan unless they know your financial status. Even if you experience an anomaly wherein a real financial institution calls you to give you your desired loan, you better do your research before you provide them even with your real name.
2. Their Offer Is Too Good
So, you have heard everything they said on the phone and things sound too good to be true. Why do they sound too good to be true? Because they are fake. A finance scam cannot convince you to shell out money and your personal information unless they make things easy for you. They have to lure you into a trap where things seem pretty good. They will make sure to make you believe that your life is about to change for good. You are about to experience a huge change in your life and everything will be fine. Just do not fall for these claims and hang up the call as soon as possible.
3. They Say You Are Approved
That’s the last thing you want to hear from a financial institution. A great sign of responsibility in any profession, field, or industry is the lack of “claims.” You will notice that professionals avoid making claims about anything. If a doctor is about to operate upon your elderly father and you ask them if everything will be fine, they won’t reply by saying, “I guarantee you 100% that your dad will be fine.” That’s a very irresponsible statement because anything can go wrong inside an operation theater. The same happens in the financial world.
When you apply for a loan, the lender has to check if you are financially stable enough to repay the loan. They will inquire about your income, expenses, budgeting, dependents, etc. to know how easily you can repay the loan. If someone says that you are guaranteed a loan, they are scamming you.
4. They Don’t Check Your Credit
This particular point is pretty similar to the last one on the surface, but when you get into the details, there are some stark differences. When a finance scam claims that you will be approved, they are not really saying that they will not check your credit. They usually make claims that their lending terms and conditions are extremely flexible so even if you do not have a perfect credit score, they can give you the loan you are asking for. That’s what their pitch usually is. They don’t say that they will not check your credit score.
However, when you see that there is a financial institution that says your credit investigation will not take place at all, they are lying to you. You can never get a loan without being credit checked. If any financial institution claims otherwise, they are only scamming you.
5. They Show Signs of Common Scams
In a financial scam, you will always find some signs of common online scams. It does not matter what the nature of the scam is, there are some things that make them appear the same. For example, you will notice that their websites do not look professional. In many cases, they do not have a website at all. They will tell you that their websites was taken down because they were offering something which the online financial industry did not want you to see. They will say just about anything that makes you sympathize with them without rational reasoning.
If you receive an email from them, you will notice that the email is from a free emailing service, such as Gmail, Hotmail, etc. Delete such an email as soon as possible. Do not even open the email because if you accidentally click on the link inside the email, you will end up losing your personal information in the hands of an online hacker.
So, you should understand at this point that there are many finance-related scams on the internet these days. They are trying a variety of methods to make you fall for their traps. Once you fall for them, you lose not only your money but information as well. Your information is more important than fuel and goal in today’s world. Someone can steal your information and use it to sign up on various online services. They can get you in some serious trouble by using your information for some illegal activity.