4 Money Scams to Avoid.

15 March, 2023

Safety first with Sprint is back! In this series, we hone in on all the many ways to stay safe while using the internet. In this edition, we focus on financial scams, what they often look like, what to look out for and how to make sure you don’t fall into the many traps. Without further ado, here are three money scams to avoid:

Crypto upgrade Scam:

These scams are often aimed at people who own crypto wallets. Cryptocurrency is a form of software and like all software, requires updates. Since users are used to software updates, scammers usually trick people into giving up their private keys for an “update.” I think it’s pretty safe to say if anyone promising a software upgrade asks for your personal keys, it’s most likely a money scam you should avoid!

Fake investment offers:

Have you ever received a random dm on Instagram from a supposed brand manager about promoting an obscure product or brand? I think we all have, no? Well if you do, look closely because it might be a money scam to steal your financial data. Always do a little bit of investigation into such pages, profiles and offers. Best not to send money to anyone offering you an “opportunity” to be a brand ambassador.

Payday loan scam:

This type of money scam is often aimed at salary earners. These scams promise payday loans to help people with their bills and ask for a “processing fee” in return. Once the processing fee is sent, the scammer disappears, and the victim receives nothing. In order to effectively avoid this money scam, please only take loans from reputable loan organisations or banks!

There are many types of money scams to avoid, but if you get an offer or message that seems too good to be true, it most likely is! Look closely, and tread carefully to avoid getting robbed of your hard-earned money.

We have a few other articles on #SafteryfirstwithSprint. Here’s one on cybersecurity terms you should know, and another on how to avoid being scammed online.