How to Protect Your Loved Ones from Financial Scams

December 16, 2019 Jordan

These days, scammers run rampant it seems. Between robocalls, emails from Nigerian royalty, or family members being stranded and in need of money, it can often be difficult to find the truth. This holiday season, you can take extra precautions to protect those you love from financial scams.

Be aware.

They say that knowledge is power; well, in this case, it’s true! Knowing the scams is half the battle, and the first step in protecting from these financial scams. You can be vigilant by keeping up with the news regarding the current scam tactics. Researching the types of scams being worked is another method. By taking time to learn and understand what scammers are doing to attempt to take advantage of people, you can be prepared to prevent it.

Be proactive.

Once you become aware of the scams, you can actively communicate them to the ones you love. Awareness of the scams will allow your friends and family to avoid becoming a victim. The second component to this is actively communicating with your loved ones. It’s important to check in with family regularly, through calls, text, or drop-by visits. This helps with the relationships, but also gives opportunities to chat with them about the scams you’ve heard about, or check-in on their end.

Be skeptical.

During the holiday season, there’s nothing wrong with a little bit of healthy skepticism. Remaining skeptical of free trial offers, unknown companies, and new offers. Many companies utilize “free trials” to sign you up for a monthly billing service. Surveys or giveaways in shopping malls may, in fact, be information directories to sell personal information to a third party. When presented with an offer, whether it be a phone call, email, or text message, ask questions. By remaining skeptical, you can learn to decipher the truth from potential scams.

These are FFL’s tips for avoiding scams this holiday season. What is your favorite tip? How have you avoided or helped others avoid scams in the past? Let us know in the comments below.