4 Financial scams to watch out for

“Imagine losing money this period?”

Terrible thought right?

That’s why Irorun curated 4 financial scams you should watch out for. Because how can you avoid what you don’t know about?

Perpetrators of these scams usually send an email or text message with a link that can be used to access sensitive and private information such as passwords, security details etc. Which could spell a disaster for you. These emails are usually tailored to look like they come from an authentic source. Werey dey disguise.

They often tell a story to trick one into clicking on a link or opening an attachment. It could come as an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company.

The message could be from a scammer, who might say they’ve noticed some suspicious activity or log-in attempts), claim there’s a problem with your account or your payment information, or say you need to confirm some personal or financial information.

To avoid falling victim, you should watch out for links in unexpected emails or texts from unknown sources.

Read more: What is found in a typical loan terms and condition

Impersonation scams happen when an impersonator copies elements of a person, brand or organization for fraudulent purposes. These persons pretend to be someone else in a bid to deceive the unaware party. Another werey dey disguise.

These scams go beyond someone calling and asking for your bank details. Some of these scammers go as far as creating fake social media accounts or fake websites that copy the names, images, logos, or other identifying information of a person, brand or organization for deceitful purposes.

This is why it’s advisable to only access an organization’s website through a Web browser and not any link sent from a suspicious email address, look out for verified ticks on social media handles of public figures, brands etc. Remember it’s highly unlikely for government parastatals, brands or public figures to send you a personal message regarding your finances.

Read more: Why you should read loan terms and conditions

This is another popular financial scam that you should watch out for. Charity fraud schemes seek donations for organizations that do little or no work — instead, the money goes to the scammer’s pocket. While these scams can happen at any time, they are especially prevalent after high-profile disasters or pandemics coughs in COVID-19 relief fund. Scammers often use tragedies to exploit individuals who want to help or seek help.

Scammers know how readily we open our hearts and wallets to those who served and those rebuilding their lives after tragedies and so they abuse this kindness. They’re especially active during the holidays, the biggest giving season of the year.

And that is why proper investigations should be carried out before giving out hard-earned money to any organization seeking funds.

Read more: Reasons why taking out a loan is no longer considered scary

This particular financial scam has to be the oldest in the book. Who doesn’t dream of winning a lot of money or a big prize? That’s why scammers still use the promise of a prize to steal money or personal information from unsuspecting individuals.

Scammers also present themselves as individuals or businesses posing to offer well-paying jobs or fast-money schemes. Whatever forms it comes as is usually just an attempt to access your sensitive details.

Unexpected prize and lottery scams work by asking you to pay some sort of fee to claim your prize or winnings from a competition or lottery you never entered. Smells like 419!

We understand that times are indeed hard and a new well-paying job may be what you desire, but we ask that you carry out proper research on any company that reaches out to you with claims of a job offer.

Read more: Where to get an urgent 50,000 naira loan

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As always, Irorun wants you well-informed on matters that concern your money.

For more questions or loan assistance send us a message at support@irorun.com!