What Are Financial Scams and Frauds?
Common Types and How to Protect Yourself In today’s digital world, financial fraud has become increasingly sophisticated. Scams no longer happen just in person—they now arrive through text messages, phone calls, emails, and even fake websites. Understanding what financial scams are, how they work, and how to protect yourself is essential for keeping your personal information and money safe. What Is a Financial Scam or Fraud? A financial scam is a deliberate deception designed to trick someone into giving away money, bank account information, or personal data. Scammers use different strategies to gain your trust , only to steal from you . These strategies can include impersonating a bank, creating fake websites, or making convincing phone calls. In all cases, the goal is to make you act quickly—before verifying whether the request is real. Why Is It Important to Protect Yourself? Falling victim to a financial scam can have serious consequences: Direct loss of money Unaut...