How to Safeguard Your Money Against Internet Scams and Avoid Phishing?

Scams. A word that is a nightmare for everyone. Rich or poor, young or old, nobody likes a scam. But what is a scam? What is phishing? And how do I prevent phishing? Let’s find out.

A scam is a simple case of tricking people by way of producing false information or not sharing important information with the person. In today’s world, the internet has created a whole new world for the scammers to use. Internet scams are common today. There are hundreds of people who fall prey to these scams daily. Let us understand what these scams are and answer some questions like “How to avoid phishing?”, “How to prevent phishing attacks?”, and “How to prevent phishing scams?”

Understanding Internet Scams

Let us understand the various types of scams which are used by scammers:

Phishing Attacks
These involve web links sent through emails, SMS, or any other mode to steal information from the user using a virus or trojan.
Fake Online Stores
Scammers make a duplicate website that is almost the same as the original brand. These have the same features and processes with very small tweaks. For e.g. a clone of a shopping site is made, then buyers might pay money for products and suffer a loss.
Investment Scams
Fake investment opportunities and schemes are used by scammers to collect money. People usually fall into the trap due to promises of huge returns, quick money-making promises, etc.
Tech Support Scams
Scammers pose as tech support agents to collect data on your devices which they could later use to extract financial information from your phone or other devices linked to banks.
Social Media Scams
Fake accounts and offers on platforms like Instagram and Facebook trap individuals with web links and viruses.

How to avoid phishing and other scams?

Keep the following points in mind when it comes to avoiding phishing scams:

1. Recognize the Signs of Phishing

Wondering how do I prevent phishing? Phishing scams are often spread using emails or text messages. To identify such messages that are meant to trick the receiver you can perform the following when it comes to how to avoid phishing:

When evaluating email addresses, pay close attention to the sender’s address. Phishing emails usually use a similar but different email id.
Reliable companies usually use correct grammar and vocabulary. If the website has too many mistakes, it is a sign that it is a duplicate.

2. Strengthen Your Online Security

You can secure the online presence of your device by using 2-factor authentication, and string passwords to reduce the risk of unauthorized access.
You can also use reliable anti-virus software to reduce the risk of attacks by viruses when it comes to preventing phishing links from popping up.

3. Be smarter with your savings and investments

Invest money in regulated bodies: Keep your investments safe and sure. You can invest in Lxme’s goal-based mutual fund portfolios. Lxme is an AMFI registered Mutual Fund Distributor.
Don’t keep your emergency savings in a savings account: Build your Emergency Fund with Lxme to keep it safe and don’t keep huge amounts in your bank savings account.

4. Be Cautious with Personal Information

Think Before You Share: Only share data with verified sources and people. Never share information with unknown people or websites without checking its integrity.
Verify Requests: If you receive an unusual request from a company or individual, contact them directly using official contact information.

5. Double-check URLs and Websites

Check if the website is secure by seeing if it starts with “https://” and has a lock icon in the address bar.
Manually type web URLs to avoid clicking on random websites or fake websites. This could help in avoiding phishing scam pop-ups.

What to do if you fall victim to an online scam?

If you realize you’ve been scammed, take immediate action:

Report such scams to the bank or the concerned authority like the cyber cell.
Change the password to restrict access and regularly update it.
Monitor your other finance and bank accounts regularly.

Conclusion

Scammers are improving every day with new ways and technologies to scam other people. It is very important to be aware of preventing phishing and avoiding phishing scams along with solutions in case you become a victim of these scams.

Using the methods listed above, you can easily reduce the risk of getting scammed. Hence, remember to be aware of fake messages, always keep track of your bank accounts, and think before sharing any kind of financial information with anyone. Stay safe and healthy.

FAQs

What are the common internet scams to watch out for?

Phishing generally takes place through emails, messages, fake websites, and mobile apps. Always keep an eye on what you download and visit on the internet.

How can I identify a phishing email or fake website?

You can look for suspicious email addresses or grammatically incorrect messages in the body. Genuine companies tend to share grammatically correct emails/information.

What are the best ways to secure my online banking information?

You can enable 2-factor authentication to increase the security of your online banking information.

What should I do if I fall victim to an online scam?

If you fall victim to an online scam, report it to the relevant authorities as soon as possible. This will help catch the scammers sooner and could also help in faster recovery of the stolen items.