How to Avoid Financial Scams During Isolation

How to Avoid Financial Scams During Isolation

Coronavirus is a massive problem for the entire world because it is spreading at breakneck speed. As millions of people remain quarantined until further notice, numerous questions arise as to how to maintain the quality of life while being safe properly.  

Quarantine did not affect our social interactions only, but rather our entire lives. From work to family and personal relations, staying indoors put everything on hold. However, the dangers extend beyond health concerns. There has also been an increase in the number of scams and frauds during isolation. Many people are looking to gain profit from this situation, which may bring a lot of people to the brink of financial ruination.  

Frauds are trying to cheat people out of their money, so it is very important to keep an eye on such attempts. Below you will find a detailed list of potential harms during isolation. We also included the ways how you can avoid or deal with potential scammers. 

Phishing Emails 

There are several ways how frauds can try to cheat you. One of the most common methods of cheating is via emails. This method is one of the most used ones, and it has been active even before COVID-19. So, how does this happen? 

Well, in most cases, you might receive an email from an alleged member of research agencies that participate in COVID-19 projects. They usually cite WHO or Centres for Disease Control as references to boost their credentials. In most cases, they offer you a list of infected people in your area, but you need to pay to get it. But even if the email looks legit, trust us – it is not. No one can offer you such data. 

On the other hand, they might try to contact you by posing as HMRC and promising a tax refund. These fraudsters typically have a very realistic-looking website where you need to submit your personal information. Under no circumstances should you enter any details. It is best not even to open these emails. If you have opened them, ignore the attachments or links. Clicking on the links is dangerous, so you should probably delete them straight away.  

Online Shopping  

Fraudsters are generally thriving in the digital world. Many of them are now using the opportunity to generate even bigger frauds because so many people are vulnerable. Considering most of us are currently at home, online activity has considerably increased. That includes online shopping, social media, and various forms of entertainment.  

When it comes to online shopping, cons exist on shopping websites in the form of fake profiles. False accounts that deal in all kinds of merchandise often offer products at higher prices. High prices are not that big of a problem, but rather the fact that they do not even exist. Hence, gullible customers tend to overpay for non-existent merchandise that never arrives. To avoid this, you must check the website and the seller before you initiate the purchase. And try to shop only on sites that are verified. That includes buying via social media pages such as Instagram as well. Many of the profiles and pages on that platform are fake.  

It may be tempting to buy from an unknown seller who is offering an expensive item at a lower price but often this is a trick to tempt you into buying a fake product or a product that doesn’t exist. If being price conscious is important to you there are alternatives. You may want to check it out on special offer websites to see if a reputable e-commerce shop has a discount you can apply instead.

Digital Entertainment Risks 

Entertainment is also a very important aspect to consider during isolation. We tend to get bored or stressed, so looking for something to occupy our time is essential. Some people tend to read books, follow online courses, while others binge-watch movies and shows, or play games.  

Websites that are offering you the chance to watch movies and shows for free usually have a malicious intention. You can become a victim of fraud either through viruses or transparent financial requests. Viruses and malware can both cause damage to your devices and steal your data. If there are no viruses, they will ask for personal data for free registration. If you notice a request for credit card info, leave the page. This is very important for gaming activities as well. Gaming is a very fragile field right now. If you enjoy playing browser games, you should be careful where you play them. For example, numerous gaming sites and rogue online casinos are offering services without safety measures. If you want to avoid scams like these, look for reputable casinos and websites that guarantee safety. Only verified sites and casinos can provide best money slots with safe playing conditions.  

Scams from the Banks 

The financial and economic situation right now is very volatile. Most of us are worried about financial stability, and the fraudsters know that. A popular method of cheating people is to call them by phone. The phone call consists of frauds informing you that they are calling from your bank. The story is usually the same – your assets are not safe, and you need to transfer them to a secure account. During the transfer, they can either empty your account or steal your credit card info and then use it for purchases.  

This one is easy to avoid as the scam is obvious. Banks never call clients – they send emails or letters. All official letters and emails contain a piece of your personal info so that you know that the bank is not scamming you. If you do get such a phone call, hang up the phone and contact the police or your bank.