How To Protect Yourself From Getting Scammed
Written by Abisola Adeniji
With the recent increase in online scams as well as the conversations sparked on social media by the Netflix series “Tinder Swindler”, it seems like a good time to share some tips or reminders on how to protect yourself from being scammed.
Avoid investing in products you are not familiar with and are not traceable to a regulatory body: Most Ponzi scheme structures have been known to be untraceable to any regulatory body which exposes the parties to increased risk. It is also good to confirm and reconfirm the structural pathway of an investment scheme, also if it looks too good to be true then it probably is.
Have a dedicated bank account for your regular transactions: This eliminates or reduces the risk of having a lot of money in a particular account. It also helps you keep track of your regular expenses and limits the number of people knowing more about your major account. If you don’t want to open another account, you can use FinTech apps such as GoMoney, Kuda etc.
For your main account which could be your salary account, open it with your other or secondary phone number. This reduces the risk of being scammed with your phone number
Also, you can use internet banking instead of mobile banking apps for your investment and mobile banking apps, especially for your main account. Mobile banking are apps downloaded on your phone while internet banking are visited websites via your preferred search engines. This reduces the risk of people knowing where your money is when they pick up your phone. And if you use internet banking, ensure you always delete your transaction history.
For mobile banking apps, activate your two-step verification and ensure your transaction pin is different from your login pin or ATM pin. Also, use numbers that are not easy to figure out like birthdays or anniversaries.
Explore email alert instead of SMS alert: Apart from the extra cost SMS alert incurs, it is easier to manage your email alert than SMS.
Have a diversified portfolio: Diversified portfolio is when you have your savings and investment in different investment platforms and products. Investment platforms such as Banks, FinTechs etc. Products such as Fixed Income securities, Equities Market etc.
Use an E-card for all your online transactions, meaning have a different card which can be virtual for your online transactions. Your main ATM card should not be linked to purchases online, especially on untrusted sites. You can get an E-card from Gomoney or Kuda, or any others you know of.
Check your statements regularly: Keep track of the activities going on in your bank accounts to ensure that fishy transactions are detected as soon as they occur. The frequency is up to you, I typically check my bank statement any and every time I make transactions
Keep your BVN safe: Use un-familiar details to save your BVN details to avoid stories that touch in general
Be careful of links, emails, attachments from unknown senders. Don’t open them, don’t click them, just delete.
I’ve exhausted my list but I’m sure there are more, drop a comment on other ways you protect yourself from being scammed.
Abisola Adeniji is an experienced analyst who is passionate about helping individuals take their personal finance to the next level. Connect with Bisola on her website, LinkedIn and Instagram.
Edited by Zulu Nneka Anyaogu
Zulu is a Lawyer, Programs manager, and Youth Human Rights Advocate who is passionate about women’s rights and the inclusion of young people in decision-making spaces. In her spare time, you’d catch her binging on movies, reading crime and mystery novels, and eating. Connect with Zulu on Instagram, Twitter, and LinkedIn.
Published by Akinsipe Temitope
Temitope is a young storyteller who thinks all stories are worth telling. She loves to inspire people to do what they love and follow their passions, tell their stories, and live in the present moment. Connect with Temitope on Instagram, and Twitter.
