10 Tips to Avoid Financial Scams

Scammers are already lurking anywhere, especially online. One small mistake can lead to big losses. That’s why knowing the warning signs and staying alert online is more important than ever. If you need a Helping Hand, here are some anti-scam tips to help you protect your finances and your future:

1. Be informative

Watch out for their tactics and always listen to reputable news outlets such as Public Service Advisories (PSA). Stay up-to-date on outdated services and companies that are government-compliant, such as the Securities and Exchange Commission (SEC) and the National Privacy Commission (NPC). Remember always to keep an eye on small details, as many people overlook them, and scammers take advantage of this oversight.

2. Conduct Fact-checking

There are already financial services out there that are pretending to be helpful. Doing your own due diligence, in fact, by checking the services you plan to apply to, will save you time and your hard-earned money in the long run.

3. Protect your OTP

One-Time Pins (OTPs) are crucial in keeping information safe. Never share your OTPs because they’re the key to your bank account and e-wallets. Also, beware of people pretending to be financial institutions just to acquire your hard-earned money. Then, if you didn’t transact with anybody that you know of, the best thing to do is just to ignore it.

4. Think before you click

Ever received a random message telling you that you’ve won some credits on a game or that you’ll receive ₱20,000, just send ₱200? It’s definitely a scam. There are already scammers spoofing people by building fake websites, hijacking the message threads of banks and financial institutions, or even sending broadcast messages if you are in the area.

With so many things happening right now and scammers getting smarter by the day, you should practice thinking before you click. And legitimate companies don’t send links to their customers, just some important tips for you.

5. Avoid using Public Wifi

Public Wifi are convenient, yes, but scammers can use it siphon your personal details, such as username and password that are connected to your social media, banking, and e-wallets. Protecting your money from hackers is vital when you’re outside. Always prioritize secure and trusted connections, especially when handling financial transactions.

6. Screenshot all transactions

Securing a copy of your transactions digitally is a trait that you should always practice. This can be your proof when things go sideways, you have something to back it up. For instance, if you ever encounter discrepancies with payments, billing errors, or any disputes with the lender, your transaction history becomes a solid defense.

It’s always better to be over-prepared than under-prepared when it comes to your finances. Whether it’s through screenshots, transaction emails, or PDFs, keep a record of everything. This small habit can save you from a lot of stress later on.

7. Always use a trusted loan app

We mentioned earlier to do your research before signing up and borrowing from unproven financial services. If you are looking for a safe and secure loan app, make sure first that it is SEC-registered and NPC-compliant, like JuanHand. With JuanHand, you can borrow up to ₱50,000 with a daily interest as low as 0.025% payable up to 9 months’ installment.

JuanHand is already trusted by millions of Filipinos nationwide because of its easy requirements. You just need 1 valid ID, and you can get approved as fast as 5 minutes. They also have a competent customer service that is available 7 days a week. So if you need something safe for your needs, sagot ka ni JuanHand!

8. Beware of middleman tactics

On the internet, mostly on social media like Facebook, when you post a comment, there’s always someone who will reply offering you an easy loan. They will help you, and you’ll pay it after it is disbursed.

Don’t believe this kind of strategy because it will only backfire, first by compromising your privacy because you’ll hand them your personal details, and second by creating a false sense of assurance because you are entrusting a stranger with the money that you need in the moment. If you really want to secure the finances you need, make sure you first turn to reputable, safe, and trusted financial services with reliable customer service, and do not just believe another person’s comment about your financial needs.

9. Turn on your notifications for banks and e-wallets

Always be attentive to how your money moves and your spending habits. You can do this by monitoring your app and enabling alerts and notifications, so you’ll know your current balance and where you spend. Tracking your account also has its advantages.

You can monitor for any attempts to access your account, request an OTP, or move your money without your permission. If someone ever breaks into your account, make sure to take a screenshot so you’ll have evidence, or lock it down so the perpetrator can’t get anything from it. Always be wise with your accounts and secure your phone number, passwords, and OTP.

10. Stay Vigilant and Informed

Continuously educating yourself about financial scams and staying aware of the tactics commonly used by scammers is crucial in protecting yourself. The more you know, the better equipped you are to recognize red flags and avoid falling victim to fraud. Your knowledge truly becomes your best defense, allowing you to make smarter decisions and stay one step ahead of scammers.

The battle against financial scams requires continuous effort and caution. By implementing these tips and remaining informed about the latest tactics used by scammers, you can safeguard your hard-earned money and personal information. Remember, a well-informed individual is a well-protected one. Stay alert, trust your instincts, and seek help from reputable services when necessary. Your vigilance and awareness are your best defenses against financial fraud.