Authored by Daisy Clark Photo courtesy of Unsplash
With the majority of society moving away from cash payments in recent years, there comes an increased risk of scams. Whilst cards are convenient, the digital nature of these transactions mean that complex security measures need to be in place in order for your finances to be safe.
For those that are older or vulnerable in some other way, this unfortunately leaves room for scammers to take advantage. Even those of us who feel confident with technology may unwittingly be caught out during a lapse in concentration, or if we’re in a rush. In this post, we detail four common scams that you should be aware of, to help you keep your money safe.
Randomly generated credit card numbers
Whilst you may take every precaution to protect your credit card details, unfortunately that won’t stop scammers trying their luck. Criminals will use technology to generate random card numbers and security codes, which they’ll then use to try and purchase small items to see if the combination works. Once they get a hit, they can then use this information to buy larger items.
To reduce your chances of getting hit by this scam, set up transaction alerts on your bank account, or check your statements regularly if you don’t use online banking. This will allow you to notice any suspicious transactions, and report them immediately to your bank. If you spot the micro transactions, you may be in time to stop you losing an even larger sum of money.
Charity donation scams
We can all feel emotional when we see charity adverts on TV or online. It can be hard to resist the pleas for funds when there are such terrible things happening all over the world. Scammers play on this and call random phone numbers, pretending to be charity fundraisers asking for money. However, instead of a legitimate donation, they take your money for their own gain. This is particularly common in the wake of a well-known disaster, as they know that the public is familiar with the names and locations they cite in the call.
Never give out your personal information in this way. Instead, you can go online and do your own research, or call the charity directly based on the number on their legitimate website if you want to make a donation.
Phishing scams
Some scammers use email to contact people and say that they need to click on a link for one reason or another. Often, this seems legitimate, such as a parking charge or a streaming service renewal. They may state that your card details need to be updated, or that you have been charged for one thing or another and have a certain number of days to pay.
In order to spot these scams, look carefully at all the details on the email. Is the email address spelt correctly? Does it match previous emails you may have received before? If you’re not sure, you can contact the company directly via an internet search to confirm it’s legitimate or not before you proceed. You shouldn’t even click on any links in case this downloads something malicious to your computer.
Formjacking
When purchasing something online, you will need to enter your card details. Without you knowing, scammers can inject a type of malicious software into the form, which then steals your card details.
There’s often nothing to see on the form that would indicate there’s anything suspicious, making it hard to avoid this type of scam. Instead, install antivirus software on your computer to block and flag any malware. You can also use Google or Apple Pay technology to generate a virtual card, meaning that the scammers couldn’t make any further payments even if they did get your information.
Keep your personal information safe
It can be hard to believe that people will try and steal your money. But as an older person, you’re often more likely to be targeted as the victim of a scam, with this guide reporting 42.6% of victims belong to the Baby Boomer generation. By following our tips above, you can keep your money safe. Remember, if you spot anything suspicious, report it to your bank immediately.
Author bio: Daisy Clark
Daisy wants to share information about digital finance in order to help elderly people keep their money safe. She aims to write easy-to-read advice with actionable tips in order to help everyone feel more financially secure.
With the majority of society moving away from cash payments in recent years, there comes an increased risk of scams. Whilst cards are convenient, the digital nature of these transactions mean that complex security measures need to be in place in order for your finances to be safe.
For those that are older or vulnerable in some other way, this unfortunately leaves room for scammers to take advantage. Even those of us who feel confident with technology may unwittingly be caught out during a lapse in concentration, or if we’re in a rush. In this post, we detail four common scams that you should be aware of, to help you keep your money safe.
Randomly generated credit card numbers
Whilst you may take every precaution to protect your credit card details, unfortunately that won’t stop scammers trying their luck. Criminals will use technology to generate random card numbers and security codes, which they’ll then use to try and purchase small items to see if the combination works. Once they get a hit, they can then use this information to buy larger items.
To reduce your chances of getting hit by this scam, set up transaction alerts on your bank account, or check your statements regularly if you don’t use online banking. This will allow you to notice any suspicious transactions, and report them immediately to your bank. If you spot the micro transactions, you may be in time to stop you losing an even larger sum of money.
Charity donation scams
We can all feel emotional when we see charity adverts on TV or online. It can be hard to resist the pleas for funds when there are such terrible things happening all over the world. Scammers play on this and call random phone numbers, pretending to be charity fundraisers asking for money. However, instead of a legitimate donation, they take your money for their own gain. This is particularly common in the wake of a well-known disaster, as they know that the public is familiar with the names and locations they cite in the call.
Never give out your personal information in this way. Instead, you can go online and do your own research, or call the charity directly based on the number on their legitimate website if you want to make a donation.
Phishing scams
Some scammers use email to contact people and say that they need to click on a link for one reason or another. Often, this seems legitimate, such as a parking charge or a streaming service renewal. They may state that your card details need to be updated, or that you have been charged for one thing or another and have a certain number of days to pay.
In order to spot these scams, look carefully at all the details on the email. Is the email address spelt correctly? Does it match previous emails you may have received before? If you’re not sure, you can contact the company directly via an internet search to confirm it’s legitimate or not before you proceed. You shouldn’t even click on any links in case this downloads something malicious to your computer.
Formjacking
When purchasing something online, you will need to enter your card details. Without you knowing, scammers can inject a type of malicious software into the form, which then steals your card details.
There’s often nothing to see on the form that would indicate there’s anything suspicious, making it hard to avoid this type of scam. Instead, install antivirus software on your computer to block and flag any malware. You can also use Google or Apple Pay technology to generate a virtual card, meaning that the scammers couldn’t make any further payments even if they did get your information.
Keep your personal information safe
It can be hard to believe that people will try and steal your money. But as an older person, you’re often more likely to be targeted as the victim of a scam, with this guide reporting 42.6% of victims belong to the Baby Boomer generation. By following our tips above, you can keep your money safe. Remember, if you spot anything suspicious, report it to your bank immediately.
Author bio: Daisy Clark
Daisy wants to share information about digital finance in order to help elderly people keep their money safe. She aims to write easy-to-read advice with actionable tips in order to help everyone feel more financially secure.
