3 Tips To Protect Yourself From Financial Fraud

Posted by Joseph Franks on September 30th, 2019

We might not be able to prevent fraud, but we can take steps to avoid fraud. The disturbing impact of fraud does not only include the financial aspect, but it also involves emotional aspects of being a victim of fraud. Victims of fraud felt stressed, lonely, and embarrassed. Many victims also feel a loss of self-respect, security, and self-esteem. Therefore, it is advisable to keep in touch with a bankruptcy attorneyor a financial attorney who can help you in identifying a suspicious transaction. Besides this, in the event of fraud, help you with its expertise. 

Defining Financial Fraud

Financial fraud happens when an individual or organization takes money or property or uses your assets illegally, with the sole aim to benefit their self at the expense of the other person. Fraud comprises of an individual or organization that deceive their victim by building a level of trust and then betraying them.

Financial fraud consists of many forms, some of the most common are:

  • Bribery
  • Money laundering
  • Mortgage fraud
  • Tax evasion
  • Racketeering
  • Identity theft
  • Embezzlement
  • Securities fraud

However, fraud is often considered as an under-reported crime, and despite significant efforts to tackle crime, greater support is needed to achieve a real impact, globally. Reports recommend that due to the massive scale of fraud there is a need for an executive governing body or establishment who put into practice various countermeasures.

Let us have a look at the effective tips that can help you in saving from financial fraud. Moreover, we have listed other ways to prevent fraud, which you might not have previously considered: 

Use chip and pin

It generates a unique code for every purchase you make. This means that fraudsters are unable to use this information. Chip and pin, however, is not available everywhere as of now. Many retailers either do not have chip pin terminals or do not have them fully functional. Therefore, your financial assets are secure in that way.

Be wary of using public wifi

Public Wi-Fi is insecure, so you mustn't give out any personal or bank account details while using public Wi-Fi. If you give out these details, then ensure that the web address displays https before it, instead of the standard HTTP. It means that the website is using the highest levels of security, and you are free to use it. 

Check your post

Some many institutions or companies prefer to send certain documents through the post. One of these is insurers. Therefore, if you are expecting the arrival of some important documents through the post, then ensure that you keep an eye out or follow up with documents that fail to arrive within the expected period. You must also keep an eye out for mail, which is unexpected. For example, confirmation of something that you did not do and if you receive mail like this, then you must report it to the concerned authorities as a precautionary measure.

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Joseph Franks

About the Author

Joseph Franks
Joined: September 16th, 2019
Articles Posted: 102

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