Financial intelligence is something that can be developed, by making individuals aware of the ways in which they can protect their finances. A major part of it also includes scam awareness. 

There are a number of scams which have become more popular in recent years and more people have become aware about them. Despite this, the rate at which these scams are developing continues to startle many people. 

What are some of the most common scams? 

Person-in-need scams 

This scam often targets the elderly, by convincing them that there is someone in need of assistance or that there is a cause that requires donations. 

Financial abuse scams 

This includes identity theft, telemarketing theft and the like 

Charity scams 

These are quite prevalent and involve the establishment of fraudulent charitable organisations especially during times of disaster. Donations are likely to be requested by money transfer. 

Fake Loan Scams 

The scammer requests that you send the money to cover loan fees. 

An essential component of scam awareness and financial intelligence is being vigilant and alert. Do your research if you are unsure of legitimacy. 

More ways to improve scam awareness and financial intelligence: 

Don’t open suspicious texts or click on links 

Never respond to phone calls where someone asks for remote access to your computer- hang up immediately. 

Keep your personal details secure. 

Always use password protection. 

Review your privacy settings on social media. Some scammers send messages that appear to have been sent by one of your friends on social media. If you open the message, hackers have access to change privacy settings. Look out for poor spelling and grammatical errors as a tell-tale sign. 

Be wary of unusual payment requests. 

As The Internet of Things expands, more scams are on the way, so it’s vital to stay informed at all times. Scam awareness and financial intelligence is set to become even more important.

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