Tuesday, 24 December 2019

BC / BF - 9 , Banking Fundamentals to Know for Students.



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Fraud protection
Financial fraud or scam is a growing problem in today’s world. Every year we hear new stories about people losing all their money by investing in illegal schemes. But this has not stopped others from falling prey to these schemes. This is because criminals are very creative and they keep changing their tactics to find new victims. You can keep your money safe by being aware of these risks. Do you know someone who is a victim?

The first step in protecting yourself against fraud or scam is knowing what it is and how to recognize various types of fraud or scams.

Types of fraud or scams Fraudsters and scamsters target people in a variety of ways: through email and on the telephone, when victims are making investments or by stealing personal information.

1.MASS MARKETING FRAUD
2.INVESTMENT FRAUD               
3.LOTTERY SCAM 
4.AFFINITY FRAUD 
5.CREDIT AND DEBIT CARD FRAUD  

MASS MARKETING FRAUD
You receive an email that looks like it comes from a legitimate company, asking you to click on a link, but it takes you to a fake website. To be safe, never invest, donate or make purchases on the phone unless you can validate the company's existence.

INVESTMENT FRAUD
Someone recruits you to invest in a business or to buy merchandise to sell. You are expected to recruit new members. After a while, new people stop joining. That's when the promoters vanish, taking your money with them.

LOTTERY SCAM
"Congratulations! You've won the lottery/sweepstakes/big prize! All you have to do to claim your prize is to send a small fee or tax payment.” Legitimate contests don't charge fees for you to collect your prize.

CREDIT AND DEBIT CARD FRAUD
Credit card and debit card fraud happens when someone uses your card, card information or personal identification number (PIN) without your permission. Never share your PIN with anyone.

AFFINITY FRAUD
Fraudsters can win your trust more easily if you're part of a group of people who share a common cause, such as a religious or social organization. Scammers may ask investors to keep the matter quiet.

SPOT FRAUD STOP FRAUD
If you experience any of these red flags, do not participate in the investment. Inform the appropriate authorities and also tell your family and friends about the attempted fraud and warn them to be careful.

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