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Global Money Week - Protecting Your Money

19 March 2024

Protecting your money is crucial for your financial confidence. Whether you're saving, investing, or managing daily expenses, it's important to safeguard your hard earned money. There are multiple ‘dangers’ to your money that you need to be aware of.
With a world becoming increasingly more digital, we need to be smart with our account/card details. There are three types of online scams that you need to be aware of:

  • Phishing – This is the sending of fraudulent emails. It tricks the recipient into handing over their personal details (including account information). They do this through cloned websites.
  • Smishing – Similar to phishing, this is the use of text messages to trick the recipient into clicking into links. Often asking the recipient to pay a charge, reactivate or verify their account. Scammers send these messages and make them look like they’re from legitimate companies.
  • Vishing – This is related to scammers calling customers pretending to be from companies to obtain sensitive information. They normally inform the customer that their account has been hacked and they require sensitive information to prevent fraudulent activity.
Protect yourself by checking your accounts often for any strange charges, using strong passwords for your online accounts, and being careful with personal information online or on the phone.

Also, it's important to spend wisely and stay within your budget to safeguard your money for the future. Avoid getting into unnecessary debt, and aim to pay off your balances completely every month. Make a budget to keep track of your spending and find ways to cut costs and save more.

Financial statements of your accounts are normally issued annually and can be requested throughout the year. Take the time to review your bank statements, credit card statements, and investment account statements regularly. Look for any discrepancies or unauthorized transactions and report them to your financial institution immediately. Monitoring your accounts can help you detect and prevent fraud early on.

Remember that protecting your money is an ongoing process that requires diligence, discipline, and continuous education. If you feel you have been a victim of fraudulent activity or a scam contact your financial institution or local authorities.