There will always be people out there trying to scam us out of our money. The more educated you can be about current scamming tactics, the better prepared you will be when someone inevitably attempts to scam you. Here are the most common financial scams right now and how you can avoid them.

Debt Collection 

Scammers will call and pretend to be debt collectors asking you to make a payment on your debt. They will only ask you for information, and the more information you give them, the more vulnerable you will be. They ask you to make a payment with your debit or credit card or your bank account with a sense of urgency.

How to Avoid Getting Scammed: Never give any information right away. If the person asking is a real debt collector, they will already have your information on file. Always be aware of where your current accounts stand. Debt collection agencies will never urge you to make an immediate payment. Instead, agencies like Viking Client Services will work with you to create a plan that works for you while helping you get back on track with your debt. 

Phishing Emails

Phishing emails come in all shapes and sizes. Financial phishing emails often look very similar to an email from your bank asking you to log in to your account or make a deposit or payment. Once they have access to your account, they can drain your funds and use your credit cards. 

How to Avoid Getting Scammed: Always read all emails carefully before taking action. Look for typos or odd design choices that show you the email is fake. Instead of using the email link to sign in to your account, go to the website or app you usually use to sign in and check to see if the email matches the notifications in your account. When in doubt, call your bank and have them confirm whether the email came from them. 

Selling Fake Products

With the rise of “garage sale sites” such as Facebook Marketplace, OfferUp, and Craigslist, more and more scammers are flocking to these online platforms in search of ways to get your money in their hands. They will present a fake product, ask for the money upfront, and either quit communicating with you or take down their profile altogether. 

How to Avoid Getting Scammed: Use the shopping platform’s payment system as much as possible. These offer safeguards for the buyer in case of a scam situation. For pickup purchases, be sure to wait to give payment until you’ve seen the product in person and are ready to purchase. Then use cash or a secure payment system like PayPal, Venmo, or CashApp. 

Family/Friends Emergency Scam

Scammers will go as far as to pretend to have kidnapped a friend or family member or have found them in an emergency situation. They will ask you to wire ransom money or for funds to help your friend or family member to get out of trouble. But in reality, your loved one is safe and sound, and you’re out hundreds or thousands of dollars. 

How to Avoid Getting Scammed: Try to stay calm and keep the scammer on the phone. If your friend or family member is not in the same place as you, text them, check their location to see where they are or connect with other friends and family to see if they’ve heard from them recently. 

As long as you stay aware and educated, you’re reducing your risk of becoming the victim of a scam. Scams are becoming more elaborate and trickier to spot, so there is no shame if you find yourself in a situation where you’ve been scammed. Check with your financial institutions to see what fraud protection they offer.