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How to Avoid 10 Feared Financial Scams – Part 2

How to Avoid 10 Feared Financial Scams – Part 2

Yesterday we started a series that is of utmost importance for anyone who wants to stay at the front of their finances and how safe they are. Scammers are one of the greatest dangers for the everyday consumer, with these individuals constantly trying to illegally acquire your personal and financial information.

In our last article we discussed the first three out of ten different scams that you should be aware of when it comes to protecting your personal and financial information. This time we take a look at the next three points on our list.

Let’s start.

4. Abusing the Elder Financially:

Seniors tend to be one of the main preys of scammers, who view them as easy targets due to their age and physical limitations. This tends to made the elder far more vulnerable and thus, easier to persuade. In addition to that, seniors ten to hav less knowledge about the Internet, making them also easier targets for tech-savvy scammers.

Scams on the elderly are as varied as you can think of, and range from fraudulent emails asking them to fill information for a personal loan to phone calls asking them to make a deposit because of a “relative” being in trouble.

To protect themselves from most scams, seniors have to watch out for anyone contacting them with the prospect of wealth, like someone asking them to make an investment that is guaranteed to produce a nice return. Seniors are known to have retirement funds, which makes them even a more desirable target for scammers.

Another two precautionary measures: Always verify that any of the financial products offered to you are registered with the state or federal regulator agency (most of them are). Additionally, head to the FINRA.org website to verify the the investor’s professional record.

5. Claims of Power-savings:

One of the most common complains from customers is that they end up purchasing devices that promise to save a lot of energy but that tend to be defective. Only then did consumers realize that the devices in question did not meet the minimum electrical safety standards. So, if you want to make your home completely energy-efficient, first you have to heed the advice from the Energy & Environmental Building Alliance, which says that you should always consult with an energy professional for them to inspect your home and then suggest to you different ideas and identify areas for improvement at your house. Additionally, these professionals can also suggest to you a quite comprehensive list of energy-efficient devices to purchase.

We could also add that you should pay attention to all the common saving tips that can be found on TV, magazines and other media, as well as saving by simply consuming less water and electricity.

6. Door-to-door Sales Scams:

You should always be prepared for answering a knock at the door from someone offering you something. This is because many door-to-door salespeople are very well trained to use selling tactics of high-pressure in order to convince you to purchase their subpar products at really premium prices. Most of the time you won’t need any of these products, so simply say no.

Some of the most common of these products are from home contractors, who tend to show up at doorsteps with pitches like offering you to use their leftover materials from another job on your neighborhood to fix something at your home for a small fee. If this happens to you, you should wait and consider carefully if it is really worth it and even if it is, you should ask them to wait for your call the following day.

And there it is for now. On our next article we will finish with the four remaining scams on our list to complete the ten promised. Stay tuned.