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Sound Advice: February 14, 2024

Watch Out for Financial Scams

Absolutely, it's crucial to be vigilant and cautious when it comes to financial matters to avoid falling victim to scams. Here are some tips to help you protect yourself:

  1. Be Skeptical: Always be cautious when dealing with unsolicited communications. Be it emails, phone calls or messages, don't trust them blindly, especially if they ask for your personal or financial information.
  2. Secure Personal Information: Don't share sensitive information such your Social Security number, bank details or credit card information with unknown individuals or websites. Legitimate organizations won't ask for this kind of information through email or social media.
  3. Use Strong Passwords: Create strong, unique passwords for your online accounts. Use a combination of letters, numbers, and special characters, and avoid using the same password across multiple platforms.
  4. Update Software: Keep your computer, smartphone, and other devices' operating systems and antivirus software up to date. Scammers often target vulnerabilities in outdated software.
  5. Beware of Phishing: Phishing scams often involve emails or websites that appear to be from a legitimate source but are designed to trick you into giving away your personal or financial information. Always double-check the sender's email address and the website's URL.
  6. Verify Before Acting: If you receive a call or email from a company or organization requesting sensitive information or payment, independently verify their identity. Look up their official contact information and reach out to them directly.
  7. Don't Fall for Pressure Tactics: Scammers often create a sense of urgency to make you act without thinking. Don't succumb to pressure tactics; take your time to research and verify before making any financial decisions.
  8. Educate Yourself: Stay informed about common scams and tactics used by fraudsters. Knowledge is your best defense against scams.
  9. Monitor Your Accounts: Regularly monitor your bank accounts, credit card statements, and credit reports for any suspicious activity. Report any discrepancies to your bank or credit card issuer immediately.
  10. Report Suspicious Activity: If you encounter a potential scam, report it to the appropriate authorities. In the United States, you can file a complaint with the Federal Trade Commission (FTC) through their website.

Remember, staying vigilant and informed is key to protecting yourself from financial scams. If something seems too good to be true or feels suspicious, it probably is. 

N. Russell Wayne, CFP

Sound Asset Management Inc.

Weston, CT  06883

203-895-8877

www.soundasset.blogspot.com

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