Skip to main content

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 Scammers often target vulnerabilities in outdated software.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

Comments

Post a Comment

Popular posts from this blog

Sound Advice: September 21, 2022

The Professional Approach To Stock Selection There are various approaches to stock selection, but the two that predominate are fundamental analysis and technical analysis.  Fundamental analysis is a numbers-based method that evaluates key factors such as income and financial health, including the past, present, and future.  Technical analysis emphasizes movements and formations of stock prices. Fundamental analysis is based on factors that over time have proved to have a meaningful impact on stock price movements.  The optimal picture of corporate profitability is steady growth, both in the past and, prospectively, in the coming years.  Steady growth is rewarded by higher valuations of underlying earning power than those accorded companies with erratic progress. When professionals screen (filter) the data of the broad universe of stocks, they look for companies that move ahead every year, regardless of the prevailing economic conditions.  Although high pas...
Post a Comment
Read more

Sound Advice: July 26, 2023

Is Day Trading a Good Idea? Day trading can be both exciting and potentially profitable, but it also comes with significant risks and challenges. Whether it's a good idea depends on several factors, including your financial situation, risk tolerance, time commitment, and knowledge of the markets. Here are some considerations to keep in mind: Risk and volatility: Day trading involves buying and selling securities within a short time frame, often within the same day. This exposes you to the inherent volatility and risks of the market. Prices can fluctuate rapidly, and unexpected events can have a significant impact on stock prices, making it challenging to consistently make profits. Time commitment: Day trading requires a substantial time commitment. It involves closely monitoring market movements, conducting research, and executing trades. It can be stressful and demanding, as you need to be actively engaged in the market during t...
Post a Comment
Read more

Sound Advice: May 31, 2023

High Yields, Yes!  But There Are Risks Now that failure to get much done in Washington seems to be the bottom line for lots of talk, but little action, it’s hard not to wonder whether we’re missing something.  Yes, the Federal Reserve Board has aggressively raised interest rates in the hope of putting a damper on excessively high inflation, but one would think that there might be some good news as a result of these efforts. The hoped-for result is that inflation is indeed moderating.  Also of importance, though, is the sharp improvement in interest rates on fixed-income investments, usually a.k.a. bonds.  For much of the past decade or more, interest rates have languished at or near historical lows, which created considerable shortfalls for folks living on fixed incomes. Thanks to the Fed’s hikes, the returns on bonds and the like are beginning to be of interest.  But . . . and that’s a big but . . . there are risks involved. For short-term investing at ...
Post a Comment
Read more