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In today’s world, financial scams are everywhere. Scammers try to trick people into giving away their hard-earned money. It is important to know how to spot a scam before it is too late.
Here are five simple ways to help you stay safe.
1. Too good to be true offers
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If someone or any financial institution offers you something that sounds too good to be true, it probably is. Be careful of people promising huge profits or quick returns with little or no risk. There’s always some level of risk involved with investments, so don’t let anyone lie to you about non-existent risks just to sell you a fake dream.
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Scammers often use these tempting offers to catch your attention. Remember, real investments take time and effort.
2. Pressure to act quickly
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Fraudsters will often rush you to make quick decisions. They might say the offer is only available for a short time or that you must act now or miss out. Take your time to think. No honest person will force you to make fast choices when it comes to your money.
3. Requests for personal or bank details
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Be very careful if someone you do not know asks for your personal information or bank details. Scammers use this information to steal your money. Never share your bank account number, PIN, or password with strangers, even if they sound trustworthy.
When you receive any suspicious requests from someone via phone call or email, don’t rush to do their bidding. You should always walk into your financial institution for clarification.
4. No proper contact information
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A genuine company or business will always provide clear contact details, including an address, phone number, and email. If you cannot easily find this information, or if the details look suspicious, it is a red flag. Avoid dealing with people or businesses that hide their identity as they might not be genuine.
5. Check for official approval
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Before you invest or send money, check if the company is officially recognised by trusted organisations. In Ghana, you can check with the Bank of Ghana (BoG) or the Securities and Exchange Commission (SEC). In the UK, the Financial Conduct Authority (FCA) has a list of approved firms.
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If the company is not on these lists, be careful. Always trust your instincts. If something feels wrong, it probably is. Talk to family or friends before making money decisions and do some research. Scammers are clever, but by staying alert and knowing the signs, you can protect yourself and your money.