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3 Ways Your Money Could Slip Out of Your Hands (and How to Avoid It)

Money. Something we all need in our lives, and often work hard for. Something we all find various ways to make more of, save, and invest for the future. Yet, sometimes, through no real fault of our own, we find ourselves in a dilemma of having lost money that was ours, or that was owed to us. Fraud, scams, legal complications can very well steal your money without you even realising it – until it’s too late.

This post sheds light on 3 ways your money could slip out of your hands (and how you can avoid it).

#1: Banking Fraud

While we trust our money to be safe in a bank, unfortunately fraudsters can get around security checks and passwords, and hack systems, so we need to be cautious and alert even with our money that’s in the bank.

There are different types of bank fraud; the most common types are cheque fraud, debit and credit card fraud (where cards can be cloned or ATM machines can have hidden cameras to see the pin numbers of unsuspecting people), wire transfer fraud where fraudsters steal the username and password of a banking customer and then wire the money to themselves.

How Can You Be Safe?

  • Always be vigilant when withdrawing money at an ATM machine – make sure to cover your hand when entering your pin number.
  • Double check cheque numbers and details before depositing a cheque.
  • Check your bank account online daily and report any suspicious activity to your bank immediately.
  • Never share your banking password or debit or credit card pin with anyone – either in person or on the phone. A bank will never ask you for these details.

#2: Internet Fraud

While the internet is a boon in so many ways, the downside is that scammers and fraudsters have more chances to hack into accounts and personal data. Internet fraud is when fraudsters use Internet services or software with Internet to defraud victims. Personal data can be accessed, emails can be hacked, even bank accounts can be wiped clean.

How Can You Be Safe?

While there’s not much one can do when one’s systems and accounts are hacked, you can take some preventive measures.

  • Don’t keep passwords that are easy to figure out – make them as difficult and complicated as possible.
  • Have a different password for different accounts.
  • Change your passwords regularly.
  • Be aware of anything fishy on your email or social media accounts – if you see anything that’s out of the ordinary, it could mean your account is hacked.

#3: Law-Related Issues

We don’t realise how much money we can lose in legal affairs, until something disastrous happens. If you own a business, it’s possible to get sued for a number of reasons. You can suffer great losses (monetary and otherwise) through negligent behaviour by others, which is where Personal Injury Lawyers such as Krzak Rundio Law Group, LLC can help.

How Can You Be Safe?

  • Make sure you have a legal team or at least an in-house lawyer if you run your own business.
  • Know your rights and make sure you are paid your dues.

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