Have you seen The Tinder Swindler on Netflix?
Scammers target people of all backgrounds, ages and income levels across the world. There’s no one group of people who are more likely to become a victim of a scam.
All of us may be vulnerable to a scam at some time. Here are some money lessons we’ve learned from the documentary: The Tinder Swindler
1. If it looks too good to be true, it probably is
Don’t be fooled by free money offers. Free is good, but always be sceptical.
Think it through and do your research thoroughly before you respond in any way. “Give me “N50,000 and I’ll give you N500,000.” Don’t fall for it. They are your enemies!
2. Loans come at a high price
If you use a loan wisely, it can fill a void in your finances but seven-figure loans aren’t always the best idea.
The interest can be unreasonable and your assets or home could be at risk especially if you cannot make the repayments.
3. Set money boundaries with friends and family
If it’s a friend or relative you’re lending money to, there’s no guarantee that they’ll pay you back.
It’s hard to say no to loved ones in need but don’t let someone else’s emergency cause you to completely ruin your finances and go into debt.
4. Beware of counterfeit checks
Con artists know how to make their scams look and sound legitimate. Be wary of accepting a check that’s made out for more than was agreed.
Question everything especially if you’ve only ever met the person online or are unsure of their legitimacy.
5. Take your time
Don’t let anyone rush you into making any financial decision you’re not ready for.
The high pressure “do it now-or-else” approach is designed to keep you from thinking through the ramifications of your decision. Don’t fall for it.
6. Be alert to the fact that scams exist
When dealing with people you think you know or uninvited contacts from people or businesses, whether it’s over the phone, by mail, in person or on a social networking site, always consider the possibility that the approach may be a scam.
Scammers are getting smarter at taking advantage of your emotions to create believable stories that will convince you to give them your money. When it comes to matters of the heart, there’s nothing you can do to guarantee you won’t get taken for a ride, but these are some very simple things that can reduce the risk of you ending up in financial ruin.
At OVERWOOD, we prioritize the safety of your savings always so you never have to lose a dime of your hard-earned money. Visit www.overwood.ng today to safely grow your money with the best, high-yield saving options.