Whether you are trying to protect your business or your personal finances, falling victim to fraud is one of today's main financial concerns with fraudulent activity increasing significantly during the COVID-19 pandemic. According to a recent study “4.6 million people are affected by fraud each year and around 700,000 will go on to suffer profoundly as a result of their being defrauded.” 

In addition to facing financial difficulties in the wake of fraud, this could also leave you more vulnerable to mental health struggles. This is because being defrauded often leads to high levels of stress and anxiety.

Photo by Josh Appel on Unsplash

With that in mind, here are some tips you can take to protect yourself from fraud.

• Be aware of the scams that you’re most likely to fall victim to. There are various different kinds of fraudulent scams you could get caught up in - however, by doing some research into common scams and frauds, you’ll at least be aware of things to look out for. You can also share this advice with others in your family, particularly elderly relatives who are often a target for fraudulent activities due to their vulnerability. 

• Know what to do when you suspect fraud has taken place. While this may not seem like a preventive measure, knowing what to do when you’ve been defrauded is a great way to give yourself better peace of mind. It also means you’re more aware of the scams you could fall victim too. One of the best steps you can take in the wake of a fraud incident is reaching out to a fraud lawyer who can help you seek legal action sooner rather than later. This gives you the best chance of getting your money back. 

• Invest in cybersecurity software. Your computer or laptop likely has hundreds of pieces of personal information stored within it - from your bank account details to your address. As such, if someone gains access to this information, you could easily be frauded out of hundreds (if not thousands) of dollars. As a result, you should invest in cybersecurity software. This is particularly important if you run your own business, as a data breach could not only lose you money but could mean you are met with expensive legal fees for failing to protect your customers. 

Be skeptical. If something seems too good to be true - it probably is. Practicing some healthy skepticism, especially when making purchases online or over the phone, is a great way to ensure you remain protected from fraud. Always do your research before giving away personal details, ensuring that the company in question is trusted and reputable. If you’ve never heard of them before, do a quick online search of their brand name. If they have no social media, a poor website, and no reviews - it’s best to give them a wide birth. You should also avoid clicking on any spam email links you receive, especially if you have not provided those companies with your information previously. You should also make sure you block and report the sender.