Beware! Scammers know about your new spending habits under inflation

Last updated: 20 December 2023

Most of us have been impacted by the rising cost of living this year. We have been thinking outside the box, finding creative ways to cut down on our spending and earn additional cash. Some of us began our first side hustle, some of us listened to the financial advice of professionals and some switched to online marketplaces to purchase second-hand products in the hope of grabbing a good deal for half the price.

 

We take pride in protecting the credit reputation of our members, so it is our duty to warn you when scams spike in their numbers. See below for some cycles to watch out for.

 

Cycles to watch out for:

  1. Job scams: you find a job which doesn’t seem to care about your experience in the field, go through interviews via a phone call only, and then get asked to make an initial investment to secure the offer. Careful! Legitimate companies don’t require payment from their employers to secure their positions. Before you progress through the interviews, make sure to research the company in detail.
  2. Investment & financial advice scams: you receive a text or an email from an unsolicited financial advisor with promises of high returns that are too good to be true, then ask for your banking details or credit card details. Think again! If something is too good to be true, it probably is.
  3. Pay ID scams: you find a hot deal in an online marketplace and contact the seller who tells you that they are unable to show you the item, but their family member or friend will be there on the day, then asks for your Pay ID details along with additional personal information irrelevant to complete the transaction. Lastly, this person will explain that the transaction was not successful because your account needs upgrading, so they’ve ended up paying for your account and demand that you pay your debt back to them. Pause! Pay ID will never require you to upgrade your account or pay additional fees before a money transaction.

 

Educating yourself can help you to spot the red flags and the cycles of scammer behaviour. Below are some articles you may find useful.

 

Don’t let the scammers lure you in. Stay safe online.

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