Pandemic Financial Scams to Avoid – Is It Scam Or Not ?

Pandemic aid money scams

It is no secret that the pandemic has caused many financial problems for people. With a large influx of people losing their jobs, many are looking for money wherever they can find it. While there have been stimulus checks and unemployment benefits from governments around the world, many have been left without enough to meet their needs.

So, it should come as no surprise, scammers are trying to take advantage of this difficult situation. Be wary of any emails or messages you receive about pandemic aid money. If it sounds too good to be true, it probably is. Even if you expect to receive funds, verify that you are contacting a trusted party, not just someone pretending to be one.

All kinds of phishing attacks

Phishing has been around for a while, but it is still one of the most effective methods of stealing confidential information via computers. Phishing works very well because it takes advantage of people’s psychology. In essence, it is when someone pretends to be an associate or a trusted source, but is actually a criminal in disguise.

Most of the phishing attacks come through email, as it is an easy and direct way to send harmful links. Be very careful if you receive an unexpected email from a friend, family member, or coworker. It could be a phishing email designed to make you click on a harmful link that will install malware on your device.

Debt Consolidation Scams

Debt consolidation companies can provide a legitimate service to people struggling with their finances. However, there are many players in this world who do not care about the best interests of the consumer.

Even before the pandemic, many people were trying to mislead people with seemingly real debt consolidation services. This has only become more prevalent as the financial stresses associated with the Coronavirus have driven many to despair. It is important to research debt consolidation companies online before signing up for services. Doing so can save you a lot of trouble, as there are a number of ways to deal with an illegitimate consolidation service that can harm you.

Here are some red flags to look for when contacting a debt consolidation service:

• A promise that you will get over your debt. No one can guarantee success with any type of debt solution. This is a pretty clear indication that something is wrong with the company.

• There are no direct answers to your questions. It is natural to want to know the details before enrolling in a financial program. It is a bad sign that a debt relief agency does not give you all the information.

• Many negative comments online. Beware of any organization that has overwhelming negative reviews. You should also think twice before using a program with very few reviews, as it could be a sign that it is not legitimate.

Investment scams

Many people dream of getting rich through lucrative investments. However, few people are capable of doing this. A combination of stimulus controls and free time during the pandemic has made more people interested in investing than ever before. While this is great, it also opens the door for scammers.

There are scammers who will try to convince you to buy a worthless stock to increase the price, only to sell once they have made a profit and you keep the bag. These are known as “pump and dump” schemes. There have been many opportunities for this in biopharmaceutical stocks during the pandemic, as they are often volatile to begin with and the average person knows little about pharmaceuticals.

There will always be people trying to scam you. While it’s impossible to protect yourself from everything, being vigilant can go a long way toward ensuring your financial security.