Avoid Fraud


Prevention from other types of frauds

Other than staying cautious while choosing a financial advisor, there are some other types of frauds you need to prevent from occurring in your life:

Identity theft prevention:

Identity theft is where a dishonest individual or an organization will gather your personal details in order to gain some sort of financial or other benefit. To protect yourself from being a victim of identity theft:

  • Report any loss or theft of documents such as Driver License, credit card or Passport immediately.
  • Obtain a copy of your personal Credit Report at least every six months to check your credit status.
  • Keep tax records and other financial documents in a secure place.
  • Cancel all unused or dormant accounts that you may have.
  • Secure your mailbox with a padlock where possible.
  • Shred all the documents that carry personal information such as a social security number or a bank account number.

Credit/Debit Card fraud prevention:

This is a crime whereby your credit or debit card can be reproduced or used at it is (if found by someone) towards some financial advantage. You can protect yourself from such fraud if you:

  • Memorize your personal identification number (PIN), and don’t use the same PIN for all your cards, and don’t choose your birth date or any other easily identifiable number.
  • Check statements and call your credit card issuer immediately if you see anything suspicious on your bill.
  • Never leave your credit or debit card out of sight at any place.
  • Always sign your card in ink as soon as you receive it.
  • Keep track of when new and reissued cards should arrive, and call the credit card issuer if they don’t come on time.
  • Shred all credit card receipts and pre-approved credit card offers, and keep your billing statements in a safe place.
  • When you use your credit card online, make sure you are using a secure website. Look for a small key or lock symbol at the bottom right of your browser’s window.
  • Never give your card number to strangers or telemarketers who call you on the phone. Don’t give your card number unless you initiated the call.

Avoid check forgeries:

Check fraud is use of a check or checks to obtain financial advantage either by duplicating the check, using stolen check or altering the details on the check. Following are some of the ways to keep yourself away from check forgeries:

  • Reconcile your account promptly and regularly.
  • Never sign blank checks, only sign checks after all details have been completed.
  • Keep all checks securely when not in use to deter theft.
  • Leave no gaps in the completion of the payee name, amount in words and in figures.
  • If checks are lost or stolen contact the issuing bank immediately and ask them to put a ‘Stop Payment’.
  • Notify your bank if you have not received an ordered check book.

Electronic fraud prevention:

This kind of crime includes email scams and fake websites. You might receive mails asking for your financial information or you might be logged on to sites that are fake and unsecured.

  • Do not deal with any unknown emails and do not give away any financial information in reply.
  • If you receive a mail stating to be from your bank and looks suspicious to you, notify your bank authorities.
  • Check for a secure logo while doing any transactions online.