5 Types of Money Scams To Completely Avoid

The stories are true! Millions of older people fall victim to money scam yearly. Older folks are being targeted as they are considered naive, and even more trusting than the younger folks. Unlike the younger generation, some seniors are lonely and less informed, making them an easy prey for these scammers.

Here are five types of money scams to completely avoid;

Text message requesting for your Bank Verification Number- This is the oldest form of money scam. This is usually done by persons posing to be staff of a bank requesting for your BVN to help you solve an account issue. Firstly, your bank will never request for your BVN as this information is confidential. So when you receive such a text, do not respond. Call your bank immediately and report the phone number to your service provider.

Investment Scams- As you grow older, investments schemes are always a good idea since you are looking for every possible means to save and invest. Knowing this, fraudsters pose as financial advisors or staff of a pension/insurance company to have full access to your personal details and even funds. If you are close to retirement, only invest in tested and trusted companies. We also recommend signing up to be a member of the NARP50Plus community to gain access to discounted financial and insurance rates and services, loans, legal advisory services and so many more.

Purchases on Unsecured sites- When making a purchase on a website that requires you to input your credit card details, always look out for the lock sign before the ‘http’ address. If the lock sign doesn’t appear, do not input your credit card details as this might be a tactic used by fraudsters to extort money from your bank.

Money transfer on someone’s behalf- Do not help a stranger transfer money from your account to an unknown account. Money laundering is a criminal offence and the last thing you want is to be jailed for a crime you didn’t commit.

Offered a share for helping to access “trapped” funds- This tactic involves promises of a large share of the trapped fund. The fraudster will require you to pay money to a government agency or other organisations to enable the money to be moved into another account. If you ever receive a call of this form, flee!

Beware of these types of scams and avoid get-rich-quick scheme tactics. Always do proper research online and make calls if you have to, to ensure that what you are getting into is 100% legitimate.

Have you been scammed by persons posing as staff of a financial institution when trying to secure a loan?? You can avoid future occurrence by joining the NARP50plus Co-operative to have access to loans at better rates and lower fees.

NARP50PLUS is a nonprofit, nonpartisan organization that empowers people to choose how they live as they age.

©2023 – Nigerian Association of Retired People. All Rights Reserved.