COVID-19 Financial Scams You Need to be Safe From

COVID-19

With COVID-19, the world faces a situation unlike any before. Governments world over are looking for ways to combat the virus and come over with plans that are scalable and can work. As governments strive to respond to the growing threat of the pandemic, fraudsters are taking the opportunity to ramp up their own schemes and scams related to this outbreak. In this article, we tell you about some of these scams and how you can protect your interests.

Investment and Product Scams

Miracle cures, investment scams and fraudulent GoFundMe campaigns for donations have become widespread of late. Safeguarding yourself from COVID-19 related scams is just as important as safeguarding yourself from the virus.

While the virus will dissipate over time, the financial brunt you bear from falling for scams will haunt you for months and years to come. The U.S. Federal Government has also issued a relevant warning in this regard, alerting citizens to be vigilant on the internet and not trust anyone with financial details.

Some prevalent scams related to COVID-19 include:

Phishing Emails

Many hackers have started running phishing emails with fraudulent links made to feel like they are from a reliable source such as the CDC or WHO. The hacker will send you an email on your ID with a phishing link. The link might misdirect you with the potential opportunity to gather some info related to the virus or symptoms. When you do click on the link, all of your financial information will be infiltrated and your login data would be in the hand of scammers. This is not the kind of situation you want in this hour of worry. The best way out is to not open any suspicious email or links.

COVID-19 Pump and Dump Schemes

The SEC has expected that numerous companies will pop up in the nearby future, predicting to have a cure for Corona Virus. Such companies would ask you to invest in them, to not only be part of a game-changing cure but to also profit from the sharp rise in profits. Investing in such schemes is risky as you never know whether the research reports used for luring you in are genuine or not.

Fraudulent Donation Campaigns

If your fraud detection meter is as good as ours, you will easily be able to detect a fraudulent donation campaign. However, if you are one who gets blown away by emotions, then we recommend you to be extra careful with donations during this period. Many people will jump onto platforms like GoFundMe with fraud cases that aren’t true. It is your responsibility to only donate to cases and causes that are genuine.

While we find ourselves in an unprecedented situation of panic, it is important that you maintain a strict hold over your finances and do not fall for frauds and scams. The information above will keep you safe.

COVID-19 Financial Scams You Need to be Safe From

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