Scammers are getting more sophisticated with their scams, thanks to tech innovations and well-designed websites. It has become easier for them to manipulate their targets through fast money-making schemes. Innocent people are not only duped out of their money but also end up sharing their personal and confidential information that can be used against them. Here are a few popular types of scams that people should not fall prey to: 1. Work-from-home scams In 2022 alone, almost 100,000 people across the country were victims of job-related scams. On average, each individual lost up to $200. One such scam is the work-from-home one that involves people receiving emails, text messages, or advertisements about “online jobs” available. In most cases, these job openings are bait for unsuspecting people who are looking for employment. When people click on the link to apply for these vacancies, they are asked to provide personal information and money for the recruitment process. Once people make the payment and give away their personal information, scammers dupe them and escape with their money. Three common types of work-from-home scams are identity theft, financial scams, and manipulative scams. In identity theft scams, applicants are made to reveal their personally identifiable information (PII).

Technology allows one to manage finances and make transactions within seconds using one’s phone. But on the flip side, technology makes it easy for people to fall prey to online banking scams. Scammers typically exploit credit and debit card users or people having payment applications on their phones. So, those using online banking should be wary of such scams and tread with caution. Here are some common online banking scams and how to avoid them. Phishing scams Phishing is when scammers send text messages and emails to individuals, persuading them to share their personal details. Such details may include passwords, account numbers, one-time passwords, etc. With such information, they access one’s email accounts and bank accounts and take away their money. Sometimes, these messages or emails may also ask one to click on a link provided to complete a certain action. The person’s account is hacked the moment this link is opened. So, one should never disclose personal information over text message or email, even if the sender appears genuine. If it seems like a bank-generated message, it is best to call up or visit the nearest bank branch and check with them if they had actually sent such a message.

Truckers drive thousands of kilometers every month to supply freight across cities and towns, but delayed payments can seriously hamper their productivity. Freight bill factoring takes invoices for the loads that truckers supply and pays them right away, so that they don’t have to wait for their payouts. Though the process is highly effective, frauds relating to freight bill factoring have also become common. So, here are some lesser-known facts about freight bill factoring frauds: Submitting fake invoices Software programs generating invoices may not always have filters to differentiate genuine invoices from fake ones. So, there have been cases where a fake invoice quoting a much higher amount than what is payable has been passed on to invoice factoring companies. Such activities become even more difficult to track if the fake invoice is from a regular client. For this reason, employees in freight bill factoring companies should closely monitor the invoices through a standard process to avoid such illicit activities. Sending invoices before the freight is supplied If truckers send in their invoices before the freight is delivered, there is no guarantee that they will supply the freight to the destination. Invoicing companies should have strict protocols that prevent truckers from sending in paperwork before the freight is delivered to the locations.

Buy now, pay later (BNPL) apps help save money. People often use these apps to buy expensive products while paying for them later in smaller installments. Since there are many BNPL apps out there, finding one is easy. However, individuals must pick the right option for the best benefits in the long term. Those who find it hard to decide can consider these five most popular apps to save money. Affirm With numerous BNPL plans, Affirm is a top choice among those looking to save big. Its standard pay-in-four plan with zero interest is particularly popular among shoppers. Aside from this, monthly plans such as three-, six-, 12-, and 60-month repayment plans are also available. All of these have interest rates ranging from 0% to 36% APR. Besides, the app has partnerships with some of the most significant online and offline retailers, which makes it more attractive to consumers. The best part is that one does not have to pay fees to use Affirm! Sezzle Sezzle is great for those looking for BNPL apps that offer flexible payment plans. It lets customers push payments and get two extra weeks to pay back. Moreover, the first reschedule for every order costs practically $0.

As many parts of the world are steadily moving toward a cashless economy, debit cards are becoming highly popular and accepted modes of payment. These cards can be used for shopping at all major retail stores and withdrawing money instantly. Also, most debit cards offer lucrative benefits, such as rewards, cashback, and no annual fees. But to get the most out of debit cards, it is important to avoid certain mistakes. 1. Using too many debit cards As different banks offer different deals and benefits on debit cards, many tend to use multiple cards to benefit from a variety of offers. But such deals and offers come with additional fees, so, the more cards one has, the higher the aggregate fee one would have to pay. These extra charges can increase the expenses. So, it’s best to have a maximum of three cards to avoid spending too much money on fees. 2. Using debit cards for big purchases A debit card uses the funds deposited in the cardholder’s bank account. So, if one tries to pay an amount that exceeds the total balance in the account, the transaction may bounce. For this reason, it’s best to use a credit card for large transactions so that one can repay the amount flexibly until the deadline.

With cashless economies becoming the norm, debit card transactions have increased exponentially, and almost all major retailers across the country accept debit cards as a mode of payment. Their ease of use with other benefits and cashback options add to their appeal. Debit cards can also be used to withdraw cash instantly, which is especially useful when cash payment is the only option. Having the right debit cards is the key to enjoying maximum benefits. Empower Debit Card The Empower app, powered by AI and cutting-edge technology, has made finance management a breeze. It helps individuals with every aspect of financial planning, from investment and retirement to health savings. The company offers a cashback debit card, which provides 1% cashback on the first $1,000 spent using the debit card every month. Also, those who register for the card can additionally open a savings account. With the Empower Referral Rewards Program, one can receive a credit of $5 upon referring a friend to Empower. U.S. Bank Visa® Debit Card The U.S. Bank Visa® Debit Card has emerged as a popular, convenient option for users as it is accepted by millions of retailers in the country and has flexible autopay and recurring payment options.

A no-fee prepaid debit card is a type of debit card that provides more advantages than the typical prepaid debit card. The key benefit of this card is that users can load and use their money without paying any fees. Additionally, these cards also help limit one’s spending, thus preventing any potential financial crisis. However, one downside to this card is that some stores and service centers may not accept it. Features of no-fee prepaid debit cards Prepaid debit cards provide users with exclusive access to credit. People owning these cards can repay this used credit within a stipulated amount of time. The workings of a prepaid debit card differ slightly from that of a standard debit card. A normal debit card is used to withdraw money from one’s savings account. On the other hand, prepaid debit cards allow users to load money into their cards through several monetary avenues. Unlike a regular debit card, a prepaid card is not linked with its user’s savings bank account. In that sense, this card functions a lot similar to credit cards issued by banks. Additionally, prepaid debit cards come with several added fees, such as an activation fee, a card loading fee, a monthly fee, a fee for withdrawal from out-of-network ATMs, and a general withdrawal fee.

Regardless of economic conditions or inflation, precious metals remain relevant in the market. That’s why investments in precious metals like gold, silver, and platinum are considered safe hedges against economic and financial turbulence. But, investing in precious metals is a major financial decision, and just like every other type of investment, it involves some benefits and drawbacks. Understanding certain aspects before diving in can help protect oneself against potential financial repercussions. K now the various ways to invest in precious metals While buying precious metal in its concrete form may seem like the most obvious way of investing in it, it’s not the only strategy. Many people also buy gold, silver, or platinum futures, wherein they essentially sign a contract to purchase or sell the precious metal at a specified price and on a specific predetermined date. Those who opt for futures investments do not physically possess the precious metal but only the contract. Yet others may choose to invest in gold, silver, or platinum exchange-traded funds (ETFs), exchange-traded receipts (ETR), bonds, etc. Understanding the pros and cons of each method of precious metal investment helps one make the best financial decision. Check if the precious metal is allocated When investing in precious metals, one should always choose allocated ones, which guarantee the highest safety levels.

For centuries, gold has been a sought-after possession. Today, it is also a sound investment option for both conservative and risk-taking investors, as the metal has intrinsic value and is accepted as a legitimate high-value asset across the world. From diversifying the portfolio to making long-term safe investments, gold can be a beneficial and relatively safe investment option. But, if one’s not familiar with the market, one could make costly mistakes while investing in gold. Common mistakes to avoid 1. Overlooking associated costs When one thinks of gold investments, they might only imagine buying and stocking up gold bars, gold coins, or jewelry. While the metal itself is a legitimate investment option, physical gold comes with a 10% production cost. Then there are also safety and storage concerns associated with gold as well as transaction fees. 2. Not exploring all options Many think of gold as a physical asset, but gold investment goes beyond that. Those strictly interested in gold investment and not personal use are better off buying ETFs (exchange-traded funds), which track gold prices, or gold mining stocks. With these options, the investor holds shares of gold mining companies that can be bought or sold on stock exchanges.

The Department of Veterans Affairs (VA) offers loans to active-duty military personnel, veterans, and their spouses. These VA loans can help veterans buy homes without a down payment. Additionally, VA loans come with low interest rates. While VA loans can be beneficial, one must understand exactly what to expect when applying for such loans. So, one should understand the terms and carefully avoid mistakes that can interfere with the loan approval process. 1. Ignoring the credit score The minimum credit score requirements for VA loans vary from one lender to another. Nonetheless, if one’s credit score is incredibly low, then their VA loan application may be denied. Even if one doesn’t get a rejection from the lender, they may be charged a higher mortgage rate, which would mean more expensive monthly loan installments. For this reason, one needs to always check their credit score before applying for a VA loan. In fact, if possible, one should try to boost the score to improve their chances of getting the loan approved. 2. Not exploring all options Many national banks and other lenders are authorized to offer VA loans. Each lender offers attractive rates and special features to lure as many borrowers as possible.