People engaged in fraud have indeed become more ingenious with the advancement of technology. From modus operandi involving the telephone (such as ''Dugo-Dugo'' scams), criminal elements have evolved into computer-savvy scammers.
Perhaps the most basic of tips in avoiding to be victimized by such scams is to be skeptical. Before making any hasty decisions involving your hard-earned money, stop and clear your mind first.
It is important not to pressure yourself in making impulsive choices without checking out what you are signing or purchasing.
The Financial Consumer Affairs Group of the Bangko Sentral ng Pilipinas also advises against sending money to pay for taxes, fees or prepaid cards on alleged domestic or foreign text or lottery winnings.
Remember that legitimate promos use only three or four-digit phone numbers (e.g. 2386). If the source of the text message is a 10-digit mobile number, you can be sure that this is a scam.
Ask yourself if you have joined such a contest or raffle. If in doubt, call the institution behind the alleged raffle, but never call the cell phone number.
Another tip is to avoid being fooled by the promise of large sums of money for your supposed cooperation.
Keep your personal information to yourself and do not give out private data unnecessarily. Avoid disclosing personal or account details via phone unless you are certain of the caller.
As soon as you are convinced that your identity has been compromised, report it to your bank or institution immediately.
Also, never respond to scam e-mails requesting personal details.
Delete suspicious e-mails or e-mail attachments without opening them. Always notify the sending company if you receive suspicious e-mails.
If you come across unfamiliar websites, do not click on web links embedded in them. Instead, type the URL (e.g. www.pinoycompany.com) of the company requesting for information.
You should also protect your credit card information, as they are most vulnerable to unauthorized use. Keep a diligent eye on your card and make sure you get it back as quickly as possible after each use.
Shred old receipts and billing statements and destroy old cards properly by running a magnet over the magnetic strips and cutting them in half.
As for new investments, check out the prospective investment company through an independent agency to ensure that it is legitimate. Do not forget to get information in writing before giving away money.
Always exercise due diligence in choosing investments and the people with whom you deal with. Make sure that you fully understand the investment before making a decision.
As for the less technologically sophisticated (but equally dangerous) ''Budol-Budol'' and ''Dugo-Dugo'' scams, do not follow instructions from a stranger and confirm the veracity of the call received with other immediate family members.
All these tips can be summed up in three major points:
• Stay calm and think clear. • Take time to do careful research. • Never invest what you cannot afford to lose.
By way of a conclusion to this three-part series on fraud and scams, let me share with you a quote from influential banker J.P. Morgan: ''A man always has two reasons for doing anything: A good reason and the real reason.''
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