There are a few ways in which you can check if something is a scam ready to swindle you out of your hard-earned money.

The need for speed

The quickest way scammers can trick even the savviest of people is by using a sense of urgency as a weapon. The matter is always urgent and needs to be fixed by either sending funds through immediately or clicking on a link to rectify the matter. This gives you little to no room to identify the red flags. Should there be a breach in terms of your bank, you will be contacted to confirm a transaction, but you will never be asked to confirm personal details such as your password.

The confirmation call

It sounds legitimate, it is paced professionally, but if you fail to catch these warning signs you could have your information captured to carry out fraudulent acts. Having a company you have never heard of calling you, or someone posing as a representative of a company that you interact regularly with to confirm your details can seem normal.  However, being taken through a process that sounds like an application to collect your personal information with a company who should already have your details should be a red flag. Being asked to confirm your name, surname, I.D number, banking details are red flags. If you have never heard of the company or never dealt with them, it is important not to share your details.

The friendly DM

Receiving a direct message (DM) from someone we know is the least suspecting thing. However, hackers have become smarter by hacking the accounts of your loved ones and even acquaintances to send messages on their behalf with a suspicious link. This could be posed as an offer to join one of your friend's or loved ones' latest ventures, a petition or a link to help them during a tough financial situation. The wording is always urgent or needs financial assistance to help them during a tricky situation that they find themselves in. The link can be often used to hack your device to collect your information.

It's too good to be true

You have just won yourself the latest iPhone or a competition you never entered. Scammers will do you one better by offering financial products that just seem too good to be true. It's usually cheap or comes with no costs at all to give you access to large sums of money so long as you share your details. You could also be notified that you have been 'randomly' selected to be the winner. Always be suspicious of deals that sound too good to be true. Oftentimes, a quick online search through the reviews segment can help you catch out scams before you fall victim to one.

Banking apps

Similar to ATM scams, you mustn't let anyone assist you with your banking app. Being distracted momentarily can create a window for scammers to access your funds, even with a banking app. Always make sure that you have your phone placed in a secure place where you can keep an eye on it. When doing any transactions on your phone, make sure that you protect your screen from being seen by others.