Advance Fees: What are they?

Advance-fee scams are very common; however, they often get overlooked as a form of cybercrime. They involve criminals preying on people looking for financial opportunities, such as loans or investments, to steal their money or personal information.

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What Are Advance Fees?

In an advance-fee scam, cybercriminals send phishing emails promising large sums of money, often through grants or loans. Criminals ask for a small fee upfront, claiming processing the funds is necessary. Usually, scammers use trusted payment platforms like PayPal to trick victims into processing payments. Once the fee is paid, the scammers vanish, taking your money and leaving you without the promised funds.

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How do you stay safe?

To protect yourself from advance-fee scams, follow these tips:

-          Be wary of unexpected financial opportunities, especially those that seem too good to be true.

-          If you’re seeking a loan or investment, always work with reputable financial institutions and confirm with a legitimate representative whether an advance fee is genuinely required.

-          Think before you click. Cybercriminals rely on impulsive actions, so take a moment to assess the situation.

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By staying vigilant and cautious, you can avoid falling victim to these scams and keep your finances secure.

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