Money Moves September 03, 2018 at 06:38 am

6 biggest financial scams you should watch out for right now

Mildred Europa Taylor | Head of Content

Mildred Europa Taylor September 03, 2018 at 06:38 am

September 03, 2018 at 06:38 am | Money Moves

Lottery scam

This scheme has been used for years. Scammers often notify people that they have won a lottery, often a lottery abroad. But the thing is before you claim your prize, you must first pay a fee.

These fees, according to the scammers, are for insurance costs, and government taxes, bank fees or courier charges.

Without giving victims their prize winnings, the scammers would go ahead and make money by continually collecting these fees.

Sometimes the scammers will actually send you a cheque for part of your winnings to trick you into thinking the offer is genuine.

However, this cheque will eventually bounce.

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