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.

When trying to reduce or pay off debts, one may want to rush the process without understanding the risks involved. However, this can lead to mistakes in managing and clearing debt. Some of these lapses can even increase the debt burden. So, whether one is trying to pay off credit card bills or loans, one should avoid the following common mistakes. This can help them manage debt properly and ensure a financially safe future. 1. Ignoring the emergency fund When setting a budget to get out of debt, one should not ignore adding to the emergency fund. Continuing to allocate some money for emergency funds while still struggling to pay off debts may seem impractical. However, these funds can be life-saving in unforeseen events, like a medical emergency. Further, if faced with an urgent need, the lack of funds can make one borrow even more money to cover emergency expenses, thereby increasing the overall debt burden. So, to avoid such a situation, one must ensure that they continue to set aside some money each month for emergencies, even while managing debt. 2. Closing credit cards after settling dues When one is done paying off their credit card debt, they might be tempted to close that card.

Debit cards make our daily lives much more convenient. Whether we wish to withdraw money or buy our favorite products from the store, these cards make everything possible. Unlike credit cards, we also do not have to bear charges or pay high interest rates at the end of every month. But although debit cards have so many positives, we must use them wisely. There are a few common mistakes people must avoid. Not keeping a record of all transactions All debit card holders know how beneficial that piece of plastic is. It makes all shopping transactions easy by completing them with just one swipe. However, after someone swipes their card and checks their account statement, they may often realize their balance is still the same. Sometimes, a debit card transaction can take a few days to reflect in the balance. So, it is vital to keep an offline record of one’s transactions and update it regularly. If a person has a joint or shared checking account, they must also record their partner’s debit card usage and transactions. If they do not do so, they might accidentally use the card for a transaction without realizing that their account balance is low.

Online payments have evolved to a point where “buy now, pay later” is a frequently used transaction method today. Millions of shoppers across the country use the option of paying a certain percentage of the purchase price of a product now and paying off the remaining amount in a predetermined number of equal installments over time. Buy now, pay later has multiple benefits, but buyers must be aware of and avoid its pitfalls too. 4 common buy now, pay later mistakes to avoid Taking multiple loans in a short space of time The option of purchasing things that one has always wanted and paying a portion of the price later is quite alluring. Thus, some individuals buy several products and services at once or within a few days or weeks without thinking about the accumulated credit. One thing people should not forget is that buy now, pay later schemes are like bank loans. So, as easy as they may make getting access to money and products in a given moment, it also requires users to pay back the remaining amount to banks, with an added interest percentage if they cannot pay on time. So, if people use this payment scheme several times in a short period, then their debts will also keep rising and they are likely to face mounting deadlines and interest amounts within no time.

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.

Online trading is one of the easiest way s to invest money. People can make a lot of quick money in the stock market if they invest in certain stocks at the right time and sell their shares at the right time. Those who are new to stock trading and online stock trading can use a few tried-and-tested tips to increase their income through the stock market. Tips for beginners 1. Selecting the right online broker As anyone with experience investing in the traditional stock market will attest, the broker plays a key role in the buying and selling process of shares. This is why beginner investors must choose an online broker with all the support and tools to match their needs and help them quickly get their money in or out of the stock market without taking out a large commission. Essentially, beginner traders must choose brokers prioritizing customer support, trade minimums, educational resources, and account management. Online broker platforms, where everything is streamlined, easy to navigate, and has the scope of teaching novice traders something new, can be invaluable for beginners. In the digital age, brokers may no longer be people but instead apps. Choosing between these trading apps must be done based on their experience, reputation, credibility with clients, and a sense that they will always keep things transparent and communicative for beginner traders.

While many individuals grow up understanding the importance of savings in financial security, unplanned emergencies can arise, leaving them in need of urgent funds. When facing situations like home repairs or health emergencies, cash loans emerge as a convenient solution. But before one signs any agreement related to cash loans, it is important to learn about the borrowing process and its associated factors in detail to make informed decisions regarding one’s financial security. Determine how much is needed One of the most common mistakes people make is borrowing more than they require. For instance, if one only needs $5000, they take $10,000 as a cash loan only because it’s available. While this could help have additional funds at the ready, one should remember that the more they take out, the higher the interest rate on the loan. So, it is advised to take only the amount one needs. Take time with research It is easy to rush into taking a cash loan during an emergency. But to get the best offer, one must always take and do the necessary research. The first option on the internet may or may not be the best choice. The person taking the cash loan must thoroughly consider various lenders and narrow the options before making a final decision.