Security Is More Effective When We Share It
In the previous articles, we explored how we can protect ourselves from financial fraud. However, protection becomes even more effective when it extends to the people around us.
Fraudsters often target individuals they perceive as more vulnerable, such as older people, teenagers or those with less familiarity with digital services. With a little preparation, we can significantly reduce the risk for our entire family.
Safe communication is one of the most important protective habits we can develop.
We should remember that:
- we never share passwords, PINs or one-time passwords (OTPs);
- we do not open links contained in suspicious messages;
- we verify every payment request through an independent communication channel; and
- we treat unexpected communications requesting urgent action with caution.
⚠️ Important: Even if a message appears to come from a relative, friend or colleague, we should always verify the request through a phone call or another trusted method.Social media and messaging accounts can be compromised.
One of the
most powerful tools for prevention is conversation.
By sharing
real-life examples and discussing new types of scams, we help family members
recognise suspicious approaches more easily.
We should
foster an environment where everyone feels comfortable asking questions when
something seems unusual, without fear of being judged.
💡 Remember
No question is "silly" when it comes to protecting our money and personal information. It is always better to seek a second opinion than to act hastily.
A family protection plan does not need to be complicated. A few simple agreements can prevent many problems.
For example, we can agree that:
- we do not make significant payments after receiving an unexpected phone call or message;
- we consult a trusted person before sharing personal information or transferring money; and
- we independently verify any request that appears urgent or unusual.
Such a plan can be particularly valuable for older members of the family.
It is helpful to have someone we can turn to whenever we are uncertain.
This may be a spouse, child, sibling or another trusted person.
A few minutes of discussion before making an important decision can prevent a significant financial loss.
💡 Example:
George's mother receives a phone call from someone claiming to be a bank employee and asking her to transfer her money to a "safe account".
Instead of acting immediately, she calls her son first, in line with their family agreement.
Together, they contact the bank and discover that the call was a scam attempt.
Knowledge becomes more useful when we apply it in practice.
We can discuss hypothetical situations such as:
- "What would we do if someone called claiming to be from our bank?"
- "How would we respond if we received a message saying we had won a large cash prize?"
- "What would we do if a relative suddenly asked us for money through a messaging app?"
These conversations help all family members build confidence before facing a real-life situation.
It is helpful to keep the contact details of the following readily available, either in a visible place or stored on our phones:
- our bank;
- a trusted contact person; and
- the relevant authorities that can assist in the event of fraud.
During a stressful situation, having immediate access to the correct contact information can save valuable time.
The more knowledge we share, the more difficult it becomes for fraudsters to succeed.
A simple conversation with a parent, grandparent, child or friend may prevent a serious financial loss.
The strongest defence against financial fraud is a family that stays informed, communicates openly and supports one another.
✔️ We regularly discuss new scam techniques with our family.
✔️ We identify a trusted contact before making significant financial decisions.
✔️ We always verify suspicious requests for money or personal information.
✔️ We keep our bank's contact details and the details of relevant authorities readily available.
✔️ We encourage family members to seek help whenever they have doubts.
👉 What’s next...
By protecting our families, we are already helping to reduce the risk of financial fraud. However, prevention becomes even more effective when knowledge and good practices are shared more widely.
In the next article, we will explore how we can help build a culture of fraud prevention by promoting awareness, encouraging collaboration, and fostering responsible behaviour in our daily lives
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