Money stress makes you a scam target, experts warn

(InvestigateTV) — Several Bankrate surveys show Americans are worried about money right now – not having an emergency fund, inflation, and more. This is taking a toll mentally and leaving many vulnerable to scams.

“We’ve actually seen research that suggests that it’s the most financially vulnerable Americans who are more likely to fall for fraud,” Sarah Foster with Bankrate said. “And what I think that kind of shows is that when you are stressed and worried about money it almost makes it harder for you to think long term and make decisions and you’re more likely to be lead down impulsive or emotional ones.”

Foster said it goes both ways. There’s research to suggest when the economy feels tough, more people might commit fraud because they’re worried about making ends meet. She said if you’re feeling stressed, you need to acknowledge it and slow down before making any big decisions.

“Scammers are really preying on your financial strain and your stress and they’re wanting to take advantage of it,” Foster said. “So, don’t really let that stress be extra tax on your money. I think scammers really try to cash in on that fear and they try to sell you hope too.”

To protect yourself against fraud, remember these three things:

• If a deal through email, text or over the phone sounds too good to be true, it likely is.
• Be wary of any unsolicited offers and be careful when you look for help online.
• Verify you are on a real and trusted websites before purchases or making decisions.