Published on: Jul 21, 2021 8:00:00 AM
The digital era has made us more ‘social’ with apps and platforms like Facebook, Twitter, LinkedIn, and WhatsApp being hubs for fast interaction and connecting with like-minded strangers. That is why it’s important now, as ever, to be careful about what we believe, who we connect with, and trust.
That is why we want to help you avoid the pitfalls that can come with social media and your finances. Here are the ways in which you can be more careful with your finances on social media:
- Avoid oversharing
Social media is great because it allows for a sense of community and sharing with one another. Unfortunately, scammers love to target people freely share their experiences or their keenness to learn.
Be careful of who you let in and decide to engage with, and especially be careful of how much you share with them. Especially be careful of what you share financially with them. Avoid sharing details around your income, your account numbers, and be most careful about sharing your money with strangers.
- Telegram groups are breeding grounds for unlicensed financial advisors
A cool thing about Telegram is that it ensures a greater sense of privacy between people and what information they share. The other side of that coin is that it can shield unscrupulous people from accountability.
As a result, we’ve found that many people have been part of groups and communities on Telegram led by unlicensed ‘advisors.’ This can also happen on other social media channels (through closed/private groups, or via open groups although those rarely last that long). EasyEquities does not operate closed or private groups, so this should be a red flag if you come across these types of communities.
- Ensure you are dealing with only verified EasyEquities Twitter and Facebook account.
Verified accounts on Twitter and Facebook will have a blue check next to their display name throughout the app.
Make sure to check out our other articles on avoiding scammers!
If you receive such an email or an unsolicited call, email, text or a social media post from anyone claiming to be from EasyEquities, please either contact us via submitting a support ticket. One of our agents will get back to you.
Any opinions, news, research, reports, analyses, prices, or other information contained within this research is provided by an employee of EasyEquities an authorised FSP (FSP no 22588) as general market commentary and does not constitute investment advice for the purposes of the Financial Advisory and Intermediary Services Act, 2002. First World Trader (Pty) Ltd t/a EasyEquities (“EasyEquities”) does not warrant the correctness, accuracy, timeliness, reliability or completeness of any information (i) contained within this research and (ii) received from third party data providers. You must rely solely upon your own judgment in all aspects of your investment and/or trading decisions and all investments and/or trades are made at your own risk. EasyEquities (including any of their employees) will not accept any liability for any direct or indirect loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on the market commentary. The content contained within is subject to change at any time without notice.