Fraud is a crime. Financial and law enforcement experts say it is an intentional deception perpetrated by a criminal for his or her personal gain or to damage an unsuspecting fellow. The intent of fraud perpetrators is to defrauding and enrich themselves at the expense of others.

This, therefore, calls for vigilance and alertness from the genuine individual whose activities are legal. Experts say cases of fraud have been on the rise. According to them, fraudsters use virtually all available business platforms to carryout their acts. To avoid being victimised, experts say it is important to adhere to certain preventive steps.

Below are some of the steps outlined by experts in separate interviews with this correspondent:

 •Restrict divulging financial information
Financial information are mainly required by insurance firms, banks, credit card companies or medical providers. Aside these organisations, experts advise that you should not disclose your financial information to any other. However, it is important that you know the organisation very well before revealing any information. This is because some fraudsters have devised means to impersonate genuine organisations.

An Inspector with the Anti-Fraud Unit of the State Criminal Investigation Department, Lagos, who spoke on conditions of anonymity, said individuals should avoid giving out information such as checking account and credit card numbers on the phone or online. The inspector noted that this could be done only when the individual initiates the call and knows the other person or organisation he is dealing with.

 •Report loss/theft of cheque book
This will enable you bank to block payments or other transactions on the cheque numbers that are missing. According to experts, it advisable to report such loss to the police, especially if the cheque belongs to a corporate organisation. They say you should also review new cheques obtained from the bank to ensure that none was reported missing at any time.

 •Create a social email address
To avoid fraudsters, use a different email address when socialising with friend on social media online. Experts note that when posting messages online on social media, it is advisable to use a separate email address such public forum. Opening an email address is free and when this is done, you can occasionally check your account to see inbox and spam messages.

 •Guard documents with confidential information
Documents like credit card statements, savings/current account statements, medical bills and any other personal data which contains important information should be stored properly. Experts note that cancelled cheque books or old bank account statements must be shredded when they are done with, so that they do not fall into wrong hands.

 •Protect you PIN
Personal Identification Numbers for your Automated Teller Machine cards, credit cards and those used for online transactions must be adequately protected. In an interview with our correspondent, the Chief Executive Officer, Economics Associates, Dr. Ayo Teriba, said, “Your PIN is not something which another person should know. Though at times some people allow another person to know this based on trust, it is however, risky.”

There is need for creativity while selecting numbers to be used for your PIN, experts say. The same applies when choosing passwords for your email addresses or any other online address. According to experts, you should avoid using birth dates, address, or children’s spouse’s names, driver license number. This, they say is dangerous because if someone steals your identity, all of your information may be at his disposal.

 •Update protective software on your laptop
Timely update of your anti-virus software and using a good hardware firewall on your personal computer will also help guard against online fraud, experts say. They note that fraudsters hack into systems of unsuspecting victims. They also advise that you avoid leaving outgoing mail in or on your mailbox. They say such mails should be dropped in secured, official postal service collection box. Thieves may use your mail to steal your identity.

 •Check your bank statements regularly
Experts say bank statements and other credit card statements should be checked periodically. They say if you notice that your regular bills fail to reach you as at when due, the best thing to do is to call the company to find out why. This is because someone may have filed a false change-of-address notice to the company and may be diverting your information. As for bills that include suspicious charges, you should not ignore them. Rather carry out proper investigation.

 •Avoid companies that send spam
Experts say you should not buy goods or request for any service from any company that sends you spam. According to them, you should not visit their sites or ask for more information. For the fact that they send out millions of spam emails, they only need a tiny fraction of responses to be profitable, experts say.

•Steer clear if it looks too good to be true
If the business looks too good to be true, avoid it. Be careful with lotteries, as fraudsters get victims easily through this. Experts note that no lottery is going to make you a winner from a randomly selected database of email addresses. According to them, multi-level marketing is a scam and all psychics are nothing more than conmen. It is not cheap to make big money from passive residual income in a few hours of your spare time each day.

•Leave your cheque book at home/office
It is bad to carry cheque books about, experts say. They advise that you pay by cash or credit card. According to them, paying your bills through your bank or credit union’s online bill paying service is usually safer than using a cheque book.