The celebration of Mother’s Day is a date that demands all of our attention. Buying the perfect gift, preparing lunch or dinner or finding the best place to serve your loved one, among other details so that everything goes perfectly on this day, generally make people lose attention or neglect other matters that also deserve a lot of care, especially when it comes to finances. Those run-run moments are usually taken advantage of by the friends of others, who are ready to act as soon as you let your guard down.
(Also read: Mother’s Day: five financial tips to make your purchases more efficient)
In Colombia, tributes to mothers are celebrated on May 14, an opportunity to show love and gratitude to that wonderful being. PBut on this particular date, it is very important to be careful and alert so as not to be a victim of fraud, For this reason, the Colombian Banking and Financial Institutions Association (Asobancaria) has prepared a series of recommendations that will help you avoid falling into the traps of criminals when making your purchase.
(You may also be interested in: Bill Gates gives some financial advice to manage your personal finances)
1. Online shopping
When making purchases online, it is advisable to avoid making operations from computers or public networks. In addition, it is important to securely log off as soon as operations are complete or if you need to exit the computer.
2. Electronic transactions
To carry out transactions or bank movements online, you must always enter the full address of the bank in the browser and never enter through links that arrive by text message or email. In addition, It is essential to ensure that the web page with the necessary security protocolslike the padlock in the address bar of the browser, before entering the username and password in the virtual branch.
2. Protect your cards
You should never provide the card number, expiration date, or plastic security code, unless you are in a secure location.
When using the cards in commercial establishments, it is important not to lose sight of them when paying, not accept help or allow it to be passed by elements other than the dataphone.
If an ATM is going to be used, it is necessary to verify that there is no foreign object in the slot where the card is inserted. In case of finding something suspicious, it should be reported immediately to the bank.
3. Do not reveal your personal information
Keep in mind that banks never ask for personal or financial information through emails.
It is worth noting that in 2022, financial institutions invested 463,000 million pesos in digital security. On average, investment is growing about 25 percent each year.
If you have been a victim of fraud, you must file the respective complaint with the Office of the Attorney General of the Nation and/or the National Police.
To contact the Prosecutor’s Office, You can call the number 6015702000 in Bogotá or the national number 018000919748.
On the other hand, to contact the National Police, you can go to the Dijin and Sijin, make the complaint through the website adenounce.police.gov.co or go to the Immediate Attention Commands (CAI).
Also take care of your pocket
But it is not only about taking care of financial products, to avoid excessive expenses on this date, at a time when the economic situation is not the best for people, BBVA financial health experts provide eight basic recommendations that will help you avoid financial anguish in the future, some that mothers often tell their children.
1. ‘Save that I’m not going to last you all your life’
It is essential to save constantly and consciously, even if it is only a small percentage of income. In that sense, it is recommended to have an emergency fund for difficult times, such as an unexpected layoff.
2. ‘He who pays what he owes knows what he has’
It is always better to avoid necessary debt and adjust your lifestyle to your income, and keep in mind that loans should only be taken when there is a plan to repay them. If a debt has already been acquired, the best advice is to pay responsibly and avoid falling into arrears.
3. ‘The stick is not for spoons’
Planning expenses is essential to maintain a balanced budget and avoid spending more than you have. To do this, create a detailed list of your monthly income and expenses. Once you’ve identified your expenses, make sure they don’t exceed your income. If so, look for ways to reduce your expenses or increase your income.
4. ‘Money doesn’t grow on trees’
Keeping track of income and expenses is critical to making financial decisions. Making a monthly budget and keeping it updated is necessary to control money outflows, in addition to avoiding uncontrolled expenses that often put at risk meeting fixed payments.
5. ‘I want a spin and now it comes back’
Before making a purchase, you should compare prices in different stores and online. Look for offers and discounts and avoid pressure to buy something you don’t need.
6. ‘A bird in the hand is better than a hundred in flight’
Evaluate the risks before deciding to invest in a personal or business business. Factors such as competition, changes in the industry, and financial stability are very important.
7. ‘They don’t give so much of that so good’
Be very careful about investing in businesses that promise immediate profits and high returns that can put at risk the savings of a lifetime or the illusion of earning a little money. There are good reliable financial services that will generate a return.
Finally, BBVA’s financial health experts suggested having a plan for long-term savings, such as retirement or buying a home. Invest in safe investment options and consult a financial adviser if necessary.