How inefficient account management can lead to fraud

Students entering the workforce are looking for expedient ways to capitalize on their degrees, which are typically expensive to come by. According to Fox News, however, some methods that young adults are turning to could be scams.

In an effort to deter students from accumulating more debt right after college, the news source provided tips for avoiding some of the more devastating situations that usually appear trustworthy.

  • Interest rates and bank fraud. Although financial institutions are meant to safeguard hard-earned money, their primary function is still to increase their own profits. Fox News reported that interest rates on student-approved accounts have become much higher than before, and as a result, young adults might find themselves trapped in a cycle of minimum payments that are actually accruing interest. According to the source, it's important that individuals pay particular attention to their credit card applications. Additionally, it's crucial that young adults are aware of what their banks charge for overdraft fees.
  • The risks of missing payments. A major setback in new credit reports is missing a payment, according to the source. By neglecting to inform credit card companies that a payment might come late, students end up accruing negative ratings that last for seven years. 
  • Job offer scams. According to WBAY, a college student looking for reliable employment answered an ad on Craigslist that seemed to be about her ideal job. The source reported that through accounts payable fraud in the form of a faulty check sent by the so-called employer, the young adult received considerable damage to her credit report. 

Because of the above-mentioned concerns related to graduate employment, it's important that individuals are cautious with their money flow. Advances in the Internet and online banking have made it easier to access accounts, but there are considerable threats related to inefficient funds management. Businesses, as well, should consider leveraging AP recovery solutions in order to deter future cybercrimes from happening at their establishments.

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.