How to Spot a Scam Before It Drains Your Bank Account
Scams are no longer just the work of shady characters in dark alleys — they’re in your phone, your inbox, and even your social media DMs. Every day, people in Kenya and around the world lose hard-earned money to fake investments, job offers, and “too good to be true” business deals.
The reality is simple: learning how to spot a scam is one of the most important financial skills you can develop. Once you know the signs, you’re much harder to trick. If you’ve ever been tempted by a “guaranteed” quick return, you might want to read Gambling Is Not a Wealth-Building Strategy — the same mindset applies to scams.
Why Scams Work So Well
Scammers play on three emotions: urgency, greed, and trust. They know most people want quick results, and they create believable stories to hook you in. Some scams come disguised as job opportunities, as we discussed in 5 Common Freelance Scams Targeting Africans (And How to Protect Yourself). Others pose as well-known brands or government agencies. The key to protecting yourself is to slow down, verify, and trust your instincts.
Common Red Flags of a Scam
Pressure to Act Immediately
“If you don’t send the payment in the next hour, you’ll lose the deal.” Urgency is a classic scam tactic. Real opportunities give you time to think and verify.
Unrealistic Returns with Zero Risk
“Invest KES 20,000 today and get KES 60,000 in three days.” If the returns sound like magic, they probably are. For more context, check The Truth About Network Marketing: What Works — and What’s a Scam.
No Verifiable Track Record
Legitimate businesses leave a footprint: registered names, online reviews, or a clear history of work. If you find nothing, or the story keeps changing, be cautious.
Requests for Untraceable Payments
Cash, cryptocurrency to personal wallets, or direct mobile money transfers to an individual are favorites for scammers. These methods are hard to reverse.
How to Protect Yourself from Scams
Do Your Research
Search the person or company online. Look for independent reviews, news coverage, and legitimate references. A lack of information is often a warning sign.
Ask Specific Questions
A genuine business will answer questions clearly and directly. If responses are vague or defensive, reconsider engaging.
Verify the Offer Details
Know exactly what you’re paying for, the delivery timelines, and what happens if they don’t deliver. Understanding terms upfront reduces your risk.
Final Thoughts
Scammers thrive when people rush, get greedy, or fail to check the facts. The safest approach is to pause, investigate, and trust your gut when something feels wrong. Keep sharpening your awareness with posts like Money Mistakes I Made in My 20s (That You Can Avoid) so you can protect both your finances and your peace of mind.
