We are all glued to our mobile devices, and when it comes to finding information about money issues or finances, searching the internet is probably the first option. But although research can be helpful and smart, it also can be misleading and risky, if you’re not careful with where you’re getting your information from and with whom you’re sharing your financial details.
Similar to medical information online, the internet is full of quality, useful resources that come along with a massive amount of poor, misleading information that even can be pushed by advertisers or scammers. How to know the difference and make sure that your research is unbiased and reliable? Follow these points when you’re doing the research.
Check the source
A nicely designed webpage doesn’t necessarily mean that the information is reliable. Producing a presentable site is easy these days. What you need to do is to check the source — who is posting this information. Is it a blogger, a bank, a newspaper, or a lead-generator that collects your information to sell it to service providers? The source of the information will determine to a great extent the quality and reliability of what you’re getting.
Knowing the source also helps you determine how relevant the information is to your situation. For example, the majority of information that you may come across is originated in the US where there could be many differences in terms of how financial transactions are done, taxes work, etc. Even interest rates vary significantly from one country to another based on each country’s monetary policy. When it comes to legal or financial details of your transactions, make sure that you’re checking resources that are local and reliable.
Look out for red flags
Any site that is trying to capture your personal information will be contacting you or selling your information to service providers to contact you. Keep this in mind every time you enter you name, phone number, email, etc. If you want to be contacted, that may be OK. But still make sure that you’re giving this information to a credible entity.
If the site requests sensitive details such as your date of birth, bank account numbers, ID number or anything else that goes beyond your contact information, you must look out for red flags. This site could be simply a scam. There is no reason for you to enter this information online simply to get information. It could be OK if you’re in an online-application phase and you are aware that you’re filling in a secure application. Otherwise, entering sensitive information on random sites is a recipe for a disaster later.
Other red flags include sites that are poorly written or copied from other sources like Wikipedia, information that seem to be dated or incoherent, or information that pushes a particular service or product. Look for labels such as “ad” or “sponsored” as well on any article you read, which simply means the information is paid for by someone who is benefiting for getting your business.
Find reviews
A good thing about the internet is that bad business practices can’t be covered up. If a website is a scam someone probably have reported it in the past. So if you’re unsure if a service provider, a financial adviser or a site is reliable, run a quick search to see what others are saying about it. You may find a quick and easy answer to your concerns.
In all cases, err on the safe side. If you’re unsure, move on to another source of information or service. There is no lack of quality information, and all you need is to know a few reliable resources that could be sites, forums or online communities to be able to get the support that you need with your research and make more informed decisions without risking your online safety or identity.
