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Greetings, and welcome to the 41st edition of Wallet Wellness in 2024 - your midweek source of practical personal finance tips to elevate your money management skills!

We hope you had a chance to check out the last edition where we explored smart strategies to keep you from overspending this holiday season. In today’s edition, we uncover some of the top holiday scams to watch out for and how to stay safe.

As always, be sure to check out the Concept Corner below for a deep dive into the money concept of the week.

Let’s dive in! 

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MONEY254 TIP OF THE WEEK

Holiday Scams to Watch Out For and How to Stay Safe 🛡️

As we dive into the holiday season, it’s easy to get caught up in the excitement of shopping, travel, and giving back. But with all the joy also comes a fair share of scams. In Kenya, fraudsters are always finding new ways to trick us, especially when we’re most vulnerable during the festive season.

This week, we’re shedding light on the top holiday scams to watch out for—so you can enjoy the season without worrying about falling victim to fraud.

1. Travel and Accommodation Scams ✈️🏨

Dreaming of that getaway or a quick holiday retreat at the Coast or Vasha? Scammers know how tempting that is and they’ll offer you "too-good-to-miss" travel deals.

• How it Works: You’ll find websites or social media ads promoting cheap flights or accommodation in popular destinations. After you pay, your booking disappears, and so does your money.

• Emotions Scammers Prey 0n: The excitement of booking that perfect trip at a bargain price or the fear of missing out on a great deal.

• How to Stay Safe: Only book through established travel agencies or well-known websites. Always confirm bookings directly with hotels or airlines. Read More.

2. Advance Fee Fraud 💸

This scam has been around for a while, but it’s especially common around the holidays when people are looking for extra cash.

• How it Works: You’re promised a large sum of money, but first, you need to pay a small “processing fee” or “administrative fee.” Once you send the money, the scammer disappears. Read More.

• Emotions Scammers Prey On: The temptation to make quick cash or get rich during the festive season.

• How to Stay Safe: Never send money upfront to anyone offering money, investments, or prizes. If you didn’t apply for something or weren’t expecting money, it’s a scam.

3. Online Shopping Scams 🛍️

With the rise of e-commerce platforms, shopping online for the perfect Christmas gift has never been easier however, scammers know this too.

• How it Works: Fake online stores will advertise discounted products, especially electronics, and Christmas gifts. After you pay, the product either doesn’t arrive or is a cheap knockoff.

• Emotions Scammers Prey On: The rush to grab discounts before the season ends or the pressure to find the perfect gift for loved ones.

• How to Stay Safe: Stick to trusted online retailers, and always check reviews before making a purchase. If the deal sounds too good to be true, it probably is. Read More.

4. Fake Gift Card Scams 🎁💳

Gift cards/Vouchers are a popular way to give during the holidays—but scammers are exploiting this too.

• How it Works: You might receive an urgent message from a “friend” or “relative” asking you to buy gift cards for them, or scammers will sell you fake or empty cards.

• Emotions Scammers Prey On: The pressure to get the perfect gift quickly or the need to help someone in distress.

• How to Stay Safe: Always buy gift cards from trusted retail outlets. Never share your card details with anyone, even if they claim to be a close relative or friend. Read More.

5. Charity Scams 🤝 ⚠️ 

The spirit of giving is strong in Kenya, and many of us are eager to help those in need during the holiday season. Unfortunately, scammers take advantage of this goodwill.

• How it Works: Fake charities will approach you, either in person or through phone calls, social media, or emails, asking for donations to support various causes. Once you send the money, there’s no charity and no one benefits.

• Emotions Scammers Prey On: Compassion and the desire to help those less fortunate, especially during the holidays.

• How to Stay Safe: Research charities before donating. Stick to well-known ones like local churches with established outreach programs. Don’t send money to strangers who claim to be collecting for a cause. Read More.

The holidays are a time for joy and celebration, not for worrying about scams. Stay vigilant, follow these tips, and have a safe, scam-free festive season. 

CONCEPT CORNER

Let Money Work for You

"Let money work for you" means using your money to grow more money. This could be through investing, earning interest, or generating passive income like rent or dividends. The goal is to build wealth over time without your active involvement. Learn More.

Money and Me

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…Having a no-spend December feels like a tall order, but it is possible. You will need to adjust how you view and do a few things in December, but once you hack that, you will easily have a no-spend December. Here are a few things you have to do...Read On.

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Retirement at 40! Everyone’s Dream; Someone Else’s Reality

Most of us dream of early retirement but hardly know how to go about it rather it is a far-fetched dream. In this week's MoneyTok, we learn from Kim’s story —how he managed to plan around his lifestyle and retire at 40. Watch the Video and read more about Kim’s story in this article.

@money254hq

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That's it for the 41st Wallet Wellness edition of 2024! We hope these financial tips have added some energy to your weekly hustle. Stay tuned for more practical insights in our next edition of "Wallet Wellness" next week and watch out for Money Weekly.

Also, don’t forget to download the Money254 App on the Google Play Store, and remember that we can help you compare over 300 loans, savings accounts, current accounts, and more if you’re thinking about your next product.

Cheers to your wallet's well-being!

Money254 editorial team.