Financial Literacy
Protecting Your Money (Fraud, Scams & Consumer Rights)
Lesson
10
Why This Lesson Matters
You work hard for your money. One careless click, one shared code, or one “too good to be true” offer can take it away in minutes. Fraudsters are clever, fast, and patient. They learn your habits, copy logos, and sound polite on the phone. But they all need one thing from you to succeed: your permission—your OTP, your PIN, your click, your signature, your silence.
This lesson gives you a calm, simple system to protect your money. You’ll learn the most common tricks, the habits that block them, and what to do immediately if something goes wrong. You’ll also learn your basic consumer rights so you can ask for fair treatment, refunds, or repairs without fear.
“Scammers rush you. Safety slows you.”
Step 1: Know the Tricks—So You Can Break Them
Fraud always follows a pattern: hook → hurry → harvest. The hook makes you curious or afraid. The hurry makes you stop thinking. The harvest is when you hand over money, an OTP, or a password. When you know the pattern, you can interrupt it.
Phone & message scams.
A “bank officer” calls about a blocked account. A courier says there is a parcel and a small fee. A job agent offers fast work if you “register now.” A message says you won a prize and must pay a tax to claim it. These scripts are designed to make you act first and think later. Real banks don’t ask for OTPs on the phone. Real jobs don’t charge a secret registration fee. Real prizes don’t need your money to release your money.
Link & QR scams.
A link arrives by SMS or messaging app. It looks like your bank or wallet page. You enter your details and—gone. Or someone sends a QR code “to receive” money but it’s actually a pay request. You scan, approve, and your money leaves. The rule is simple: you open your bank app yourself. You type the address. You decide if you are paying or receiving. Do not trust links you did not ask for.
OTP & SIM tricks.
An OTP (one-time password) is the key to your money. If anyone asks for your OTP, even a friendly voice, even a “bank officer,” it’s a scam. If your phone suddenly loses network for long hours and people say they couldn’t reach you, call your mobile provider—your SIM may have been copied. Keep your SIM and email secure; many accounts can be reset through them.
Fake investment & “double your money” schemes.
Promises of guaranteed high returns, charts that always go up, pressure to “join today,” and requests to recruit friends—these are red flags. Real investing has risk, time, and transparency. Scams have secrecy, urgency, and certainty.
Overcharging & unfair service.
Not all money loss is a crime. Sometimes you’re charged wrong, sold a bad product, or refused a fair repair. This is where consumer rights matter: you can ask for a receipt, a warranty, a return policy, and a proper complaint process. You have the right to clear information and honest pricing.
“If it’s urgent, secret, or guaranteed—walk away.”
Step 2: Build Your Protection System
Protection is not one big action—it’s small habits done every time. Set them up once, then repeat.
Lock your gates.
Choose strong PINs and passwords. Avoid birthdays and phone numbers. Turn on biometric login and two-factor authentication (2FA) for your bank, wallet, and email. Keep your email extra safe; it often resets everything else. Don’t reuse passwords across accounts.
Use official doors only.
Open your bank or wallet by tapping the app yourself or typing the address you know. Do not click bank links in messages. If someone calls, hang up and dial the official number printed on your card or app—not the number they gave you. If a shop shows you a QR, check the name on your screen matches the shop before you approve.
Write, don’t just talk.
When you buy a product or service, ask for a receipt with date, amount, and business details. For electronics or repairs, ask for a warranty card or written service note. Keep photos of invoices and serial numbers. Written records turn “he said, she said” into “here is proof.”
Know your “stop words.”
Teach yourself three automatic replies:
“I don’t share OTPs or PINs.”
“I’ll call the bank on the official number myself.”
“Please send the details by email; I’ll review and get back.”
These sentences buy you time—and time kills scams.
Set alerts and limits.
Turn on SMS/app alerts for every transaction. If possible, set daily limits on transfers. Keep large savings in an account that doesn’t have a card attached. Use your wallet for small daily payments and your bank for savings and goals.
Have an emergency script.
If your phone is lost, your card is missing, or you clicked something strange, your first 10 minutes matter. Call your bank/wallet to freeze the account or card. Call your mobile provider to block the SIM if needed. Change your email password. Write down what happened while it’s fresh. Later, file a formal complaint. Speed reduces damage.
Know your basic rights.
You have the right to clear prices, a receipt, truthful advertising, and repairs or returns according to the stated policy. If a product fails within the warranty, insist on repair/replacement. If a service was not delivered as promised, ask for a fix or partial refund. Be calm, specific, and firm. Most businesses respond when they see you have records.
The Golden Rule
Verify before you pay. Never share OTP/PIN. If rushed, pause.
Red Flags & What to Do
Red Flag | What to Do (Immediately) |
“Bank officer” asks for OTP or PIN | Hang up. Call the official number on your card/app. |
Link to “update account” via SMS/DM | Don’t click. Open the app yourself; check messages inside. |
QR sent to “receive” money | Check the name shown before approving. If unsure, cancel. |
Prize/job requires a fee first | Decline. Real offers don’t charge to give you money. |
Payment “must be now” | Say, “I decide later.” Urgency = danger. |
Unknown transaction alert | Call bank/wallet to freeze; change passwords; write a note. |
Exercises: Your Turn to Lock It Down
Exercise 1 — Safety Checklist. On one page write three headings: Passwords/PINs, Alerts/Limits, Documents. Under Passwords/PINs: change weak ones, turn on biometrics and 2FA. Under Alerts/Limits: enable transaction alerts; set daily limits; separate a no-card savings account if possible. Under Documents: start saving receipts/warranties as photos in a phone album named “Money Proof.”
Exercise 2 — Scam Drill (10 minutes). Practise saying your stop words out loud: “I don’t share OTPs or PINs.” “I’ll call the bank myself.” “Send details by email.” Then open your bank app yourself (not via link) and confirm you can find the hotline number fast.
Exercise 3 — Emergency Card. On a small card or note app, write: bank/wallet hotlines, mobile provider hotline, and your account’s last four digits. Add the phrase: “Freeze first, think next.” Keep it in your wallet.
Exercise 4 — Statement Scan. Open your statement or app history. Circle any fee or transaction you don’t recognize. Call the official number and ask for an explanation. Make a note of the person you spoke with and the date.
Exercise 5 — Consumer Rights in Action. Pick one product at home still under warranty (phone, mixer, fan). Locate the receipt or warranty card. If you can’t find it, take a photo of the serial number and save it in “Money Proof.” Next time you buy anything over LKR 2,000, ask for a printed or digital receipt and save it.
Exercise 6 — Family Briefing. Teach one person at home: “We don’t share OTPs,” “We only use the official app,” “We keep receipts.” Show them your Emergency Card. Safety grows when the whole house follows the same rules.
Quick Win
Turn on 2FA for your bank, wallet, and email today. Add bank/wallet hotlines to your contacts now.
Common Roadblocks (and Simple Fixes)
“I’m embarrassed—I clicked a bad link.” It happens to good people. Act fast, then learn. Freeze, change passwords, and write what happened. Use your experience to make your checklist stronger.
“The caller sounded so polite and official.” Scammers practise. Politeness is a tool. Your rule is stronger: you call back using official numbers. No exceptions.
“Family shares phones and PINs.” Set new rules kindly: each person keeps their own PIN, and no one shares OTPs. Create a simple system for joint payments that uses one trusted device.
“Shops won’t give receipts.” Ask calmly: “Please write date, amount, and shop name.” If they refuse, consider buying elsewhere—no proof, no protection.
“I don’t know the complaint process.” Start simple: receipts, dates, names, screenshots. Most businesses respond when you show records. If not, escalate to their head office or your local consumer protection office. Keep your notes.
Keeping Yourself Motivated
Safety habits can feel boring—until the day they save you. Make the benefits visible. Count how many times you said “no” to a risky link this month. Note how quickly you found a warranty when something failed. Celebrate small wins, like spotting a wrong fee and getting it reversed.
Share what you learn. Teach a sibling to check the name on a QR screen. Help a parent save receipts as photos. When a family protects money together, everyone’s stress drops. Your calm spreads.
Finally, keep your goal in mind. You are not saying “no” to be strict—you are saying “yes” to the life you want. Every scam avoided is exam fees protected, tools funded, a buffer preserved.
“Protect your money like your future depends on it—because it does.”
Your First Step is Complete
You now have a simple protection plan: lock your gates with strong PINs and 2FA, use official doors only, keep records, and act fast if anything feels wrong. You know the red flags, your stop words, and your emergency script. You also know your basic consumer rights and how to ask for fair treatment.
Start today: complete your Safety Checklist, create your Emergency Card, turn on 2FA, and scan your statement once this week. Teach one person at home your stop words. This is how confidence grows—quietly, clearly, and with discipline.