Every year cyber criminals steal billions of dollars from the public. The kind of growth we have witnessed year on year is horrific and the trend isn’t likely to go down soon. Government and banks have taken steps towards bringing the situation under control.
However, due to technological limitations and the financial landscape, it is not possible to eradicate the threats. In this post, we have covered 5 top scams that saw the most traction this year. Go through them to understand the way they work.
More importantly, share this post with your family and friends. In case you need help with the recovery process, fill out the form provided below and talk to our team. We will do the analysis for you and show you the easiest and most effective option available to you.
CEO Fraud and Fake Invoices
CEO fraud is a kind of fraud facilitated by taking advantage of social engineering. Social engineering is the manipulation of settings and persons to get sensitive information from the target. To convince an employee to make a payment, fraudsters pose as a top executive, often the CEO.
CEO fraud is characterized as an urgent payment request to a supplier or partner that seems to emanate from a senior member of the organization, often to the accounting department.
The fraud attempt may occur while the senior employee is out of the office, and the request may state that the transaction is confidential and sensitive to avoid further verification.
For instance, the fraudster may attempt to persuade the victim that their firm is acquiring another business and that the cash is required as a down payment for the private transaction.
Charity Phishing Scams
Fraudulent charities exploit your donations and kindness. Scammers may pose themselves as official organization representatives. They will contact you via phone, email, or on the street to beg for money. When you donate, your funds are more likely to wind up in the clutches of con artists than with the organization you intended to aid.
Other con artists will establish their own charity. They may even create websites that seem to be operated by actual nonprofit organizations. The objective is to get you to donate to them rather than a respectable organization.
Due to the fact that so many individuals desire to aid real charities, fraudulent charity schemes may be effective. In 2020, Americans gave a record-breaking $471 billion to charity, according to Giving USA. That’s a lot of money to give away, which is why con artists are drawn to charitable activities.
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Cryptocurrency Investment Scams
Scammers approach potential bitcoin investors by posing as knowledgeable “financial managers.” The purported investment managers claim to have earned millions by investing in bitcoin and assure their victims that their investments would also increase in value.
The con-artists want an upfront payment to get started. Instead of profiting, the con artists steal the initial deposits. Scammers may also seek personal identification information in order to get access to a victim’s bitcoin by saying that it is necessary for money transactions or deposits.
False celebrity endorsements are another kind of investment fraud. Scammers use authentic images to create fake accounts, advertising, and articles that seem to guarantee a substantial cash return on investment.
These claims seem genuine because they utilize well-known brand names, such as ABC or CBS, as well as websites and logos that appear professional. On the contrary, the endorsement is a forgery.
Fraudulent Email Solicitation Scams
Unsolicited communications about acquiring low-cost services, an account that has been deleted or requires a password change, and even home-based employment opportunities may all be scams. These emails often require that you respond promptly by donating money or submitting account details through a link in the email.
There are several security solutions that may assist you avoid receiving bogus emails in your inbox. However, it is possible for certain spam communications to bypass the spam filter.
Never entertain unknown requests, Instead, input your credentials directly on the company’s homepage URL, keep an eye out for account warnings, and never disclose sensitive information until you are on a secure connection.
Online Dating Scams
Online dating apps and websites are not the only possible means of deception. They may start with social media or online gaming.
A friendship (or more) develops after an encounter and conversation. Throughout the process, the fraudster would build an unusual yet plausible tale to fascinate the victim, frequently including the victim’s career and location.
Following the establishment of a fictitious connection, the con artist begins to induce victims to make poor financial choices. They offer their victims investment advice and encourage them to join a plan. Until all communication is severed, victims are ignorant of their exploitation.
How to Avoid Scams
The following things are the basic guidelines you need to follow in order to stay safe.
- Be vigilant of requests for personal information such as your name, password, or bank account number while accessing websites.
- Avoid downloading anything from unfamiliar sources and interacting with unknown companies.
- Examine websites and social media advertisements for misspelled words, fake logos, and other peculiar elements.
- Be extremely cautious about payment: Instead of sending funds directly to a shop, always use Mastercard, PayPal, or another secure mode of payment. Even e-wallets are pretty secure compared to traditional options.
- Always do background investigation on online companies and individuals, such as by using review websites such as Trust Pilot.
- Contact the company’s actual customer care with any questions.
Threats and the underlying logic and narratives are bound to change from time to time. So, the only way to put an end to things is by creating enough user awareness which will eventually starve all the scams out there.
Do your part by educating yourself and help us spread the word by sharing this post.
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