The four words we all dread. Ever since the internet became accessible to every individual, scamming has been the biggest nemesis. Before we go into more detail, let’s try to understand what internet fraud exactly means. By definition, internet fraud is any type of fraudulent action that uses emails, spyware, viruses, phone calls or other methods to trick individuals out of their money, property or identity. In 2019, the Australian Competitor and Consumer Commission recorded a number of 167,797 scam reports, whereas in the US the Federal Trade Commission collected 1.4 million scam reports in 2018. According to PwC’s Global Economic Crime and Fraud Survey, these fraudulent activities have costed the global gross domestic production (GDP) a whopping amount of US$42B losses.
Almost everyone has come across spam emails or spam phone calls at least once in their lifetime, but scamming isn’t restricted to those two methods only. Some of the most famous online scam schemes are; phishing emails, ransomware which forces individuals and companies to pay, crowdsourcing scams like fake charity sites, tech support, catfishing and dating sites, rental scams, and advance-fee scams. An all-time popular advance-fee scam was the Nigerian Prince scam. Through this, the perpetrators would convince innocent individuals that they are in touch with a wealthy aristocrat that is currently imprisoned and is needing money for their release. They will lure their individuals with the promise of paying them back a grand sum after the aristocrat has been released, but of course, this is all a scam and individuals will never be repaid.
While authorities work tirelessly to combat these issues through advanced technology, scammers are upping their game with new tactics and schemes. But it’s not only authorities that try taking down scammers; individuals like Jim Browning, Karl Rock, and Kitboga are renowned YouTubers taking down scam call centres and educating the public on internet fraud. As an individual, how do we detect and avoid online scams?
Generally, if it sounds too good to be true, there’s a highly likely chance someone is trying to scam you. Here are some ways you avoid being scammed;
● Check the link name to see if it is legitimate. Usually incorrect or odd spellings give them out as scam sites.
● Ask yourself if the scammer’s story checks out or if it’s bogus.
● If there are financial transactions involved, take a look at their payment systems; have they used traceable, regulated systems or are they unprotected systems?
● Never give away the pin that you get to your phone to anyone
● Refuse giving remote access to a person you are unsure of
● Lastly, are you being unnecessarily rushed into the deal? A major behavioral trait of a scammer is usually to rush the victims into the deal.
If you think you have been scammed, make sure to take the following actions;
● Stop connections with the scammer
● Contact your banks and financial institution to let them know of the fraud. Also, be sure to freeze your credit/debit cards immediately.
● Report and alert the fraud to the relevant authorities
● Change all passwords and secure important personal details.
● Share your experience and help others avoid similar experiences.
We hope this blog article helps you stay away from internet fraud. Be sure to leave comments down below on your experiences, safety measures and other types of scam schemes!
