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These days, internet fraud is omnipresent.
Most people and most organizations, regardless of their location or industry, were probably targeted multiple times already.
The banks, however, can do very little, and instead redirect the victims to the police.
“It’s very sad,” they said, speaking about the real-life effects of internet crime.
Criminals don’t care if their victims are in good standing or poor.
They will target their life savings, home, and dignity, all for a little profit.
Cheating the system
“I call phishing ‘out cheating’,” says economist Dr Darrin Baines.
“You must at some level trust the person who’s conning you.
There must be something in that narrative that triggers the feeling that they’re worth trusting.”
Happily, shoppers are becoming more web savvy, spending more online, and getting ripped off less.
So the percentage of dodgy web transactions is dropping but that doesn’t mean you should get complacent.
Bowerman advises consumers to get familiar with the latest advice in the Cardholders section of theCard Watch website.
Knowing which cons are in operation is key to staying safe online.
In some cases, the swindles are old ones that have migrated to the internet.
But what are they?
Let’s take a look at the scams, how to spot them, and how to avoid them.
Staying informed about the latest scams is something we all must do.
This predatory approach can lead to devastating financial consequences, including bankruptcy and even suicide.
The infamous Nigerian 419 scam is a prime example of advanced fee fraud.
While the initial request may seem innocuous, it quickly escalates into a series of fraudulent fees and demands.
Another common scam is the fake lottery, where victims are falsely notified of winning a substantial prize.
It’s essential to remember that unsolicited offers of wealth, especially from unknown sources, are highly suspicious.
If you haven’t participated in a lottery or competition, it’s unlikely that you’ve won.
Even if you did participate, always double-check via other means.
As a bank manager wisely advises, always exercise caution and verify any unexpected claims of financial gain.
Here, criminals buy up a bucketload of unloved shares.
Inboxes around the world are then sent spam tipping the stock as a sure-fire winner.
The hope is that people will contact their brokers, buy the stock, and push its price higher.
When the price shifts up, the scammers unload their holdings and trousers a profit.
This sale inevitably depletes the price and punters around the world are left nursing a loss.
The infallible prediction scam is also a criminal’s favorite.
Here you’re promised, say, the name of a winning horse for a fee.
You pay and you get a nag’s name.
But the scammer is also talking to other people, telling them different horses in the race will win.
Again, some will inevitably get the winner’s name, further enhancing his reputation.
In essence, the scammer is playing a mathematical game where he can’t lose.
Viagra, stimulants, smart drugs and prescription-only medicines are all apparently freely available via internet pharmacies.
In some instances, outfits have even offered cannabis and ecstasy.
If you don’t get what you paid for, there’s no comeback.
And what happens if the pharmacy is simply collecting credit card details?
It isn’t worth the risk.
To address the purported issue, they request remote access to your unit.
Platforms like eBay rely heavily on this system, allowing buyers and sellers to rate each other.
However, savvy bargain hunters need to be aware of several prevalent scams before bidding farewell to their cash.
Beware of phishing, if you want to stay safe.
Never punch links within emails claiming to be from the auction site requesting login verification.
Always sign on directly through the platform’s official website.
Wire and escrow scams
Always utilize the built-in payment system offered by the auction site.
Wire transfers are not protected against fraud, and your money could disappear without a trace.
Scammers may offer high-value items (cameras are a popular target) at significantly lower prices to entice buyers.
You win the auction, and send the money, but the transaction is rejected.
The seller then claims a problem with their PayPal account and requests an alternative, unsecured payment method.
Escrow services act as trusted third parties, holding the buyer’s money until the seller delivers the goods.
Sending money through such channels could be akin to throwing it into a black hole.
However, don’t be fooled.
This tactic aims to pressure you into dispatching the goods before receiving payment.
Remember to never ship goods before receiving payment securely in your PayPal or bank account.
The chargeback
This scam exploits reputable payment systems.
After that, PayPal refunds the buyer, leaving you out of pocket.
To counteract this, check that to only ship items to PayPal-confirmed addresses.
Also, always utilize tracked delivery services like Recorded Delivery.
Include the cost of secure shipping in your pricing, but avoid overcharging for postage.
Inflated shipping charges can be deceptive themselves.
take a stab at understand these common scams and always adopt safe practices.
If you do, you’re able to become a more informed and secure online auction participant.
This is a handy tactic, but there’s no need for you to pay for these details.
If the seller says that the item is “like” a well-known brand, leave it well alone.
If you see any of these signs, it’s a good idea to report the auction.
This ambiguity might be a ploy to conceal defects or misrepresent the product.
As Dr. Baines aptly notes, our online reputation and the perceptions of others significantly influence our digital interactions.
These hoaxes exploited human psychology, leveraging trust and fear to spread misinformation.
Today, these same psychological principles are exploited to distribute actual malware.
Because of this, there’s a real danger that you could accidentally install malware.
If it has, the responsible thing to do is to warn others by posting the news.
After hijacking an account, the con man starts a chat with somebody.
He exchanges hellos and then says he has a problem.
He’s on holiday in a dodgy part of the world and, unsurprisingly, has been robbed.
Can you help him out by wiring him the money he needs to get home?
Why wouldn’t you want to help out a friend you know in real life?
That’s the central mechanism that makes this con work.
“Is this you?”
This scam highlights the power of trust in online relationships.
TechRadar Pro created this content as part of a paid partnership with Trend Micro.
The content of this article is entirely independent and solely reflects the editorial opinion of TechRadar Pro.
