Scammers keep demonstrating that the wicked never rest. Although their objectives—to obtain your personal information and money—remain the same year after year, their tactics are always evolving to keep up with the times. Fraudsters may utilize crises and pressure methods to prey on their victims since they are aware that people are most vulnerable at times of need or fear.
The strategies that have kept you safe for years may still be used because, as in past years, many of the most recent frauds in 2023 are variations on old schemes. However, be on the lookout for a few novel attack forms.
Swapping SIMs
When a burglar takes your number, they may SIM swap it to a different SIM card in a phone under their control. The procedure is the same as when you receive a new phone and a new SIM card from your mobile provider. In order to access your accounts and either enter a verification code or change the account password using the code or link supplied to your phone, the fraudster utilizes your SIM card to steal your information.
To assist defend yourself from SIM swapping, you might be able to get in touch with your mobile phone provider and request additional security measures or a temporary suspension of number porting. Additionally, check to see if your accounts permit you to use a non-SMS multifactor authentication option, which requires two forms of identification to confirm your identity.
Please read: How to Identify a Text Scam
Bots for One-Time Passwords (OTP)
Some scammers are utilizing so-called OTP bots as an alternative to SIM swapping to persuade victims to share the authentication codes that they receive by text message, email, or that they must look up in an authentication app or device.
The bots may start a robocall or send you a text message pretending to be a reputable business. For instance, the robocall can appear and sound as though it were coming from a bank. The voice asks you to approve a charge and instructs you to enter the code that was texted to you if you didn’t create it.
Actually, the system sends you the code because the bot is attempting to log into your account. The con artist can access your account if you divulge the code.
Cryptocurrency Fraud
People may worry about missing out on financial opportunities as cryptocurrencies continue to gain popularity. Scams come in a variety of shapes, but they frequently involve phony awards, gifts, contests, or possibilities for early investments.
To trick victims into sending them money, sharing login information, or “investing” in a project, scammers may pose as famous people or renowned bitcoin websites. OTP bots have also targeted cryptocurrency exchange accounts since if the scammer drains your account, you might not be able to recover your cryptocurrency back.
Dating Scams
Although romance scams are nothing new, they are becoming more and more common. The Federal Trade Commission (FTC) reports that victims of romance scams lost $547 million in 2021, an increase of 80% over that of 2020 and a six-fold increase over that of 2017.
In order to meet victims, scammers frequently steal identities or make fictitious profiles on dating and social networking apps. Although scammers may use stock images and offer justifications for why they can’t meet in person, there is no foolproof way to spot a fake.
Once they have earned your trust, they can ask you to send them money or buy them anything. Recently, some con artists pretended to be investors and gave their victims misleading investment advice, which can convince you to fund a phony opportunity. Alternatively, they might “inadvertently” send you money and ask you to return it or transfer it to a different recipient. Your bank will deduct the amount of the money from your account if it turns out that the person’s payment was fraudulent.
Anybody can be the victim of a romance scam, and some con artists prefer platonic associations to romantic ones.
Zelle Fraud
The peer-to-peer payment tool Zelle is being used by scammers to steal people’s money. The con artist will contact you by phone, text, or email while posing as a member of the fraud department of your bank or credit union. They’ll tell you that a fraudster attempted to steal your money through Zelle and that you need to follow their instructions for “solving” the problem.
They may then give you instructions to pay money to yourself, but it will actually be deposited into their account.
Employment Scams
Employment scams utilize appealing, and hard-to-detect, baits to target those who’ve been out of work. Some con artists use interviews and a business that seems respectable to gain their victims slowly. Then, they either ask you to purchase equipment or training, or they collect personal information from your employment papers.
Others offer easy or guaranteed money if you buy their software and go right to the point. In a spin on the well-known overpayment scam, a fictitious employer may occasionally send you a huge paycheck and ask you to return the “excess” back.
You can come across employment openings that require receiving money, sending money to another account, or reshipping products. You might be held personally liable for these “money mule” and “reshipping mule” tasks because they frequently include unlawful activity.
Online Shopping Scams
According to the Philippine National Philippine 2022 Online Frauds Report, online purchase scams remained the riskiest kind of scam in 2022. The fundamental concept of this kind of con is that you pay for a good or service that is never provided. After attempting to purchase a puppy online, consumers most frequently reported becoming victims, according to the PNP.
Although some bogus e-commerce companies are set up by scammers, they frequently offer goods on social media or marketplace websites. Always be on the lookout for warning signs like too-good-to-be-true prices, a lack of information, or high-pressure sales techniques.
When you make an online purchase, scammers may utilize triangulation fraud to steal your money before using someone else’s credit card that has been stolen to make the transaction you wish. You can receive the item without ever realizing that your money was taken by using a credit card that was stolen.
When you pay with a credit card, you can initiate a chargeback if you don’t receive a goods or service, thereby limiting your potential damages.
Free-gift fraud using QR codes
Scammers overlay bogus codes over real ones to take advantage of how easy it is for customers to scan barcodes into their phones to view restaurant menus or make purchases.
This is a version on a basic QR code scam that the PNP warned about. Scammers may call and claim they will send a QR code to your phone so you may get a free ₱5000 – 10,000 gift card, according to experts.
The QR code can actually direct you to a fraudulent website.
Tips for Avoiding Scams
While the methods and messages used by scammers can swiftly evolve, the following fundamental security precautions should help shield you against the most recent and widespread scams:
- Activate two-factor authentication. To prevent yourself from SIM swapping, attempt to utilize a non-SMS version of any accounts that have this functionality available.
- Investigate businesses. Spend a little time researching the firm before you donate or make a purchase. Search the web for the organization’s name together with “scam” or “reviews,” then look up the charity on Charity Navigator and CharityWatch.
- Use your phone with caution. Do not touch any buttons or answer to the call if you think it is spam. The best course of action is to end the call or completely ignore it. If you’re concerned there might be a problem, you can always Google up the company and phone them yourself.
- When someone reaches you, be wary. Scammers can fake calls and emails to appear to be from a variety of sources, including government entities, nonprofit organizations, banks, and major corporations. Don’t share personal information, usernames, passwords or one-time codes that others can use to access your accounts or steal your identity.
- Use your phone with caution. Do not touch any buttons or answer to the call if you think it is spam. The best course of action is to end the call or completely ignore it. If you’re concerned there might be a problem, you can always Google up the company and phone them yourself.
- Don’t return overpayments or forward them. When a business or person requests you to transfer or refund a portion of a money, proceed with caution. The initial payment will frequently be fake and then taken back.
- Keep an eye out for unusual payment obligations. Wire transfers, money orders, cryptocurrencies, and gift cards are common payment methods requested by con artists. These payments may be more difficult to monitor and stop than other types of payments, which may leave you helpless.
Please read: Money Scams and How to Avoid them
Conclusion
Scams today change as they attempt to create new strategies based on global trends. Since everything is available online, make an attempt to do some study before accepting something. Additionally, avoid offers that seem too good to be true.
