Scams People Are Using to Steal Your Money

9 views 11:41 am 0 Comments June 1, 2023

Cybercrime has remained a highly profitable venture for fraudsters ever since the early stages of the Internet. Despite the progress made in security measures, such as biometrics, and the emergence of promising payment technologies like blockchain, hackers and criminals consistently manage to stay a step ahead. Therefore, it is essential for us to familiarise ourselves with the common techniques scammers employ to steal our hard-earned money. By doing so, we can effectively prevent potential threats from materialising into significant problems.

Cryptocurrency Romance Scams

The report highlighted an unexpected combination that has proven lucrative for criminals, stating that con artists frequently masquerade as romantic interests online, deceiving their victims into downloading an app and investing in counterfeit cryptocurrencies.

According to the report, the app manipulates its interface to display consistent growth in wealth, leading individuals to trust its authenticity. Meanwhile, the scammers discreetly siphon off their money.

To prevent falling victim to cryptocurrency scams, exercising a little caution and conducting due diligence is essential. The report advises individuals to thoroughly scrutinise any investment opportunity that comes their way, particularly if it appears too good to be true.

Free Trial Offers

We’ve all encountered those enticing offers of free one-month trials for fantastic products, such as weight-loss programs. The only requirement? Paying a nominal fee for shipping and handling, which seems like a bargain at just £5.95.

Regrettably, the real trap lies in the fine print, deliberately designed to be inconspicuous, often blending into the background. This hidden text reveals that you’ll be obligated to pay exorbitant monthly fees. Suddenly, that seemingly affordable £5.95 for shipping and handling transforms into a staggering £99 per month once the free trial period concludes.

One-Time Password Bot Scams

In these schemes, criminals adopt the guise of bots, which are automated programs, with the aim of tricking individuals into divulging their two-factor authentication codes.

According to the report, these codes are typically transmitted via text messages or emails from financial institutions. However, scammers utilise bots that mimic the appearance of bank communications, messaging or emailing you directly. They then proceed to request your authorisation for a charge and ask you to input the authentication code you received from the bank. This deceptive tactic enables the bot to gain access to your bank account by stealing the code intended for your use.

The report emphasises a clear solution: Never share your authentication code with anyone. By adhering to this precaution, you can protect yourself from falling victim to such scams, especially with crypto scams.

Your Computer is Infected!

Here’s another classic scam. While you’re browsing online, a popup suddenly emerges from what seems to be a reputable antivirus software program. It alarms you by claiming that your computer is infected and urgently needs a program download. Worried about the potential threat, you click on the provided link, unknowingly triggering malicious software that begins scanning your computer for valuable login details.

In some cases, this deceptive “software” identifies a virus and offers to eliminate it for a fee. However, this promise of assistance is nothing more than a ruse, and the scammer never truly delivers on their false claims.