There is a broad range of online scams that fall under this category not all covered in this section as we have segmented them for your easy reference, they are “Work from Home” “Online Banking” and “Online Dating” for further information.
Money Transfer Scams
Money transfers are a convenient way of sending money to someone electronically, they are however risky especially when you send money to someone you don’t know. This is because transferring or ‘wiring’ funds is the same as sending cash. The process is quick, but once the money is sent it is almost impossible to trace the money, which is why this method is so often exploited by scammers.
To make sure you never become a victim of this type of scam, we recommend that you do not wire money to strangers or at least verified via voice call or even a video call. Some examples are someone claiming to be a foreign government official, a seller insisting on a wire transfer for payment, a person offering an AirBnB or holiday rental, or anyone claiming to need help in transferring large sums of money. They will typically offer a big reward or what appears to be too good to be true. Alternatively, the scammers may take advantage of your kindness by pretending to be a legitimate charity in order to fraudulently collect money, or play on your sympathies and claim to be in hospital abroad requiring financial assistance.
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Auto Trading Scams
This scam also referred to as algorithmic trading and relies on installing trading software, but is essentially designed to take your money with very little return, and they will encourage you to increase your investment on a regular basis in order to generate a higher return. You might have been exposed to what looks like a legitimate trading website, however that is just on the surface and all the data that you see on your dashboard is fake.
Here is a list of several things a bank will never do:
Ask for your PIN number or any online banking passwords over the phone or via email-
- Ask you to email or text personal or banking information
- Ask you to authorize the transfer of funds to a new account
- Provide banking services through any mobile apps other than the bank’s official app
- Require you to enter your banking login details on an external link
Fraudulent “Pop-up Windows” are a type of online fraud often used to obtain personal information. They are the windows or ads that appear suddenly over or under the window you are currently viewing. Fraudulent websites or pop-up windows are used to collect your personal information.
Pop-up windows are often the result of programs installed on your computer called “adware” or “spyware.” These programs look in on your Web viewing activity and regularly come hidden inside many free downloads, such as music-sharing software or screen savers. Many of these programs enable harmless advertisements, but some contain “Trojan horse” programs that can record your keystrokes or relay other information to an unauthorized source.
Pop-Up Windows Will Often:
- Ask you for personal information (Account number, National ID Number, Date of Birth, etc.).
- Appear to be a legitimate source (Retail Stores, Banks, Government agencies, etc.).
- Contain prizes or other types of certificate notices.
- Contain fraudulent phone numbers.
- Link to other counterfeit websites.
Ransomware is a common type of malware (malicious software) and in such an attack the individual or organization is targeted. It can be spread to computers on the same network or through attachments and links in phishing emails, through infected web sites by means of a drive-by download or via infected USB sticks. Once a computer or network is infected with ransomware, the malware blocks access to the system or encrypt the data on that system. The criminals will then demand that the victims pay a ransom in order to regain access to their systems. In recent years this type of online scam has been on the increase and criminals request payment in bitcoin as it is almost untraceable.