In today’s digital landscape, scams have evolved significantly, leveraging technology to exploit unsuspecting individuals. With a staggering $12.5 billion lost to online scams in 2023 alone, it is crucial to remain vigilant and informed about the latest fraudulent schemes that could threaten your financial security.
Digital Deception
Scammers have evolved in the digital age, leveraging technology to increase their reach and effectiveness. The FBI reports that Americans alone lost a record $12.5 Billion to online scams in 2023[1]. This is why it is important to be vigilant while spending time online and to be aware of the scams that are trending online today.
The tactics to be aware of
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Facebook is the digital town square, and users are connected with their friends and family on the platform. So, when a Facebook friend sends a message like the one below, you may be tempted to click on it.
Malicious hyperlinks like this one containing the word “photo” are used to tap into a user's curiosity. People want to know if it is a photo of them or someone they know. The scammer's goal is to get the recipient to click the hyperlink. Here are some of the possible consequences of clicking on the hyperlink:
Malware
- The link may immediately download malware onto the victim's computer. Malware, short for malicious software, is a type of software that is designed to damage or steal data from a device.
Steal your login credentials
- The hyperlink may lead to a fake login page, which is hosted by a 2-bit hacker, this webpage will look identical to Facebook and will prompt the user to log in again making it look like they were logged out. If a user falls for this deception and tries to log in, the scammer will obtain their login information and then immediately attempt to change their password. If successful, they will have control of their Facebook account and most commonly attempt the following:
- Sending Direct Messages (DMs)
- During the beginning stages, they may send private messages from the victims' accounts to people on their friend lists, begging them for money using a made-up emotional story as to why they need the money.
- Facebook Marketplace Scams
- Scammers may exploit a victim's credibility on Facebook Marketplace to pull off additional scams. If the victim has a strong seller rating, it becomes a valuable asset, allowing them to leverage their reputation to carry out Facebook Marketplace scams.
- Sell your account
- A Facebook account itself is valuable on the black market and accounts are often sold to other scammers. The account is especially valuable if it has an expansive friends list, lots of posts, and is a member of Facebook groups. These attributes broaden the scammer's audience and provide additional targets.
Venmo / Zelle – Refund Scams
Venmo and Zelle are mobile payment apps that allow users to send and receive money with friends, family, and businesses.
This scam starts when a stranger sends money to your Venmo or Zelle account. Subsequently, they may communicate with you via text message or comment on the transaction, claiming that it was an accident. They will then ask you to send back the money.
If this happens to you, it is imperative that you refrain from replying to their messages and from sending the money back.
Here is an example of what this scam looks like on Venmo:
The scammer uses a stolen debit card to carry this out, and as soon as Venmo or Zelle are notified that the money that was sent to you was made using a stolen debit card, they will reverse the transactions, meaning the money will pulled from your account.
So, if you adhere to the scammer's request and send the money back, it is an entirely new transaction and it is not linked to the stolen card. In this case, you will lose the money you send back to the scammer and then Venmo/Zelle will remove the stolen funds they initially sent you.
Text Messages
“Phishers” have gotten quite adept at crafting text messages that appear to come from legitimate businesses. With the rise of online shopping over the years and with the holiday season approaching scammers are ramping up the use of Tracking Scams.
Their goal is to get the recipient to click the hyperlink in the text message, which will redirect them to a website that closely resembles the shipping company they are claiming to be. Once the recipient is on their website, they will claim that there is insufficient postage on their package and request an additional payment in order for the package to be delivered. Their end goal is to obtain the recipient's credit card information.
Here is an example of one of these text messages:
Imposter Scams
An imposter scam is one in which a fraudster will use a program to replicate another person or business's caller ID. They call a victim's phone, and the caller ID will show the name of a financial institution. Typically they claim to have detected suspicious activity in a bank account or on a credit card and urge their victims to act immediately. They will ask the victim to “verify” their identity and send them a code, asking them to read it back to them. The code is a reset code that allows them to access the victim's account and potentially steal their money. It is crucial that you never share authentication codes unless you initiate the communication.
Remember to always:
Verify Directly:
- Visit your bank’s official website or use their official app to contact them directly.
Protect Your Information:
- Never confirm or provide any personally identifiable information over the phone or through text.
Do not read back or enter security codes unless:
- You asked for it
- You expected it (e.g. a support call)
Stay vigilant
There are numerous scams out there, and the ones we’ve highlighted are just the tip of the iceberg. While security measures can help, they aren’t foolproof, and anyone can make a mistake. By being vigilant and adopting some simple preventive strategies, you can shield yourself from most attempts to steal your identity or finances through fraudulent activities. Always take a moment to assess any unsolicited emails, phone calls, texts, or social media messages that request money or personal information, even if they appear to come from someone you know or a business that you trust. Look for warning signs and trust your instincts before responding.
[1]https://www.fbi.gov/contact-us/field-offices/losangeles/news/fbi-releases-2023-elder-fraud-report-with-tech-support-scams-generating-the-most-complaints-and-investment-scams-proving-the-costliest/layout_view