With the advent of advanced technology in the 21st century, there has also been an increased rate of fraudulent activities, especially on the internet, which is one of the greatest inventions of the modern era. The internet has undoubtedly been a game changer in the world of business, finance, banking, e-commerce and other sectors, but it has also brought tears to many due to the numerous frauds carried out daily via it.

Fraudsters cost great economies millions and billions of dollars each year, making the governments of those countries spend a lot on cybersecurity. Victims have had to count their losses due to the psychological and emotional trauma they go through. There is a need to create awareness about fraudsters and how they scam their unsuspecting victims.

What is Fraud?

Fraud refers to the act of deliberately deceiving unsuspecting victims with the intention of getting an unauthorized benefit for oneself. It is also the act of intentionally deviating from the truth with the aim of inducing a person to part with something valuable or surrender one’s legal right. Examples of fraudulent activities are;

• Forging or changing of legal documents
• Embezzlement
• Internet fraud
• Email compromise fraud
• Romance scam
• Investment scam, etc.

Facts about fraudsters

The following are things you should know about fraudsters;

They pretend to be from popular organizations

Fraudsters always claim to be representing a popular organization, the government or make up a name when contacting you via email or phone calls. They can make use of advanced technologies to change the phone number’s caller ID or clone an official email address to make it look real. They usually pose as customer care agents, bringing false claims about your bank account, with the aim of getting personal information about your account. Others can pose as recruitment agents from well-known government agencies, companies, NGOs, etc.

Fraudsters claim there is a prize to be won or an issue to be resolved

They claim your account is being compromised and want to help you resolve the issue where as they are the ones trying to scam you. They can also request you to deposit certain amount of money to claim an existing prize like money or consignment.

Fraudsters coerce you to act immediatel

Fraudsters don’t give you an opportunity to think before you act. If they call you on phone, they prolong the conversation so you don’t hang up on them to confirm their claims. They send you threats of you being in danger, a member of your family having an emergency or threaten you will be arrested if you don’t give in to their demands.

Fraudsters tell you to use certain payment methods

They tell you to use certain payment methods, like fake company agents, through cryptocurrencies like Bitcoin, Ethereum, etc. Some will tell you to use the money to purchase gift cards then send them the picture or codes of the card. Others will send you fake checks with fraudulent money in it, ask you to make deposit of it, withdraw the money and send it to unknown accounts. The aim of using these payment methods is so they can’t be traced or discovered after scamming their victims.

How to avoid being scammed

• Always resist the pressure to act in a hurry: when you are contacted by online customer agents, always try to confirm their claims before giving out useful information. Genuine agents will always allow you to take your time to make your decisions, and won’t coerce you to give personal information or make payments.

• Always block unwanted text messages or calls.

• Don’t give personal information or financial information to unexpected requests.

• Be conversant with the various methods scammers use in scamming their unsuspecting victims.

• Stop and open up to someone you trust about what is going on.

• If you fall for a scam, report it to the appropriate authorities to avoid a future occurrence.

Conclusion

There are chances you will come across fraudsters as you go about your activities, especially on the internet. Intimating with vital information on how to avoid being scammed may help you be at alert to suspecting scammers and, hence you won't be a victim.