SCAM 101
What are scams?
Scams, by definition, are fraudulent or deceptive acts that aim to trick people into giving their money under false pretenses.
Thanks to the constant progression of technology, scams continuously evolve over time. Scams are no longer just done through SMS. It can also happen in the form of emails, phone calls from suspicious people, and perhaps very common nowadays – through online shopping.
How do scams differ from phishing emails?
Phishing attacks rocked our digital world during the start of the COVID pandemic. But recently, scams are also taking over our cybersecurity landscape. Just how different are these two?
Phishing
You are lured into giving your credentials or personal information to facilitate another activity, either money transfer or granting of access to confidential files and systems.
Scams
You are tricked into directly transferring your money to others.
Nevertheless, scams and phishing still have something in common: Both are performed by people pretending to be someone they are not, such as legitimate individuals, organizations, or entities.
What are the common types of scams?
There are quite a lot, but the three most common scams recently are:
Fake SMS
Got an SMS that says you have to verify your account for “suspicious” activities? Or perhaps a message from your bank saying that they will contact you for a system upgrade and you need to give your OTP?
In worse cases, these appear to be from your bank’s SMS sender which makes it look legitimate. This particular scenario is called SMS Spoofing.
Online Shopping Scams
There is an unprecedented boom in the online shopping/selling industry during the COVID pandemic.
Unsurprisingly, there are those who take advantage of this by tricking people into buying their goods (usually with very low prices) and disappearing along the way.
Investment Scams
“Open-minded ka ba?“
Is the investment opportunity too easy, quick, and risk-free? Is it a “hurry while it still lasts” type of investment as if you’re in a department store sale?
If yes, it’s a scam and you better walk away.
How do you protect yourself from scams?
Scammers are now becoming smarter, but so can you. Don’t let yourself and your loved ones become a victim of digital “budol-budol” with these #CyberSure reminders:
1
Too good to be true? It’s fake.
If the prices are too cheap, it’s most likely a scam. Do your research before buying something online. Check the reviews and business details, and ask for proof of authenticity as much as possible.
2
Be wary of purchasing products from sellers outside of their e-commerce sites.
Aside from purchasing only from reputable or verified sellers, do your transactions on e-commerce apps or sites where you can be protected against scams.
3
Don’t rush into making payments.
There are sellers who will pressure you into sending money right away to secure your purchase. Be wary of these types of transactions.
4
Don’t overshare personal information online.
Be careful of social media scams pretending to be a seller or a friend. Verify the identity of the person and refrain from sharing sensitive information.