Scams cost more than $ 56 billion every year to victims worldwide. There has been an increased use of convincing stories, sophisticated techniques, and advanced tools to lure the victims into the trap.

The fraudsters capture personal details or take money from the victims. Cyber-enabled scams are increasing compared to traditional communication techniques. This article highlights a few types of scams and how you can protect yourself.

The Romance Web

A rising number of cases by scammers using stolen identities to create fake profiles has become a cause of concern. These profiles establish a relationship with you and then seek monetary help to overcome their problem. In general, they claim to be overseas and at times send gifts to earn your trust.

You can protect yourself by:

• Choosing never to share personal details you never met
• Being careful if someone communicates outside social media space on a dating website after a brief acquaintance
• Researching about the person – check whether the person in the images is actually them or someone else
• Sharing intimate videos or pictures carefully as scammers can use them to blackmail you

Investment Frauds

Several scams dubbed as investment opportunities exist in the market. These can include new business ventures, cryptocurrency purchases, superannuation schemes, property purchases, and binary options scams. All have similar pitches, where the offer is often too good to be true. The scammers use brochures and professional-looking websites to resemble reality.

You can protect yourself by:

• Not getting pressurized by anyone make an investment decision
• Checking government licensing websites to verify their licences

FOPP – Fear of Penalty Payment

Scammers impersonate government agents or service personnel of a reputable organization. They claim that you owe money, and in the event of failure to pay the dues, you can face criminal proceedings.

You can protect yourself by:

• Taking time to consider that the truthfulness of the story
• Being suspicious if they request for lesser opted method of payments like cryptocurrencies or gift cards
• Validating the identity of the person contacting you by contacting the mentioned organization. Do not use the same contact numbers that you receive from the person in question.

Millionaire by Luck

Scammers reach out to you saying you can get $ 1 million or have won a lottery. To get your winnings processed, you will need to transfer the processing fees. You are likely to lose all the money you pay and never get what they promise.

You can protect yourself by:

• Deleting any suspicious mails
• Checking the identity of the contact
• Researching online about such offer with the exact phrases
• Keeping in mind that if it sounds too good to be true, it probably is

Shopping Scams

Scammers can create a fake retailer website and ask for payment for a particular product. Apart from the general shopping, they can even ask for money to participate in the sneak peek of an auction. You will feel privileged to get an opportunity before all, but chances are it is not a legitimate auctioneer.

You can protect yourself by:

• Researching about the seller’s reputation and policies
• Paying via secure payment methods and avoiding non-traditional modes

Electronics Vulnerability

You are vulnerable to scams due to the increased dependence on smart devices and computers. The scammers often target these people who use such devices and gain access to their confidential information. The scams can happen using ransomware, malware, spyware, keystroke logger, and remote access. They even lock out the victim from the device.

You can protect yourself by:

• Following the best practices while joining any public network
• Choosing not to open attachments from an unknown sender

For a Cause

Fraudsters often dub themselves as fundraising organizations working for a cause. They cite someone’s ailing condition or helping the needy as the reason.

You can protect yourself by:

• Asking for their identification
• Checking the organization on the government’s website to validate their recognition
• Consulting your healthcare professional if you need a miraculous cure

So, various scams pose a significant threat to all. The above is not an exhaustive list but can help you understand how scammers con others. The scammers can use various communication channels to reach out to their potential victims. It can include social networking sites, emails, phones, shopping portals, or dating sites.

If you encourage any suspicious activity, chances are scammers will trick you, and you will transfer money. Therefore, you should exercise caution while dealing with anyone unknown over dating or social media sites.