From job scams, e-commerce fraud, fake call scams and phishing scams to the latest malware scams – scammers are constantly thinking up new ways to con you of your money. Because of this, Momentum Group’s Cyber Security Team warns that scammers are out to exploit people’s deepest human weaknesses and evade rational thought to manipulate the emotional responses. Here’s three tricks the team believes are a scammer’s basic recipe, to make a fool of South Africans:
- FEAR
Fear and intimidation scams have different approaches, but both are geared towards one common aspect, human emotion. In some cases, they use official sounding and threatening words; threatening potential victims with violence, a lawsuit, or possibly arrest. These types of scams pull on the heart strings with the intention to instill a sense of sadness, grief, or heartache, and often are purported to involve a loved one. For instance, getting a call notifying you that there is a crisis or major problem, the mind spontaneously goes into high gear, seeking a solution. Do not panic, as that is the goal. It is important to stay calm when you receive calls such as this one.
- URGENCY
The situations scammers create often involve high pressure emotional stakes and tight deadlines, intended to deceive people to act impulsively without reasoning. This is to avoid giving your time to reconsider or consult with someone you trust. As such, scammers will offer you a good deal you that appears to be too good to pass, be careful – the key is to entice the potential victim to act impulsively without reasoning. Being in a visceral state also helps people to forget rational advice and your emotions override rational decision making. Being sceptical can help keep you safe. Continue to question everything and always double check, especially when a situation feels too good to be true.
- AUTHORITY
There are several active scams in which fraudsters pose as authority figures to try to frighten victims into submitting to their demands. They could impersonate figures such as police officers, government officials, bank representatives, or close family members through various sophisticated voice, text, or email methods. According to Momentum Group’s Cyber Security Team, South Africans must always be cautious when dealing with people claiming to be authority figures and verify identities before providing any information or money.
Should you find you are in a predicament with scams, make sure not to pay more money and immediately focus on stopping further losses; gather all information about the incident while it is still fresh. Next, investigate ways to repair the damage and avoid getting scammed, in the future.
The global economy has worsened, placing an ever-tightening squeeze on households. Because of this, fraudsters have become more determined, and people are more desperate to make a quick and easy buck.
As such, Momentum Group’s Cyber Security Team recommends the following ten commandments as tips, to protect yourself:
- Staying current on the latest types of scams can help you to identify the risks and learn how avoid them, so you can protect yourself and your finances.
- Don’t be embarrassed about reporting a scam. Because the scammers are cunning and clever there’s no shame in being deceived. By reporting it, you’ll make it more difficult for them to deceive others.
- Do not make attempts to scam your scammer. You may potentially end up getting scammed, again. All consumers must report fraudulent interactions with the SAPS.
- Check accounts regularly and report unusual activity to your bank.
- Authenticate information: Always verify the legitimacy of people or companies requesting access to personal information or money. Contact the company directly to check if you are dealing with them.
- Keep sensitive information, such as how and where you store passwords, private.
- Never click on links unless you are 100 percent sure where the link is from and where it may take you.
- By accessing your free annual credit report, via South Africa’s’ several credit bureaus, you can identify fraudulent accounts or loans and can address the situation with the relevant institution.
- Be wary of Hotmail or Gmail addresses that are supposedly coming from established companies.
- Avoid accessing sensitive services such as your email or internet banking when using public WiFi networks.
Perpetrators are skilled at their craft, employing countless tactics such as phishing emails or texts to trick people into disclosing financial and sensitive personal information. The impact, as a result, goes well beyond financial loss, ending it being an unfortunate and traumatic experience.
