Fraudsters today use sophisticated strategies ranging from… Phishing Which exploits trust through carefully crafted fake emails and websites, to social engineering that relies on psychological manipulation to convince victims to reveal sensitive information or transfer their money.
In addition, identity theft, social media fraud, and fake apps are all tools that fraudsters use to exploit vulnerabilities in digital systems.
To protect your money from these threats, you must adopt defensive strategies that rely on enhancing your awareness of digital security, such as using strong passwords and two-factor authentication, in addition to avoiding clicking on suspicious links, in addition to ensuring the credibility of digital sources, and dealing only with trusted financial institutions.
Moreover, it is necessary to monitor your financial accounts periodically and use Antivirus software And security updates to avoid vulnerabilities exploited by fraudsters.
Increasing cases of financial fraud
Cases of financial fraud are on the rise, posing a major threat to individuals and their hard-earned money.
As scammers become more sophisticated, they use psychological tactics that exploit human emotions and cognitive biases. According to a recent report by BankBazaar in India, understanding these tactics is crucial to protecting oneself from falling victim.
Scammers often pretend to be trusted figures, such as bank or government officials. They create persuasive emails and messages that mimic legitimate communications.
For example, a scammer might send you an email claiming there’s an urgent problem with your account, and urging you to click a link.
Scammers also use social proof to manipulate victims. They may use fake degrees or impersonate individuals who share common interests. For example, someone might receive an email about a promising investment opportunity, accompanied by positive reviews.
According to the report, creating a false sense of urgency is another tactic used by scammers, as they pressure victims with limited-time offers. For example, a fraudulent email might claim a special discount that’s only valid for two hours. Always check the sender’s email and avoid clicking on links, according to CNBC TV 18.
Fraudsters also exploit fear and panic by claiming that accounts have been hacked. They may use guilt or sympathy, especially in charity scams. For example, a scammer may contact you, claiming that urgent action is needed to protect your account.
The report advises that you should always confirm any account-related issues with the bank directly before sharing any sensitive information.
Scammers usually mix real and fake details to confuse victims. They use complex language to mislead them.
For example, an email may cause confusion due to technical language while urging immediate action. You should therefore remain suspicious of unwanted communications and verify their authenticity from known contacts.
Some scammers also use free gifts or promises of high returns to exploit desperation. They create a sense of obligation and pressure victims to invest in shady schemes. For example, a scammer may offer a “free” gift in exchange for a small investment, ultimately resulting in a loss. Always be wary of unsolicited offers and promises of quick returns.
Regarding means of protection, the report points to a number of key factors:
- Verify sources: Always ensure that emails and calls are legitimate.
- Check customer testimonials and company reviews on trusted platforms.
- Beware of urgency: Resist pressure tactics that require immediate action.
- Maintain emotional balance: Evaluate offers rationally, regardless of emotional appeals.
- Use secure payment methods: Choose transactions that provide fraud protection.
- Enable two-factor authentication: Add an extra layer of security to your accounts.
Fraud patterns
Academic advisor at San Jose State University in California, Dr. Ahmed Banafa, said that scammers rely on various strategies to target their victims, exploiting human trust and the desire to make quick profits.
He explained that among the most common fraudulent methods are the following:
- “Phishing scam,” in which emails or text messages appear to be from well-known financial institutions or companies are sent with the aim of obtaining sensitive information such as passwords or bank account numbers.
- “Romance scam” is another common method, where the scammer builds an emotional relationship with the victim online, in order to exploit this relationship to request money or obtain personal information.
- “Investment fraud” is a tactic in which victims are promised unrealistically lucrative investment opportunities, and then the scammers disappear after receiving the money.
- “Technical support scam”, where the scammer contacts the victim claiming to represent a large technology company, and requests access to the victim’s device under the pretext of solving a technical problem, in order to steal his data or demand a ransom.
- “Contests and rewards scams,” where victims are lured with fake contests or promises of rewards in exchange for providing information or paying fees.
Regarding how to protect oneself from fraud, Banafa pointed out the necessity of verifying sources and not opening suspicious links or downloading files from unknown emails.
He added that individuals should be careful about sharing personal information online, and not trust offers that sound too good to be true. He also stressed the importance of using protection programs such as anti-virus programs and firewalls, and updating them regularly.
Banafa concluded his statement with additional advice, saying: “Do not rush into making decisions, and seek advice from a trusted person before acting. If you feel pressured to make a quick decision, something is probably not right.” He stressed the importance of reporting any fraud attempts to the competent authorities, noting that prevention is better than cure in the face of fraud.
Advanced strategies
For his part, technology expert Mohammed Al-Harithi said that fraudsters use advanced strategies to target victims, exploiting psychological deception and trust to achieve their goals. He pointed out that the most prominent of these methods are impersonation, Internet fraud, and fake phone calls.
He added that malicious emails usually come from seemingly reliable sources, such as financial or government institutions, and ask victims to enter sensitive information such as passwords or bank account information.
Al-Harithi noted that some fraudsters resort to fake phone calls, where they pretend to be employees of official bodies, such as banks or government institutions, to convince victims to provide their personal information.
He explained that phishing messages have become increasingly widespread on social media, where links are sent that appear to be real but lead to fake sites aimed at stealing data.
Al-Harithi also pointed out that fraudsters may pretend to sell products or provide services at attractive prices to attract victims. To avoid falling into the trap of these scams, Al Harithi advised the need to be careful when dealing with unexpected communications, and to verify the source of the messages or calls before providing any information.
He stressed the importance of avoiding opening unknown links or downloading suspicious attachments, and using reliable electronic protection programs. He also stressed the need to update passwords regularly and activate the two-factor authentication feature to enhance security. He concluded his statement by noting the importance of avoiding excessive confidence when corresponding with strangers via any digital communication channel.
