According to a study by the Royal Bank of Canada, seventy-five percent of Canadians cite fraud as their top concern, and it indicates that they may have good reason for this concern. Thieves are using more sophisticated schemes due to the adoption of new technology and a rise in the number of fraudsters who are mentoring their victims.
Fraudsters are always changing their strategies in the digital age to take advantage of weaknesses and fool people and companies who are careless. The techniques employed by con artists to trick and cheat people also evolve with technology.
These three fraud tendencies to watch out for this year are based on the idea that raising awareness is the first step towards decreasing risk.
Impersonation scams
Criminals frequently pose as reliable sources to deceive you into giving them money or sensitive information, such as bank employees, law enforcement, government officials, or even family members. These days, voice cloning and computer-manipulated photos or videos are used by scammers to make impersonation scams even more difficult to spot. As these scams continue to change, it’s critical to be vigilant. Some experts advise having a personal password that you can share with loved ones to confirm that you are speaking to the correct person and utilizing a brief, generic voicemail to prevent robo-callers from recording your identity or voicemail.
Social engineering scams
Typically, during economic crises, when individuals may be vulnerable and fall for promises of quick money, these frauds become more prevalent. They occur when con artists play on your emotions and divulge private information by using information, they may already have about you. It’s crucial to use caution while sharing anything online, and you should never feel obligated to reply. Hang up the phone or delete the message if you receive an unwanted call, email, or text requesting money or personal information.
Victim involvement in scams
In the past, unidentified people have taken your money, made purchases using your details, or stolen it. It was simpler to identify this kind of scam. Criminals are employing new strategies for fraud as banks and other institutions have tightened security and detection protocols. They now instruct their victims to take part in con games. Once they have gained their trust, con artists will use pressure, threats, or deception to convince victims to lie to loved ones or financial experts, or they will try to get them to participate in an investment scheme, money scam, or contest. Since victims unwittingly consent to the transaction or behavior, they become more difficult to identify. Because of this, it’s critical to maintain vigilance. Ask inquiries, take a break, and fight the need to take immediate action.
It’s critical that people and businesses maintain vigilance and have strong security measures in place in order to guard against growing threats as these new fraud tendencies continue to spread. We can all contribute together to create a safer digital environment by being aware of the current fraud trends and comprehending how these schemes function.
Learn more at https://newscanada.com/en/3-rising-fraud-trends-139103
Reference: https://newscanada.com/
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