These days, most scams no longer contain emails filled with spelling mistakes or obvious red flags. International consumer protection agencies and academic studies have observed that scammers are becoming more sophisticated, and their victims aren’t just limited to lonely individuals or the elderly.
While some people easily assume that scams target elderly people, studies paint a far more complex picture. Surprisingly, younger people are the ones reporting more on scam losses.
Criminals are now taking advantage of new technology, new products or services. The rise of online purchases has seen an increase in scams.
Scammers use them to create believable stories that convince people to click on links and share financial or personal details. As an increased number of young adults spend more time on social media, online marketplaces, messaging apps, and job and investment platforms, the risks grow.
Many modern scams, including fake job offers, online shopping fraud and account “hijacking” scams, originate on social platforms where young users are most active.
Thus, it is important to always stop and check before you act. Scammers rely on you not spotting the warning signs because you’re in a hurry and don’t want to miss something that looks like a great deal, or because it seems like it’s from someone you trust.
Modern scams are using social engineering, meaning they are carefully designed to bypass rational thinking by triggering emotional responses.
These are the top three tips to be mindful of to avoid being scammed:
- Never share your online banking login details or card PIN
- Read all notifications carefully before acting on them
- Don’t click on suspicious links
Also see: Connie Ferguson drawn into investment scam backlash
Feature Image: Gettys
