With the vast number of online stores, scammers use these opportunities to hack into people’s bank accounts.
Some online stores keep your banking information allowing third parties to have access to this lucrative information. Being scammed is not a good feeling and online users need to always be vigilant of these scammers.
The Mama Money hub reports that as online transactions rise, and various forms of money scams have become increasingly challenging.
Deceptive practices like money mule schemes, phishing tactics, stranded ploys and urgency cons are growingly sophisticated; aimed at requesting funds on someone else’s behalf or pretending to offer expert financial advice while contemplating victims’ emotions.
According to HelloPeter, the Southern African Prevention Service (SAFPS) has seen a drastic surge of 337% in fraud impersonation cases and scams related to cryptocurrency and Ponzi schemes which have resulted in losses exceeding R54 billion. The rise is attributed largely to an increase in online retail transactions.
Roshan Jelal, the head of fraud at FNB Commercial, emphasises that it is crucial for businesses to stay informed about current fraud schemes and trends in order to prevent falling victim, adding, companies need to invest resources in educating employees on how to avoid being scammed.
UNICEF South Africa provides ways to avoid being scammed:
- Beware of fake communications from banks, credit cards, internet services or charities.
- Verify customer/donor number in communication for authenticity.
- Do not disclose personal info on orders.
- Avoid clicking links in unfamiliar emails.
- Regularly log in to reconcile bill balances on online accounts.
- Update anti-virus, spam filters & anti-phishing programs.
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