Online Scams and How to Avoid Them
Worried that the email you got with the promise of a $1000 gift card is too good to be true? We hate to be the ones to break the bad news, but 162 billion spam emails are sent every day, so there’s a good chance it probably is. The internet has made our lives infinitely more convenient, but it comes with an equal amount of risk.
Use this as your guide to the most popular online scams and everything you can do to avoid falling victim.
What Makes People Vulnerable to Scamming?
Understanding the psychology behind why people fall for scams is the first step in staying safe.
Trust and Credibility
Scammers often appear trustworthy. They use professional language, authentic-looking websites, and even impersonate well-known companies. This credibility makes it easier for unsuspecting individuals to let their guard down.
Urgency and Fear
Many scams create a sense of urgency or fear, compelling you to act quickly without thinking. Messages like “Immediate action required!” or “Your account will be closed!” are designed to provoke panic and hasty decision-making.
Lack of Awareness
Often, people simply don’t know what to look for. Scams evolve rapidly, and staying up-to-date on the latest tactics can be challenging. This lack of awareness makes it easier for fraudsters to succeed.
Top Online Scams Everyone Should Know
By 2025, cybercrime will cost 10.5 trillion dollars annually. If you want to avoid being part of that statistic, here are the online scams you should look out for.
Phishing Scams
Phishing scams are perhaps the most common. These scams involve fraudulent emails that appear to come from reputable sources. They often ask you to click on a link or download an attachment, leading to malware infections or data theft.
Romance Scams
They’re just not that into you…or are they? In romance scams, fraudsters create fake profiles on dating sites or social media platforms to develop relationships with their targets. After months of messaging and building trust, they ask for financial assistance or personal information.
Fake Websites
Scammers create counterfeit websites that look strikingly like legitimate ones. These sites trick users into entering sensitive information, such as credit card numbers or login credentials, which are then stolen.
Investment Scams
Investment scams promise high returns with little risk. They often present themselves as once-in-a-lifetime opportunities, but in reality, they’re schemes designed to take your money.
Charitable Organization Scams
Exploiting goodwill, these scams solicit donations for fake charities. They gain traction especially after natural disasters or during holiday seasons when people are more inclined to give.
Cryptocurrency Scams
With the rise of digital currencies, cryptocurrency scams have become increasingly common. These scams can involve fake exchanges, dubious initial coin offerings (ICOs), or Ponzi schemes.
Health Scams
Health scams prey on individuals’ desire for wellness. They offer miracle cures or supplements, which are often ineffective or harmful. Businesses selling health products need to be particularly cautious.
Tech Support Scams
Tech support scams involve cybercriminals pretending to be from reputable tech companies. They convince you there’s an issue with your device and offer to fix it, usually installing malware instead.
Tips for Avoiding Online Scams
Now you know what’s out there, but how do you prevent the worst from happening to you?
Be Cautious of Suspicious Emails
Don’t open emails from unfamiliar senders or click on links/attachments without verifying the source.
We repeat: Do. Not. Click. Any. Links. Or. Attachments!
Look for spelling and grammar mistakes, urgent language, and suspicious email addresses.
Use Strong Passwords and Two-Factor Authentication
Ensure your passwords are complex and unique for each account. Enable two-factor authentication for an added layer of security. We know two-factor authentication can be frustrating, but what’s worse: a few extra seconds to open an app or months trying to recover your identity? The small irritation is worth it for the protection it gives.
Stay Informed
Stay up-to-date on the latest scams by following reliable sources and educating yourself on common tactics used by scammers. Some of our favorite newsletters or websites are:
Verify Before You Buy or Donate
Before making any purchases or donations, do your research. Verify the legitimacy of the website or organization to ensure your money is going to a trustworthy source.
Use Reputable Antivirus Software
Invest in reputable antivirus software and keep it updated to protect against malware and other malicious attacks.
What To Do If You’ve Been Scammed?
The second you feel nervous about something, it’s time to act. Here’s what you can do to mitigate the damage.
- Contact Your Bank: If financial information has been compromised, contact your bank immediately and cancel any affected cards/accounts.
- Report It: Report the scam to authorities, such as the Federal Trade Commission (FTC) or your local law enforcement agency. This can help prevent others from falling victim.
- Change Passwords: If login credentials have been compromised, change your passwords immediately for all accounts associated with that email/password combination.
- Educate Others: “Have I got a story for you guys … ” Share your experience and help others avoid the same dire fate!
Worried About Your Employees Knowing Enough About Online Scams?
Having your social media hacked would be a bummer, but the real target is your business. If you’re a Michigan business owner, and you don’t think your employees are the strongest line of cybersecurity defense you have, Common Angle can change that.
With comprehensive and interactive training, each of your employees will become a cybersecurity expert. Not only will they know how to identify and avoid scams, but they’ll also understand how their actions can impact the security of your business.
Get started! Reach out to Common Angle and see if we would be a good fit for your business.