Financial Crime Online – A Refersher – Don’t Become a Victim!

Last Updated on by SCARS Editorial Team

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Financial Crime Online – Don’t Become a Victim!

COVID ScamsScams A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. are still a very real threat, but there are more than just romance scams!

This refresher will help you to continue avoiding them!

Common Current Online & Phone Financial Crimes

Follow some common sense rules to reduce your chance of being a victim of financial crime

Criminals are quick to exploit the ignorance and vulnerability of their victims. The recent proliferation of devices, from smartphones and tablets to web-connected appliances, has opened us all up to even greater risks.

Yet by simply following a few common-sense rules, you can drastically reduce your exposure and the risk of being taken in by these fraudsters.

COVID-19 (coronavirus) Scams

We are seeing criminals trying to cash in on the coronavirus outbreak.

Medical supplies

With surgical masks and other medical supplies in high demand yet difficult to find in retail stores, fake shops, websites, social media accounts and email addresses claiming to sell these items have sprung up online.

But instead of receiving the promised masks and supplies, unsuspecting victims have seen their money disappear into the hands of the criminals involved.

Phone fraudFraud In law, fraud is intentional deception to secure unfair or unlawful gain (money or other assets), or to deprive a victim of a legal right. Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. The purpose of fraud may be monetary gain or other benefits, for example by obtaining a passport, travel document, or driver's license, or mortgage fraud, where the perpetrator may attempt to qualify for a mortgage by way of false statements. A fraud can also be a hoax, which is a distinct concept that involves deliberate deception without the intention of gain or of materially damaging or depriving a victim.

Criminals are also using telephone deception to carry out financial frauds – they will call victims pretending to work for a hospital or medical clinic, claiming that a relative of the victim has fallen sick with the virusVirus A computer program that can replicate itself and spread from computer to computer or file to file. It comes to life only when you take a specific action, such as running a particular program. and request payments for medical treatment.

In many cases, the fraudsters impersonate legitimate companies, using similar names, websites and email addresses in their attempt to trick unsuspecting members of the public, even reaching out proactively via emails and messages on social media platforms.

Warning signs

If you are looking to buy medical supplies online, or receive emails or links offering medical support, be alert to the signs of a potential scamScam A Scam is a confidence trick - a crime -  is an attempt to defraud a person or group after first gaining their trust through deception. Scams or confidence tricks exploit victims using their credulity, naïveté, compassion, vanity, irresponsibility, or greed and exploiting that. Researchers have defined confidence tricks as "a distinctive species of fraudulent conduct ... intending to further voluntary exchanges that are not mutually beneficial", as they "benefit con operators ('con men' - criminals) at the expense of their victims (the 'marks')". A scam is a crime even if no money was lost. to protect yourself and your money.

  • Independently verify the company/individual offering the items before making any purchases;
  • Be aware of bogus websites – criminals will often use a web address that looks almost identical to the legitimate one, e.g. ‘abc.org’ instead of ‘abc.com’;
  • Check online reviews of a company before making a purchase – for example, have there been complaints of other customers not receiving the promised items?;
  • Be wary if asked to make a payment to a bank account located in a different country than where the company is located;
    If you believe you have been the victim of fraud, alert your bank immediately so the payment can be stopped.
  • Do not click on links or open attachments which you were not expecting to receive, or come from an unknown sender;
    Be wary of unsolicited emails offering medical equipment or requesting your personal information for medical checks – legitimate health authorities do not normally contact the general public in this manner.

Non-Delivery Fraud

In non-delivery fraud, criminals promise victims highly sought-after goods, accept payment, then never deliver. While the principle is simple, the fraud scheme is often sophisticated. Criminals can adapt a well-established modus operandi to suit any product, whether it is medical equipment, puppies, office supplies or electronics.

Read the reasons non-delivery fraud works

Telecom/Phone Fraud

Random victims are contacted by a criminalCriminal A criminal is any person who through a decision or act engages in a crime. This can be complicated, as many people break laws unknowingly, however, in our context, it is a person who makes a decision to engage in unlawful acts or to place themselves with others who do this. A criminal always has the ability to decide not to break the law, or if they initially engage in crime to stop doing it, but instead continues. claiming to be a friend, relative or someone in a position of authority and tricked into parting with money.

  • DON’T panic! If you receive a call saying a friend or relative is in trouble, first try to check the identity of the caller but don’t call back the same number.
  • DON’T give any personal or confidential information over the phone.
  • DON’T trust someone who claims to be a government official or law enforcement officer; they never demand payment or confidential information. DO contact your local police to check.

Romance Scams

Criminals develop a “relationship” with victims through social media with the ultimate goal of obtaining money.

  • DO be vigilant if you are approached by someone you don’t know, especially if it leads to a request for money.
  • DO think twice before transferring money, however genuine the request might seem.
  • DON’T disclose personal/confidential information on social media.

Investment/Boiler Room Fraud

Victims are pressured into investing in fraudulent or worthless shares.

  • DO be skeptical if you receive a cold call on investment opportunities.
  • DO verify the authenticity of investment products and consult an independent financial advisor.
  • DON’T transfer money to anyone simply based on a call.

Sextortion

Victims (often men) are tricked by an attractive stranger into participating in naked videos chats which are secretly recorded and subsequently used for blackmail.

DO remember that nothing is private on the web and data cannot be erased.
DO ask pertinent questions and try to verify the identity of anyone who approaches you.
If you do receive a blackmail threat, DON’T pay up, report it to the police.

Learn more about Sextortion here

Payment Cards

  • DO keep your cards safe. Regularly check your bank/credit card accounts.
  • DO look carefully at ATMs and payment terminals to make sure there are no suspicious objects around the card slot.
  • DO keep your distance from other people when using payment terminals.
  • DON’T disclose your PIN/passwords. Banks will never ask you for this over the phone or by email.
  • DON’T provide bank details unless you initiated the payment process.

If you are contacted by your bank to update details or take advantage of a special offer, DON’T click on the link in the email. Check out the legitimate website or contact the bank.

  • DON’T make a payment online or do any online banking if you are connected to public Wi-Fi, as your information can be easily stolen.
    Money launderingMoney laundering Money laundering is the illegal process of concealing the origins of money obtained illegally by passing it through a complex sequence of banking transfers or commercial transactions. Money laundering can be done through various mediums, leveraging a variety of payment vehicles, people and institutions.
  • DO be suspicious if you are asked to let someone else use your bank account.
  • DO be wary of cash transactions concerning large amounts of money, there are much more secure payment methods available.
    DON’T let yourself be manipulated. Criminal syndicates often operate by developing relationships with their victims before tricking them into handling money

Summary

Of course, these are just a quick summary of financial fraud schemes online and by phone. Please take the time to educate yourself about these crimes and how you are vulnerable to them!

EVERYONE CAN BE SCAMMED.

If you have not yet been scammed, it is just because you have not met the right scammer, or they were so good you did not even know it!

The information you need to stay say is on this website. Take the time to learn so you can be safe, and so you can help your family and friends to be safe!

TAGS: SCARS, Information About Scams, Anti-Scam, Scams, Scammers, Fraudsters, Cybercrime, Crybercriminals, Romance Scams, Scam Victims, Online Fraud, Online Crime Is Real Crime, Scam Avoidance, Non-Delivery Fraud, Payment Card FraudCard Fraud Card Fraud is one of the most commonly referenced fraud definitions. It occurs when a fraudster uses a card (debit or credit) to make a purchase without the authorization of the cardholder. Card fraud can occur in-person or through digital channels., Sextortion, Financial Scams, Financial Fraud

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SCARS the Society of Citizens Against Relationship Scams Incorporated

By the SCARS™ Editorial Team
Society of Citizens Against Relationship ScamsSCARS SCARS - Society of Citizens Against Relationship Scams Inc. A government registered crime victims' assistance & crime prevention nonprofit organization based in Miami, Florida, U.S.A. SCARS supports the victims of scams worldwide and through its partners in more than 60 countries around the world. Incorporated in 2015, its team has 30 years of continuous experience educating and supporting scam victims. Visit www.AgainstScams.org to learn more about SCARS. Inc.

A Worldwide Crime Victims Assistance & Crime Prevention Nonprofit Organization Headquartered In Miami Florida USA & Monterrey NL Mexico, with Partners In More Than 60 Countries
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Help others stay safe online – your knowledge can make the difference for both those being groomed and victims! The next victim might be your own family member or best friend!

SCARS the Society of Citizens Against Relationship Scams Incorporated

By the SCARS™ Editorial Team
Society of Citizens Against Relationship Scams Inc.

A Worldwide Crime Victims Assistance & Crime Prevention Nonprofit Organization Headquartered In Miami Florida USA & Monterrey NL Mexico, with Partners In More Than 60 Countries
To Learn More, Volunteer, or Donate Visit: www.AgainstScams.org
Contact Us: Contact@AgainstScams.org

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