Scams- Dangers and Measures To Be Taken | CIOReview Source: CIOReview
Scams have been around for many years. It was prevalent in olden days as well. Today, old scams have reached the next level with the blessings of modern technology that makes it affordable and convenient for perpetrators for targeting a significant number of victims. The following is a rundown of some of the examples of the latest scams fueled by modern technology. 1. Caller ID Spoofing
Earlier, Caller ID was able to inform who was calling reliably. These days, scammers, using cheap technology, generally spoof the Caller ID, which shows a fake number or fake business appearing on the person’s Caller ID display. Scammers might spoof their calling number for committing other hosts of scams. 2. Phishing This is a widespread email and internet scam which occurs when a scammer tempts the user into divulging private account information. The scammer might ask the user to confirm their account information by posing as the user’s bank. If the user confirms it, the information is misused by scammers for making unauthorized charges or even committing the crime of identity theft. Phishers hold the ability to send hundreds of emails for pennies on the dollar. If even one user bites, the fraudsters make money. 3. Fake Check Scams In this type of scam, the user receives a real-looking check, which is actually a fake one. The technology empowers the scammer to print thousands of counterfeit checks that look authentic at low prices. The user is instructed to deposit the check and wire some money to the scammer. The check bounces after it gets deposited; however, the user cannot retrieve the money as the scammer has already received it.
The scam, too, has diverse flavors. In some scenarios, a person who posts an item for sale online becomes the target of the scammer. The scammer will buy the product and send a fake check in high amount, telling the seller to send back the overpayment. In another case, the scammer can send a fake check as a phony prizewinning and then instruct the user to wire back some money for taxes. 4. Forged Cell Phone Text Messages These days, scammers send forged text messages to users’ cell phones. The message might offer a product for a monthly fee, usually $9.99. On opting out and declining the product, the user may find unauthorized charges on his/her phone bill. The bottom line is that the companies, as well as every individual, should be aware of all the scams happening around them. They should confirm twice before releasing any private information. Measures Organizations Should Take to Fight Scams Every business is vulnerable to scams and scammers. Cybercriminals adapt their methods as fast as cybersecurity companies create new products and services. The scam is a major way in which businesses lose money. The media is completely filled with stories about fraud against individuals, but businesses
are just as likely to be the victim of fraud. These frauds can take several forms. Bankruptcy Fraud This kind of scam includes hiding or undervaluing assets, giving information out about the company, or destroying the relevant documents. This fraud happens only when a borrower purposefully hides assets to avoid paying a debt during a bankruptcy proceeding. It also comprises giving false records or information before or during the bankruptcy. Mail and Wire Scams Both mail and wire scams are federal offenses. Mail scam happens when a person uses the U.S. Postal Service (USPS), FedEx, United Parcel Service (UPS), or electronic transmissions to create false representations. Electronic communication, such as internet, TV or radio, are used to make false representations. These scams can also take the form of sweepstakes and telemarketing trials. Customer Fraud Customers or buyers can deceive a business in several ways, including writing fraud checks, using bad credit cards, and shoplifting. Another way includes the returning of items not
purchased to get a refund, rather known as return fraud, or recording a false claim for an accident or injury on the property. Identity Theft Identity theft is known as stealing individual or business information, which is usually electronic but not exclusive. This can comprise tax information and credit card fraud. Workers can steal credit card or other private information when serving with a customer. The theft of identity information is a planned use of another person’s personal and private information to attain financial benefits. Almost all businesses can eventually targets for fraud. Fortunately, awareness goes a much greater way in helping the companies pick up on the potential characteristics of scam and fraud and understand better how to fight back. News source: 4 Most Dangerous Scams That Everyone Should Beware of What Measures Should Organizations Take to Fight Scams?