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Tag: scams

  • 8 Ways You Can Save Yourself and Others From Being Scammed

    8 Ways You Can Save Yourself and Others From Being Scammed

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    Opinions expressed by Entrepreneur contributors are their own.

    Statistics on the number of scam websites that litter the internet are disturbing. During 2020, Google registered more than 2 million phishing websites alone. That means more than 5,000 new phishing sites popped up every day — not to mention the ones that avoided Google’s detection. In 2021, the U.S. Federal Bureau of Investigation (FBI) reported nearly $7 billion in losses from cybercrime that is perpetrated through these sites.

    What exactly are scam websites? Scam websites refer to any illegitimate website that is used to deceive users into fraud or malicious attacks. Many scammers operate these fake websites and will download viruses onto your computer or steal passwords or other personal information.

    Reporting these sites as they are encountered is an important part of fighting back. In other words, if you see something, say something. Keeping quiet, even if you avoid falling prey, allows the scammers to aim at another target.

    Perhaps you’ve received a suspicious link in an email? Or maybe a strange text message that you haven’t clicked on. Fortunately, there are many organizations out there that have launched efforts aimed at reducing the threat that they pose. In general, these organizations put scam websites on the radar by collecting and sharing information about them. In some cases, they prompt an investigation into the scammers behind the sites.

    Related: Learn How to Protect Your Business From Cybercrime

    It’s free to report a suspicious website you’ve encountered, and it takes just a minute. Here are eight ways you can report a suspected scam website to stop cyber criminals and protect yourself and others online.

    1. The Internet Crime Complaint Center

    The IC3, as it is known, is an office of the FBI that receives complaints from those who have been the victims of internet-related crime. The IC3 defines the internet crimes that it addresses to include illegal activity involving websites. Complaints filed with the IC3 are reviewed and researched by trained FBI analysts.

    2. Cybersecurity and Infrastructure Security Agency

    CISA, which is an agency of the U.S. Department of Homeland Security, targets a wide range of malicious cyber activity. It specifically requests reports on phishing activity utilizing fraudulent websites. Information provided to CISA is shared with the Anti-Phishing Working Group, a non-profit focused on reducing the impact of phishing-related fraud around the world.

    3. econsumer.gov

    The econsumer.gov site, run by the International Consumer Protection and Enforcement Network, is for reporting international scams. It is supported by consumer protection agencies and related offices in more than 65 countries. A secure version of their site is used by law enforcement agencies to share info on scams.

    4. Google Safe Browsing

    While Google does not have a mechanism for reporting all varieties of website scams, there is a form for reporting sites that are suspected of being used to carry out phishing. Reports made via the form are managed by Google’s Safe Browsing team. Google’s Transparency Report provides information on the sites that it has determined to be “currently dangerous to visit.”

    Related: Is That Instagram Email a Phishing Attack? Now You Can Find Out.

    5. PhishTank

    This service was founded by Cisco Talos Intelligence Group to “pour sunshine on some of the dark alleys of the Internet.” Phishtank includes an ever-growing list of URLs reported as being involved in phishing scams. To date, it has received more than 7.5 million reports of potential phishing sites. It says that more than 100,000 of the sites are still online.

    Related: 6 Ways Better Business Bureau Accreditation Can Boost Your Business

    6. Antivirus Apps

    Antivirus providers such as Norton, Kaspersky, and McAfee have forms that can be used to identify pages that users feel should be blocked. Scam sites would definitely fall under that category. With some antivirus platforms, reporting forms can only be accessed by registered users. Norton’s is open to anyone.

    7. Web host

    There is a chance that the DNS service hosting the scam site will take action to shut it down. There are a variety of online resources that can help you to find the DNS of a particular site. Once you identify it, send a message to their customer service reporting the site in question and the experience that you had.

    8. Share your experience on social media

    This is actually more like sounding an alarm than filing a report, but it might protect one of your connections who stumbles upon the same site or is targeted by the same type of scam. At the very least, it could draw attention to the fact that scam sites affect real people. A post on Facebook about a close call you had with a scam might better equip your network to avoid any dangerous entanglements. If it does, they’ll thank you.

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    Jay Feldman, DO

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  • The FTX Ponzi: Uncovering The Largest Fraud In Crypto History

    The FTX Ponzi: Uncovering The Largest Fraud In Crypto History

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    The below is an excerpt from the Bitcoin Magazine Pro report on the rise and fall of FTX. To read and download the entire 30-page report, follow this link.

    The Beginnings

    Where did it all start for Sam Bankman-Fried? As the story goes, Bankman-Fried, a former international ETF trader at Jane Street Capital, stumbled upon the nascent bitcoin/cryptocurrency markets in 2017 and was shocked at the amount of “risk-free” arbitrage opportunity that existed.

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    Dylan LeClair And Sam Rule

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  • How Businesses Can Combat Fraud and Increase Efficiency

    How Businesses Can Combat Fraud and Increase Efficiency

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    Opinions expressed by Entrepreneur contributors are their own.

    “There is no kind of dishonesty into which otherwise good people more easily and frequently fall than that of defrauding the government.”

    These words of wisdom from Benjamin Franklin have, unfortunately, proven timeless. People have been defrauding the government for centuries, but last month, the US hit an estimated $45 billion in COVID-19-related unemployment fraud. Now the government starts the long, costly and inefficient process of recouping the money, conducting investigations and punishing those responsible. This process is often called the “pay and chase” model.

    With all that fraud, it can be challenging for government agencies and private companies to separate the wheat from the chaff (or, in this case, the fraud from the noise). For example, is a person calling your call center with a device you haven’t seen before actually an existing customer with a new phone or someone attempting to take over an account?

    These issues create room for inefficiencies and cost companies huge operational sums when they cannot tell the difference. But, going too heavy with stricter verification that may dampen the customer experience is also something you have to avoid. The good news is it’s possible to identify fraudulent activity with modern technology better and thus increase efficiency.

    Related: The Government Is Not Immune to Account-Takeover Fraud, and That Could Be Trouble for You and Me

    Modern fraud and its noisy neighbor

    At its core, the focus of fraudsters has remained on tricking people into giving access to as much money or data as possible. It’s nothing new; the term “con man” was likely coined in the 1800s. Whether it’s Bill Starbuck’s “The Rain Song” from the musical 110 in the Shade, where the charismatic con man convinces townspeople to give him money to make it rain and end a drought, or someone calling your grandmother and pretending to be a government agency, fraud has always been, and always will be.

    Our ability to close fraud loopholes is improving. Still, fraudsters are constantly creating new schemes, and technology continues to enable them to get better at fooling us and covering their tracks. This requires businesses and the government to react to new trends quickly; the best defense against fraud is to be aware of the techniques, remain on guard and educate consumers to do the same. All the while, businesses and governments must walk a tightrope between restricting freedoms too much and being purely reactive to crime.

    The public and private sectors utilize call centers for customer account issues and require telephonic calls for some account actions. Unfortunately, these call centers are very susceptible to fraud. The time customer service reps spend trying to distinguish between fraud and noise (i.e., the legitimate calls that get flagged as fraud) distracts from more critical business and carries high costs.

    For example, in the financial services industry, the cost of fraud to businesses is $4 for every $1 of actual fraud. That means, on average, if a person defrauds $1,000 from a company, that business’s related costs will be $4,000. And this figure doesn’t include additional costs incurred if a fraudster secures enough information on their first attempt to follow up with more attempts on the same business or its clients, nor the cost of reputational damage post-attack.

    One of the big problems, though, is that fraud and noise can often seem similar. For instance, imagine you broke your cell phone and got a new one. When you try to access your bank account from your new phone, your account gets flagged because it doesn’t recognize the device. Now, you have to call to unlock your account, and your bank needs to spend resources confirming your identity. This protects the consumer and the bank but introduces inefficiency for both parties.

    Related: How to Identity Proof in an Increasingly Virtualized World

    So, what’s an agency to do?

    Is there a solution? Modern identity proofing continues to progress in leaps and bounds. The technology exists now to implement much better identity proofing that’s device-agnostic and uses powerful, behind-the-scenes algorithms to prove a customer’s identity — often without them even realizing what’s going on. Artificial intelligence (AI) helps us use data points across the web to calculate the risk associated with a person or caller and create a dynamic risk profile. Then, based on their risk level, they may be required to complete additional automated steps to log in to their account or conduct business.

    There are more straightforward steps, as well. For example, impersonating the dead has long been a lucrative tactic for fraudsters. Years ago, criminals even got hold of the Social Security Administration’s (SSA) Death Master File, a restricted record with millions of people to impersonate. One of the first steps a company can take during the account creation process is to check the Death Master File. Every time a person initiates a request for money with an agency, a quick screening can be done to ensure the person requesting a payment from the government is not a dead person. That would be a sure sign something’s amiss.

    Of course, there’s no end to the trickery. Recently, I watched in real-time as a phone-based scam targeted my stepmother. She received a text that appeared to be from a friend saying her email had been the target of a scam, and my stepmom should call a particular number to make sure hers hadn’t also been compromised. I had to explain that it wasn’t her friend texting but someone using her friend’s number.

    Older people are especially susceptible to fraud like this, but scammers have discovered impersonating a government agency or some entity with authority is a winner. If we get a call saying we’re in trouble with a government entity, will we ignore it? Probably not — many of us will do exactly what they say.

    Related: How Technology Can Improve CX for Government Services

    A continuous process

    We aren’t going to be able to screen out fraud completely. But we can get better at thwarting it, saving operational dollars and resources and providing good customer experiences. The greatest vulnerability in any system is usually the humans using it, so implementing more automated identity-proofing and anti-scam tools can help bridge the gap. We can build efficiency into our systems by keeping up with the latest scam trends and implementing adequate technical controls to stop them.

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    Scott Straub

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  • New Survey Reveals 73% of Internet Users Are Targeted by Scammers

    New Survey Reveals 73% of Internet Users Are Targeted by Scammers

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    Though 48% of the respondents admit to have fallen for a scam; 74% of consumers still think they can recognize scams before it is too late.

    Press Release
    –

    Oct 27, 2022 13:30 CEST


    AMSTERDAM, October 27, 2022 (Newswire.com)
    –
    According to research conducted by The Global Anti Scam Alliance and ScamAdviser of 3,500+ internet users, 73% of respondents are either sure or think that they have been exposed to a scam last year.

    74% believe they can recognize scams; 48% fell for them

    Similarly, this year’s survey has found a small increase of 3 percent, from 71% to 74%, of respondents that claim they can confidently identify a scam. In spite of this, however, 48% of respondents still fell for a scam. It is worth noting that this figure also bodes well for internet users given that in the previous year the reported figure was 67%, thereby illustrating a 19% improvement in victimization from the previous year.

    Investment & Crypto Scams are the most reported

    The types of scams that internet users were confronted with in the past year have notably changed, with cryptocurrency (28%) being the most popular, followed by unexpected promises of money (22%) and phishing (22%). In terms of the frequency of exposure, the results from the two surveys were notably similar with reported figures of 43% and 42% respectively in 2022 and 2021.

    Consumers still rely on outdated methods to check for scams

    In terms of how internet users check the safety of websites, unsafe methods such as “checking for an SSL certificate” have increased from 5% to 12% whilst checking for reviews has declined from 41% to 26%. This might serve as an indicator that internet users are putting less faith in online reviews given the increasing problem of fake reviews. 

    Consumers report scams less; especially to the police

    In terms of where internet users report their negative online experiences there has been a drop in the use of review websites from 21% to 15% and reporting to the national police remains the least popular option at 6%. 

    Furthermore, 46% of respondents choose not to report scams with the most popular reason being that they do not know who to report to (25%), that the process seems too complicated (17%), and general apathy in terms of their opinion that reporting victimization would not in their eyes make a difference (14%).

    Lastly, one of our most significant findings is that the respondents still rate police and government efforts in combatting scams as poor. In fact, this figure has increased from 64% in 2021 to 72% in 2022. 

    On the 9th and 10th of November, GASA will organize the Global Anti Scam Summit to identify new solutions to fight the rise of scams. 

    The report Why do Consumers get Scammed can be downloaded here. 

    Contact: jorij.abraham@gasa.org 

    Source: Global Anti Scam Alliance

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  • Want to Get Verified on Instagram? Don’t Fall For These 3 Verification Scams

    Want to Get Verified on Instagram? Don’t Fall For These 3 Verification Scams

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    Opinions expressed by Entrepreneur contributors are their own.

    Whether you’re a thought leader, influencer or entrepreneur, you probably have “get verified on Instagram” on your to-do list. And you should. The coveted blue check mark is valuable for any business leader, but especially for those whose work relies on having a positive public persona.

    Not only does the check mark put you in an elite group — less than 5% of Instagram accounts are granted a verified status — but it also protects you from imposters hijacking your online presence. Which of the dozens of Ryan Reynolds’ Instagram accounts is the real one? The one with the blue check mark.

    So, how do you get verified on Instagram? There are those who would tell you that the process is easy and requires only a little bit of time, a few forms and some money. Don’t believe them. Those people are scammers who are trying to get access to your private information or take your money.

    As Instagram explains on its website, verification is something that is offered to those who “represent a well-known, highly searched-for person, brand or entity.” If that does not describe you or your brand, you should be suspicious of anyone who offers you an easy path to getting a blue check mark.

    Here are three common Instagram verification scams you should be careful to avoid.

    Related: Is That Instagram Email a Phishing Attack? Now You Can Find Out.

    1. Don’t trust an invitation to apply

    If you are a well-known person or represent a well-known brand, you can apply on your own to be considered for verification. Once you apply, you should expect a response within 30 days. What you should not expect is that Instagram will reach out to you to let you know that you are eligible for verification if you have not applied for that status.

    A recent Instagram verification scam lured people in through email messages saying they were eligible for the blue check mark. The next step, according to the email, was to supply the email address associated with the account and the password.

    This scam utilizes a strategy commonly known as phishing, in which bad actors hope to entice someone to provide them with private information by offering them something of value. The information phished for can include usernames, passwords, bank account numbers, social security numbers and more. Once the information is obtained, the account can be hacked to obtain more information, use it for illegitimate purposes, and even lock the genuine account owner out in some cases.

    This Instagram phishing scam walked its victims through a series of forms that gathered information, all with the promise that it would result in obtaining the blue check mark. The fact that the forms were hosted on “instagramforbusiness.info,” rather than the company’s “instagram.com” site, was a telltale sign that it was not a legitimate process.

    Related: Why Having a Personal Brand Is Crucial to Making Money Online (and How to Build Yours)

    2. Don’t trust a message saying that you have been pre-approved

    Another phishing scam goes a step further by informing the target that they have already been approved and only need to click on a link to claim their check mark. Instagram will not approve you for verification on its own initiative. Even if you have applied for verification, this type of message should still be viewed as suspicious.

    Instagram says on its website that it will inform applicants that they have been approved for verification through a notification that will appear in the Activity tab in the Instagram app. It expressly states that it will never “reach out to ask you to confirm your verification.”

    When an email message seems suspicious, reviewing the originating address is one way to quickly reveal fraud. An example of an Instagram verification scam uncovered in early 2022 involved targets receiving messages from “info@business-objectionchannel.com” that promised verification. Some sleuthing revealed that the domain name “business-objectionchannel.com” had been recently registered.

    Related: Instagram’s Verification Self-Submission Form Update Allows for a More Complete Verification Request

    3. Don’t trust a promise to deliver verification for a fee

    Because Instagram’s verification is not something that can be purchased, any offer to provide verification in exchange for a fee, regardless of the dollar amount, will almost certainly be a scam. This is especially true when the offer requires only a fee and no other information.

    An Instagram verification scam uncovered in South Florida in 2021 not only promised verification for as little as $50 but also provided victims with screenshots that showed message exchanges between the scammers and local celebrities who used the service. The messages were later discovered to be fabricated. Those who paid for the service did not get what they were promised.

    However, there are legitimate businesses, such as public relations firms, that can help get their clients verified on Instagram and other social media platforms for a fee. The distinction with those businesses is that they first help their clients to become notable through media appearances, thus making them eligible for verification.

    Overall, it is important to remember that verification — on Instagram and other social media platforms — serves the purpose of authenticating notable accounts. In other words, it is the way Instagram helps its users to connect with the true Ryan Reynolds. As such, it is not something that is easy to obtain.

    For entrepreneurs, thought leaders and influencers, achieving a blue checkmark is often seen as something that can boost their credibility, even if they have not yet achieved the “notable” status that justifies verification. If that is where you are, be careful. Your desire to become verified could result in you falling victim to a scam.

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    Jay Feldman, DO

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  • 69% of Scam Victims Make No Effort to Recover Their Money

    69% of Scam Victims Make No Effort to Recover Their Money

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    Press Release
    –

    Jun 30, 2022


    AMSTERDAM, June 30, 2022 (Newswire.com)
    –
    The Global Anti Scam Alliance and ScamAdviser surveyed 2,575 consumers from across the world asking them about their experience with trying to get their money back from scammers. 

    Curiously, most of the victims have reported being from Asia (39%) and Africa (32%). This goes to show that not only do several scams originate in those places, but scammers may be victimizing more people domestically than internationally.

    Most money is lost to Investment Scams

    Investment scams (40%) seem to be the most common scams that consumers are getting trapped in. This is followed by Shopping Scams (15%), Money Recovery Scams (13%), and Job Scams (10%). Consumers are also losing money to Subscription Scams (7%), Romance Scams (5%) and Phishing (4%).

    Individual losses are not large but seriously impact victims

    Most of the survey participants lost less than $100 (32%). 11% lost a huge sum of money ($5,000 to $10,000) and 7% did not lose any money. However, 66% said that getting scammed had a significant negative impact on their finances.

    Victims lost money majorly through Cryptocurrency

    The payment methods most favored by scammers are Cryptocurrency (29.8%) and bank transfer (21.1%). Scammers also favor Credit Card (12.4%) and Electronic Money Transfer (11.9%).

    68.8% of the victims did not try to get their money back

    Not only did most victims not try to recover their funds, but it was also further reported that 66.1% of the victims who tried to recover their money failed to get it back.

    Even those who recovered their money were not always able to get the entire amount back as 14.4% said that they only got a partial refund. It is interesting to note, however, that more consumers were successful at getting a full refund (19.4%) than a partial refund (14.4%).

    Most victims do not know how to get their money back

    The main reason cited for not attempting to get a refund is that the victim did not know how to get their money back. A considerable portion also said that they did not try to recover the money as they did not think they would get it back even after trying (31.5%). 

    Victims first approach the scammer for a refund

    Among the consumers who did try to get their money back, they did so by approaching the scammer (31.9%) and their bank (28.3%). 16.7% approached the crypto exchange while 10.7% sought the help of money recovery services. Only 7.7% reported it to law enforcement. 3.4% tried taking legal action.

    40.1% agreed that getting money back from the scammer was easy

    On the brighter side, only 39% disagreed that it was easy to recover their money after being scammed.

    The full article and report can be downloaded from GASA.org and ScamAdviser. Contact: jorij.abraham@gasa.org.

    Source: Global Anti Scam Alliance

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  • Global Anti Scam Alliance Survey Reveals 25% of Dating Users Report Being Scammed

    Global Anti Scam Alliance Survey Reveals 25% of Dating Users Report Being Scammed

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    Press Release
    –

    Feb 10, 2022


    AMSTERDAM, February 10, 2022 (Newswire.com)
    –
    Every year as Valentine’s Day approaches, many singles reflect on their relationship status and try to look for love. Most end up searching for companionship or love online. There are estimated to be more than 270 million dating app users globally. The Global Anti Scam Alliance and ScamAdviser conducted a survey that reveals that a shockingly large number of users of dating sites and apps end up falling victim to various scams.

    25% of the participants lost money in a dating scam

    1,829 participants from 140 countries answered the survey of the Global Anti Scam Alliance and ScamAdviser. A staggering 25% of them reported having lost money in a dating scam. The median amount lost was $200 and the highest amount lost was over $1.2 million. Men lose on average three times as much as women. The most named dating scams are extortion scams, investment scams, fake profiles, and unexpected requests for money.

    On average, participants used three different dating sites or apps

    The participants report having used three dating sites or apps on average within the last 12 months. No single dating app or social media channel was named more than five times by the participants. It seems that there is no dating platform that is free from the risk of getting scammed.

    Most participants are only moderately happy with their online dating experience

    31% of the participants reported being unhappy with their online dating experience, while 32% said that they are moderately happy. 12% were happy and 25% were very happy. 

    Surprisingly, the Corona pandemic did not have a huge effect on the use of dating sites and apps, according to the participants. 36% reported using dating apps less while the same percentage stated using dating sites more.

    Do men get scammed for sex; women for love?

    42% of the participants visit dating sites with one reason in mind. The prejudice that male data for sex and women for love is not entirely true. 58% of the participants have several goals in mind when dating online, looking for company is named most, followed by a search for sex, or a life partner. 

    27% of the participants reported being confronted with fake profiles

    The most named problem was that many of the profiles on dating sites are fake with 27% of the participants saying that they encountered fake profiles. The second most listed issue was that they unexpectedly had to pay money to contact or chat. 40% did not encounter any issues.

    37% did not report the scam at all

    While only 7% of all scams are reported, this is not the case for dating scams. A third of the dating scams went unreported. Those who did report the scam reported it mainly to the dating site or app or to the social media platform used. 

    The complete report can be downloaded at https://www.scamadviser.com/scam-reports/research-reports/4480/1-out-of-4-users-of-dating-platforms-report-being-scammed

    Press contact: jorij.abraham@gasa.org

    Source: Global Anti Scam Alliance

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