Many of the studies regarding Scams are ten years old, but increasing level of scams ensures that Scammers now have invented other ways to do the same. A report by Better Business Bureau shows that the number of people getting tricked is increasing and identifying a Fraud is becoming harder. Know How to Trick the Scammer while staying in the US.
Finra foundation took a survey which showed that Scams related to investment were more prominent even though they are educated. Nowadays scammers don’t hit on victim’s lack of judgment; he directly hit on his Achilles heel. Emotional connection is the weakest link, and that is targeted by scammers to do the fraud.
Non- Legalize Online transactions are more vulnerable to Frauds–
Cryptocurrency investors were the first one to notice the Frauds related to investment. These non-legalise transactions are more subjected to scams. A study by Wall Street Journal in 2018 showed that out of 1450 coins 271 coins were subjected to frauds. In some cases, the study found that the scammers had forged the documents and in some imaginary returns or profits being offered.
Frauds have put immense pressure on the investors to take responsibility for all transactions made by them and to check them with due diligence.
Securities and Exchange Commission is on the mission to educate the investors-
With the presence of fake coins in the market Securities and Exchange Commission took steps to inform investors of the difference between counterfeit and original coins. To make this possible commission has introduced counterfeit coins.
All the investors have been advised to take all the possible cautions for the investment and to adopt financing with whitepapers.
Getting scammed is as easy as transferring money to a friend through trusted Channels-
Firstly Investing in Cryptocurrency is such a taboo and frauds in investment is just making the investment in virtual currency impossible.
A Mobile App Venmo reported an increase in the number of Payment Frauds. Hackers make the illegal site seems legal, and with every transaction taking place, they copy the account details and use the details to take out the money from the account. Hackers too can steal money from the Credit Cards.
To prevent the payment frauds every App and bank suggest people set a unique PIN for the transaction which could only be seen by the real owner of the account.
Reverse Google Image Search to identifying the actual receiver of the payment-Romance Scam
Romance Scams are on the rise these days this involves an emotional connection between the victim and the scammer. Scott Brown of the Investigation team said these kinds of scams are underreported.
To tackle this type of scam one can use Reverse Google image search tool. This tool is not 100% correct but at least beneficial in recognizing the Scammer.
Scammers too have reached the borders of the US Army and the person who are working abroad-
The US army has given Guidelines if any of the military members suspect that someone hacked or tried to impersonate the military person but the payment method, in this case, is physical and quick or some payments are being made through some channels making them more valid.
General advice for the Victims to Adopt to Tackle the Fraud-
- First is to report the Fraud and that too an authorized person or department.
- Secondly, if you are a victim of fraud then do change your account password and all other PINs related to the account.
- Check your insurance policy to rectify the damage.
Checking all the points mentioned above helps the victim and department to take actions quickly. Credit score and investment check will help you identify if there is any weak link which can expose your transaction to the Scammer.