Protect your wallet: Learn to outsmart social media scams
In a world revolving around attention economy, we have all become commodities for online advertising. Hackers and scammers have learnt how to jump on the bandwagon to get their own piece of the pie.
We have previously tackled the subject of cyber criminals using online employment scams. They do this to trick unaware job seekers or those looking for a salary increase.
Scammers are now using social media platforms to attract people’s desire. They do this by promising either quick money or make you think you can win large amounts of it.
The Crypto Craze Hack
Crypto scams are like other attacks, but cyber criminals are usually after your crypto assets rather than your cash.
Some of the tactics hackers have employed include luring investors to purchase new-on-the-market crypto assets. These would not be high in value as these scammers claim they are.
Once you invest in this new crypto, the price immediately collapses. This would leave you and the other victims with far less assets under your belt.
SIM-swapping is also another popular method used by crypto scammers. This occurs when a hacker gets access to a copy of your SIM card and gains access to all your phone’s data.
Other crypto scams involve upgrade scams where hackers ask crypto holders for their private keys so they would 'upgrade the crypto platform'. Crypto scams also occur through fake crypto exchanges and fake websites.
Profit-Turning Scams
Money Flipping scams are investment scams that promise exceedingly high returns for a small capital. These have been doing the rounds on social media. Scammers share posts on social media promising victims they can make a lot of easy money once they get in contact through the post.
When the victims do reach out, scammers will ask them to add money to a prepaid debit card. Once they do this, they will unknowingly have shared their card number and PIN with the scammer.
The victims make the payment. However, the scammers will ghost them, never to contact them again. The only ones getting a high return for no capital would be the scammers themselves.
Survey and Quizzes Frauds
While there are many genuine surveys out there, scammers may create quizzes that appear legitimate at first glance. However, their aim is to obtain sensitive information.
These surveys usually request personal details like addresses, birthdates and even financial information. They may promise huge rewards or prizes to ‘bait’ their victims to divulge personal data. Scammers later utilise this data for identity theft, phishing attacks or fraud.
Lottery and Freebie Cons
Scams posing as easy giveaways are becoming abundant online. If you encounter posts saying you won €500 from your favourite clothes store, or a huge freebie, these are probably scams.
When these posts create enough engagement, scammers usually edit them. They then include a malicious link to harm devices of victims clicking on it.
Conclusion
Here are a few tips to help you steer clear of any of the social media scams mentioned above:
Be wary of high returns with no risk
Never pay upfront for prizes or investments
Do your research and do not invest in suspicious assets
Always verify the credibility of an organisation and ensure official communication
Avoid giving excessive personal information
Engage only with trusted sources
If it sounds and looks too good to be true, then it is probably a scam
