Richard Schueler on How Scammer can Steal Your Money

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Cybercrime has been a profitable business for swindlers since the initial days of the internet. Despite the progressions in security, such as biometrics, and promise payment trends, like the blockchain, hackers, and criminals will always be a step ahead of us. That is why it is essential to become well-informed on the common ways that scammers use to steal your hard-earned money so that one can thwart any threats before they become trouble.

Philanthropist Richard Schueler talks about ways scammers steal money:

  • Phishing scams

This is one of the oldest, and most common, scams. Phishing scams are when cybercriminals set up malicious software onto your device, after you click on a link that you get in an email or social media message, to trick you into sharing login credentials to your social network, or bank account, work account, or cloud storage provider. They might even be able to steal your health insurance or frequent flyer miles!

  • Your Computer is Infected

You are online doing your thing and then a popup occurs from a legitimate-sounding antivirus software program warning you that your computer is infected and you need to download the program. As you click on the link, the malicious software starts scanning your computer for login information. In other cases, the “software” finds a virus and promises to eliminate it for a fee. Of course, this never occurs. But, the cybercriminal has your credit card information.

  • A friend has sent an E-Card.

This is another email scam that has been around for years. Essentially, you get an E-Card in your email inbox that appears to be from a family member or friend. You open the card, which results in malicious software being downloaded and installed on your operating system. Finally, this software will start sharing private data and financial information to a deceitful server that is being controlled by cybercriminals.

Scammers are looking to steal your coronavirus relief money
  • They try to be sentimental

There are some tremendously vile people out there who will claim that they are from a charity and plead for your financial help. Even worse, they will take benefit of recent natural disasters or events so that their scam seems legit – while also tugging at your heartstrings –to obtain your cash and banking information.

  • Free trial scams

An advert endorsing a product or service welcomes you to try it out for free or for a very low cost. When you sign up, you might be signing a membership or subscription service that locks you into expensive repeat payments.

  • Sextortion

Scammers send you an intimidating email claiming your computer and webcam have been hacked and you have been recorded watching pornographic videos. They demand payment for the footage not to be released.

  • Social media scams

Fraudsters utilize social media for scams, including quizzes and phishing for your personal details. Scammers can also pose as friends asking for display ads, or money for ‘free’ vouchers and products or services claiming celebrity support.

How does the Scam work?

The scammer can already know a lot about you or the individual they are pretending to be. They might know your name, where you stay, and other information they have found on social media sites or by hacking a family member’s email. And at times they simply guess. But they always say you have to pay immediately by wiring money, paying with gift cards, or sending a money order, reloadable cards, or cryptocurrency. Some other tactics scammers use in fake emergency scams are:

  • The scammers usually include an “authority figure,” like a police officer, fake lawyer, or doctor. They think it makes them sound more persuasive, and it freights you.
  • The scammers say it is urgent and that you are the only one who can help.
  • They tell you it is essential to keep it secret. They tell you that they do not want you talking to other family members and friends and realizing it is a con.

Scammers play with your emotions. They are counting on you to act quickly to help your family or friends. And they are counting on you to pay without stopping to check out whether there is really an emergency. If you get a call like this, you can be sure this is a con.

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