2024 Fraud Alert: Top Scams to Watch Out For & Prevention Tips
- Vrinda Mathur
- Feb 13, 2024
As in recent years, many of the hottest frauds in 2024 will most likely be variations of tried-and-true scams. Scammers and fraudsters are likely to use new technology and emotions around upcoming significant events to trick and scare people. However, scammers will always have the same goal: to obtain your personal information or money.
Learning about the latest advancements should help you keep one step ahead. We will also dig deep in this blog with some of the top 2024 Online Scams to avoid.
Brief Introduction
A scam is any fraudulent company or technique that steals money or other things from an unsuspecting victim. With the globe becoming more linked thanks to the Internet, online frauds have risen, and it's often up to you to assist keep people safe.
Artificial intelligence algorithms and advanced technology are making it more difficult for customers to detect scams.
Fraud cost US customers more than $7 billion in the first three quarters of 2023, according to the Federal Trade Commission. These values are up 5% from the same period in 2022
"Fraud is a crisis in this country," said Kathy Stokes, AARP's head of fraud prevention programmes. These types of crimes may be committed by organized gangs or transnational criminal companies with staff who follow predetermined scripts to lure victims. "They have the money, the time, and the playbook to get you in that heightened emotional state," Stokes explained. “It's us vs them”.
Why do consumers fall for these scams
To investigate customer susceptibility to mass-market frauds For example, several of them used a known brand name, such as Marriott or Costco, to boost their credibility and "authority." Scammers frequently employ persuasive strategies, such as pretending to be a reputable firm and using local area numbers to create familiarity. Or they use time-sensitive claims to boost incentive. Some of the letters we evaluated were highly vivid, with graphics of money, awards, and previous "winners." Others were far more businesslike and used legal-sounding text to generate an air of respectability. We have listed some of the major psychological reasons why people get taken for a ride
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You clawed my back.
Beware of the reciprocity principle. If someone does something for us, we feel obligated to do something for them. Scammers employ "imposed indebtedness" to compel their victims to take foolish actions. For example, someone offering you an exclusive opportunity to invest your money can be perceived to be doing you a benefit.
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Accumulated knowledge pays off.
First and foremost, many schemes have been around for a long time, thus there is a kind of accumulated knowledge that is passed down to the "next generation" of tricksters. The tried-and-true strategies and identities are frequently methodically constructed, and many phishing emails are designed so that you don't realise anything is wrong - at first sight, at least.
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We are in a rush.
Scammers put pressure on you to act immediately; they do not want you to think things through. A prize will be available for a short time, and a bill will be due on the same day, to mention a few instances of situations in which you will be hurried to act. You might then simply pull the trigger without examining the whole picture or verifying whether the communication is real. Remember to pause and ponder before making any judgments.
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Little steps.
People want to think of themselves as consistent and dedicated individuals. If we say we're going to do something, we usually do it, because failing to do so can harm our often delicate self-esteem.
Fraudsters take advantage of this by convincing us to take small steps that eventually develop in nature. For example, by just asking people to answer their "trivial" queries (how are you today?), the fraudster is tricking their target into believing that they are glad to converse with this unknown person.
Also Read | 10 Ways to Avoid Phishing
Top Scams in 2024
The FTC reported 1.4 million identity theft instances in 2023, and 2024 appears to be no different. The top scams of 2024 exhibit a worrying combination of innovation and deception, ranging from complex cyber schemes to elaborate real-world con jobs. Given the ubiquity of these frauds, it's critical to be informed of scam patterns and how to avoid them.
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Identity Theft, Phishing, and Pharming
Typically, a fraudster sends an email, texts you, or contacts you and appears to be an organization, company, or someone you trust. Scammers acquire access to your private information, such as your social security number and date of birth, and then use it to apply for credit cards, loans, and financial accounts. Typically, the victim receives an email claiming to be from a legitimate bank or credit card business, with links to a website and a request to update account information. However, the website and email are forgeries, designed to resemble the genuine website. Here's a current example: the PayPal "your account has been limited" fraud.
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Grandparent scams
Many fraud schemes begin with exploiting people's emotions by focusing on personal ties and appearing as someone they care about.
With advancements in technology, the grandparent scam is becoming a more dangerous variant of impostor schemes. Thieves can record your voice and then create an imitation version that they can use to impersonate you.
Fraudsters may contact and claim to be a family member in dire danger — for example, that they have been arrested or are seriously ill — and urgently require money. Fraudsters frequently try to isolate their victims by concocting some reason the victim cannot consult with friends, family or law enforcement, such as saying the case is under a “gag order.
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Debt Collection
The majority of complaints in this category involve debt collectors. Consumers report receiving calls from abusive collectors who threaten and phone repeatedly in an attempt to collect a debt. Other complaints in this area were credit/debit card fees, payday loans, credit repair businesses, and unauthorized use of credit/debit cards. Some of these complaints mentioned hidden costs and billing issues.
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Fake Prizes, Sweepstakes, Free Gifts, Lottery Scams
You receive an email informing you that you have won a prize, lottery, or gift and that all you have to do to collect it is pay a "small charge" or cover "processing costs." These include frauds that use the name of legitimate lotteries such as the UK National Lottery and the El Gordo Spanish lottery. Unsolicited emails or phone calls inform consumers that they are being entered or have already been entered into a prize draw. Later, they receive a call congratulating them on winning a large sum of money in a national lottery.
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Cryptocurrency scams
According to the FTC, investment-related frauds are the most costly sort of financial crime, with total losses exceeding $3.8 billion in 2022. The median loss was $5,000.
Scammers employ cryptocurrencies because they lack the same legal protections as credit or debit cards, and payments are typically non-reversible. Crypto plays an important role in investment schemes in two ways: it can be both the investment and the non-reversible payments.
Also Read | All you should know about Cryptocurrency Phishing
Summing Up
To summarize, while the digital age provides many benefits and opportunities, it also opens the door to new forms of fraud and deception. By remaining aware, careful, and proactive in our approach to security, we may better protect ourselves and our communities from the top ten scams of 2024. Remember that attention and awareness are essential in the fight against these constantly emerging threats.
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