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Don’t Lose Your Fortune On These 4 Techniques That Fraud Artists Use

FRAUDS
SCAMMERS
PHONIES
CON ARTISTS
IMPERSONATORS

All these people share one mission: to use different techniques in order to acquire your hard-earned money. Here are some of the methods that you must watch out for:

1. FAKE CHECKS

Fraud artists employ diverse types of scams in order to get substantial amount of money or to get what they want. One of the most common type of scams is the “fake cheque or check”. Fake check occurs when the artist curates counterfeit checks that seem legitimate. From watermarks to routing numbers, these comprehensive checks can fool the novice eye easily!

Artists use these checks to deposit money to their temporary bank accounts or to pay for a company’s products or services. This is why you must be vigilant when accepting checks. The first step to ensure that the bank or the institution that issued the checks really exists.

Prevention: You do not want to fall prey to checks that are not genuinely from DBS. Is that watermark really pertain to the Development Bank of Singapore or is it from the institution called Doing Bountiful Scams?

2. FAKE BANK EMAILS

Transacting or sending funds online can be convenient but, it can make you vulnerable. I am not completely discouraging online funds transfer or remittance services. Singapore is the most secure Asian country for data privacy after all. According to a recent survey by Artmotion, our nation received a relatively low risk score of 1.9%. It was even ahead of other powerful nations such as USA and UK.

What I am telling you is that providing information for your online activities can put your identity and your wealth at risk.

Prevention: Avoid this by being cautious at all times. For instance, no financial institution will ask for your sensitive information directly thru email. Providing information for your online activities can put your identity and your wealth at risk. To avoid this, you must be informed and cautious at all times.

3. FAKE CUSTOMER SERVICE NUMBERS

Whenever I am in urgent need of professional help at home (e.g., plumber, technician, or locksmith), I immediately search for the service numbers online. You cannot blame me! This is the most convenient and quickest method that most people utilize. Scammers noticed this trend and created a scam called the “fake customer service numbers”.

Believe it or not, some people can receive messages online without a handphone or fake the contact numbers itself. Fraud artists purchase contact numbers that are similar or close to the authentic customer service numbers used by several financial institutions.

They buy the advertisement slots on the top of the search engines in order for the fake number to appear first. It is a such a clever tactic, to say the least. Clients who are in a rush can get trapped by these familiar looking numbers. Imagine the impact if these clients divulge sensitive information such as their credit card details!

Prevention: Proceed to the official website and use the customer service hotlines that are displayed there. Or, you may use the numbers written at the back of your credit card.

4. FAKE APP UPDATES

What do Instagram, Messenger, WhatsApp, and Snapchat have in common? They are quite addicting and most Singaporeans are hooked the moment that they were released. So when a new update such as Instagram stories comes along, people are quick to tap the necessary buttons.

Fraud artists can send blast emails that target the said app’s users. Enclosed in this email is a link or a button that directs the users to the pseudo update. Everything looks legitimate in its face value. However, the redirection includes a malware attack to your system. The malware that you downloaded may copy your all your passwords and personal details including your bank accounts. The attack is vicious and fast-acting!

Prevention: Developers seldom send you updates thru email. Updates are usually prompted in the application store or in the app itself. When you receive spams like the ones mentioned above, please confirm with the official customer service hotline first.

Image Credits: pixabay.com

Next time you encounter tricky circumstances, it is up to you to outsmart the fraud artists!

Sources: 1, 2, & 3

Don’t Be Fooled By The Con: 5 Ways To Avoid Rip-Offs

With the technological advances in this day and age, scammers are becoming more sophisticated and effective. But, no matter how charismatic and persuasive a con artist can be, you can avoid losing money by following these 5 ways:

1. DO NOT GIVE YOUR BANK DETAILS OVER THE PHONE

Most of the phones today have caller ID that shows you the number of the person or the company on the other end of the line. If you do not recognize the number or the caller and he or she asked you for your valued bank details, say you will call back. Wait for a few minutes then, try to call the number again to access the validity of the caller.

It is better to not give any sensitive details over the phone, unless if you initiated the call. Simply, if you do not recognize the caller’s number and the area code is not +65 (Singapore’s area code) then, it is most likely a scam.

2. BE CAREFUL WITH THE LINKS

To avoid downloading virus or other malware, only open attachments and links that were given by your friends, family, partners, and clients.

Apply this rule for emails and social media messaging. For instance, there was a scam that used a fake Facebook game based on the popular “Twilight” series to gather the personal information of the Twilight fans.

3. BE CAREFUL WITH YOUR EMAILS

There are three “Don’ts” that you must follow to avoid becoming the target of an online scam:

a. Do not provide your personal email address freely.
b. Do not respond to emails that are asking for your personal information.
c. Do not answer emails whose senders are unknown.

Image Credits: Wikiphoto (Creative Commons License)

4. KEEP AN EYE ON YOUR DEBIT AND CREDIT CARD REPORTS

If someone else assumes your identity or steals your wealth, a good way to find evidence of the crime is by checking your credit card statements. I am sure that most of the banks have online banking now so, you will have the convenience to track your spendings anytime and anywhere. Report any suspicious activity to your bank right away.

Aside from credit card fraud, you can lose more money if you are a victim of debit card fraud. Since your debit card is connected directly to your savings, losses can be more extensive. And, money will be harder to recover. This is why you must check your account frequently and be vigilant of the people who stand close to you while you are using your debit card.

5. DO NOT BE AFRAID TO DISCUSS WITH OTHERS

Con artists seek those individuals who are perceived as solitary, trusting, and gullible. If an opportunity (e.g., a new business venture or a new insurance scheme) arrives at your doorstep, do not hesitate to ask for more time to think things through.

Before making a huge decision, it is important to consider the situation and the consequences carefully. Tell the agent or the potential con artist this: “I will discuss this with my lawyer and my partner. After which, I will get back to you.”

Sources: 1 & 2

Handphone Scams Are Soaring; Here’s What You Must Do

As shopping and payment transactions can be smoothly done through the power of your fingertips, about S$443 billion were spent in 2014’s mobile transactions – all over the world. But while digital wallets increase in popularity, so does the risk of scams.

What are handphone or mobile phone scams anyway? Handphone scams involve a variety of dishonest tactics, such as persuading you to buy a non-existent product or making you sign up to expensive subscription services, that are done for the scammer’s own profit.

According to Scams Singapore, a blog dedicated to identify and relay information about the existing frauds, common handphone scams occur when an unknown number contacts you and tells you to collect your prize or to pay for your kidnapped relative. With innovative ways to communicate and connect, the risk of scams rises. This is why it is important to stay vigilant and take preventative steps such as these:

1. PICKING PASSWORDS

When deciding which password you can use for your phone, do not choose the common ones such as 1234, 1111, or 0000. Also, you must change as often as possible.

For your mobile banking, maximize the use of your privacy settings by using two-factor authentication. Furthermore, do not make the security questions easy to answer because the scammers can just access your social media accounts.

2. OPENING ATTACHMENTS

To avoid downloading virus or other malware, only open attachments that were given by your friends, family, partners, and clients. Avoid phishing messages (i.e., when an unknown number asks for your bank account details). Simply, if you do not recognize the sender’s number and the area code is not +65 (i.e., Singapore’s area code) then, it is most likely a scam.

Image Credits: Antti Kultanen via Flickr with Creative Commons

3. DOWNLOADING APPS

When downloading Smartphone Apps, opt for the Apps that are available on the official retailers such as the iTunes or Google Play stores. Otherwise, there is a possibility of downloading bugs, virus or other malware. Downloading a tracking App for your devices is helpful in case you get robbed.

Sources: 1, 2, & 3

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