More scam and cheat schemes in 2021

by | Jan 14, 2021 | Fraud & Integrity, Miscellaneous | 0 comments

Home | More scam and cheat schemes in 2021

More scam and cheat schemes in 2021

Mobile number porting
Scammers transfer a registered mobile phone number from one telco provider to a different provider without the knowledge of the owner followed by syncing the scammer’s mobile phone with the ported number to enable receipt of incoming messages. The objective of scammers is to intercept the steps in authenticating messages from banks or from other service providers.

Ransomware and malware
Ransomware and malware hack the victim’s computer to gain access to collect personal information or to simply infect the computer’s operating system. The system freezes or locks when penetrated by ransomware and malware thus enabling the hacker to demand payment in exchange for restoring the computer’s operating system. Individuals and businesses are often the targets.

Inheritance scams
Victims are convinced into a false inheritance and tricked into parting with the inheritance or tricked into providing scammers with their bank or credit card details.

Investment scams
Scammers offers the victims a range of false financial opportunities convinced of high returns with low risk. Scammers may offer fake capital or coins, provide services as a broker, or suggest investing in overpriced software and fake trading platforms. Unwitting victims are attracted by smooth talks, professional brochures and websites.

Jobs and employment scams
Victims are tricked into up-front payment to scammers who claims to guarantee high-paying positions or get rich quick schemes.

Mobile premium services
Competitions promoted via SMS to trick recipients to subscribe to exorbitant call or text rates enabled when people reply to the unsolicited SMS.

`419’ or ‘Nigerian’ scams
Up-front payment scams or commonly known as ‘Nigerian’ scams offers the victim a share of the large sum of funds if the victim agrees to aid the scammer to transfer the funds out of the country. Also known as ‘419 scams’ with reference to the Nigerian Criminal Code. Similar scams now emanate from any country.

Online shopping scams
Scammers pretend to be authentic sellers online using fake websites or advertisements embedded on a genuine e-commerce site or social media page.

Pyramid schemes
Pyramid schemes are ‘get-rich-quick’ schemes which is high risk and illegal. People at the top of the pyramid profit from people who subscribe to the pyramid scheme membership. Pyramid scheme is considered illegal if the only means of profiting is reliant on new people signing up.

Rebate scams
Scammers impersonate a government personnel or from a utility company or a bank or any financial establishment and make contact with the victim claiming that the victim is owed money. The victim is asked for an up-front fee before rendering a larger rebate.

Remote access scams
The scammer infects the victim’s computer and then contact the victim to notify regarding the problem and then makes an offer to the victim to fix the problem. Offers ranges from convincing the victim to purchase the anti-virus software or fabricate a story saying that they work in tandem with the authorities and require to make transactions from the victim’s bank account in order to ‘trace the scammers’.

Phishing scams trick victims into divulging bank details, username, and passwords as well as credit card details. Phishing scams involves impersonating the organisation, head of departments, telecommunications providers and contact is normally established through emails, SMS, websites or even through a phone call.

Spear phishing
Spear phishing is an advanced and more accurate form of phishing scam using various techniques aimed at a specific individual or establishment to get information which will enable movement of funds to the scammer.

Travel prize scams
Holiday scams or travel prize scams trick victims into paying money to claim a ‘discounted holiday’.

Unexpected prize and lottery scams
Unexpected prize and lottery scams tricks people to pay an up-front fee before claiming a prize from a lottery they have never participated in before.

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