When it comes to scams someone will always take the bait, unfortunately, which is why scamming continues to be a widespread scourge. Added to that with the advancement of technology, every time you log onto your smartphone, computer or open an e-mail, you’re at risk of being exposed to cyber-crime.
Like Phishing and Fraud Scams. It’s methods of deceitfully obtaining personal information. Such as passwords, identity numbers and credit card details by calling, sending emails or cellphone messages that look like they come from trusted sources, such as banks or legitimate companies.
And they can involve huge sums of money that’s being scammed. A report issued in 2017 by cyber security firm Norton reveals just how huge. Globally, 978 million consumers were affected by cyber-crime with losses totalling $172 billion.
Typically, these emails or cellphone messages request that users click on a link in the email, which will direct users to a spoofed website. A site designed to fool users into thinking that it’s legitimate to obtain, verify or update contact details or other sensitive financial information.
Of those that are involved in internet transactions whether you’d be purchasing items from the Internet or given banking details to deposit the money. These emails and messages also contain a telephone number and contact person whom you should call. Then as soon as the money is deposited, the suspect’s cellphone will be switched off or disconnected.
It’s easy enough to see why phishing is on the rise: large sums of money change hands and there are several potential weak links in the transaction process. Compromising any one of those with a successful phish of account details can give an attacker access to a trusted email address.
According to the South African Banking Risk Information Centre (Sabric), South Africa has the third highest number of cyber-crime victims in the world, which results in a loss of about R2.2 billion each year.
