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The internet has revolutionised our lives, offering convenience and connectivity at our fingertips. With the rapid adoption of digital payments in India, fraudsters have evolved their tactics, devising new scams to exploit the growing user base. Several <keyword id="20182215" type="General" weightage="20" keywordseo="online-scams" source="keywords">online scams</keyword> have been reported in India over the past few months, from the standard UPI refund scams to unbelievable scams such as the digital arrest scams. Here's a look at some prevalent online scams and how to protect yourself: <h2><keyword id="23629952" type="General" weightage="20" keywordseo="UPI-refund-scam" source="keywords">UPI refund scam</keyword></h2>UPI refund scam is one of the most common online scams these days. It involves a person sending the victim money and then claiming that it was accidentally sent. The scammer then asks the victim to refund the money, often using excuses such as emergency hospitalisations or other important expenses. If the victim refunds the money, the scammer then contacts their bank and reverses the initial transaction, resulting in the victim losing money. How to protect yourself from UPI refund scams: <ul><li>Do not resend the money if someone claims they have “accidentally” sent you money.</li><li>If you receive money from an unknown source, contact your bank immediately.</li><li>If someone says they have sent you money, ask them to contact their bank to get a refund.</li></ul><h2><keyword id="19939895" type="General" weightage="20" keywordseo="phishing-scams" source="keywords">Phishing scams</keyword></h2>Phishing scams have been around for a long time, but they have become more sophisticated in the digital age. Fraudsters often impersonate reputable companies, sending fake emails, messages, or even websites that look almost identical to the real ones. These messages typically contain a sense of urgency—such as a warning that your account is about to be blocked or that you've won a prize. Once you click on the link, you’re directed to a fake site that prompts you to enter your personal information, including login credentials and payment details. This data is then used to steal money or compromise your identity. How to protect yourself from phishing scams: <ul><li>Be sceptical of unexpected messages or emails, even if they seem to come from trusted sources.</li><li>Check the URLs of websites carefully. Scammers often use misspelt URLs that are designed to look legitimate.</li><li>Never share your personal or financial information without verifying the authenticity of the request.</li></ul><h2><keyword id="23629953" type="General" weightage="20" keywordseo="SIM-swap-scam" source="keywords">SIM Swap scam</keyword></h2>As the name suggests, a SIM swap scam basically involves the scammer getting access to your SIM, either with the help of someone at the mobile service provider or through other means. The scammer often convinces the network provider to activate a SIM card they possess, gaining control of the victim’s phone number. This allows the scammer to gain access to all calls and text messages that the victim may receive, which is important in this day and age where all accounts are linked to your phone number. Once the scammer gets access to the victim’s phone number, they use it to gain access to their bank account and steal money. How to protect yourself from SIM swap scam: <ul><li>If your SIM stops working, immediately inform the telecom operator.</li><li>Make use of a SIM lock, which prevents your SIM from being used on another smartphone without entering a password.</li><li>Avoid sharing personal information online, especially things which can make it easier to crack your passwords.</li><li>Keep track of your accounts and report any unauthorised transactions.</li></ul><h2><keyword id="20415709" type="General" weightage="20" keywordseo="online-shopping-scams" source="keywords">Online Shopping Scams</keyword></h2>Beware of fake online stores offering unbelievable deals. These websites might steal your payment information or deliver counterfeit or non-existent products. These websites often advertise unbelievable deals to lure in unsuspecting customers, either with the intention of stealing their data or selling substandard products. How to stay safe: <ul><li>Shop from reputable websites. Look for customer reviews and secure payment gateways.</li><li>Be cautious of prices that seem too good to be true.</li><li>Use a credit card for online purchases. It offers better fraud protection than a debit card.</li></ul><h2>The "Digital Arrest" scam</h2>In this chilling scam, fraudsters impersonate law enforcement officials. They may claim you're involved in illegal activities and threaten you with a "digital arrest" or legal action. To avoid this, they'll demand payment or personal information. Victims are often coerced into making payments via UPI or other digital means. The sense of urgency and fear of legal consequences often compels people to act without verifying the legitimacy of the claim. How to avoid: <ul><li>Know your rights: Law enforcement agencies will never demand payment or personal information over the phone or online. </li><li>Verify identities: If you receive such a call, hang up and directly contact the relevant authorities to verify the claim.</li></ul><h2><keyword id="23629954" type="General" weightage="20" keywordseo="KYC-scam" source="keywords">KYC scam</keyword></h2>With the increased demand for KYC (know your customer) updates across digital platforms, fraudsters are taking advantage by posing as bank or telecom representatives. They often claim that your account will be blocked if you don’t update your KYC details immediately. Victims are then asked to share their Aadhaar number, PAN, or other personal details via a fraudulent link or over a call. In some cases, they also ask users to complete the process through UPI apps, stealing money from their accounts during the process. How to avoid it: <ul><li>Banks and financial institutions never ask for personal details over a call, message, or link.</li><li>Always update KYC details through official channels, like the bank’s app or website.</li><li>If you receive a suspicious KYC request, report it to your bank’s customer service immediately.</li></ul>SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-to-afcons-infrastructure-ipos-to-look-out-for-this-week/articleshow/114421377.cms">Waaree Energies to Afcons Infrastructure, IPOs to look out for this week</a> <a href="https://www.businessinsider.in/personal-finance/news/best-credit-cards-for-online-shopping-in-india/articleshow/114354358.cms">Best credit cards for online shopping this festive season</a> <a href="https://www.businessinsider.in/stock-market/news/bigger-they-are-harder-they-fall-a-look-at-how-the-countrys-biggest-ipos-have-fared/articleshow/114307997.cms">Bigger they are, harder they fall – A look at how the country’s biggest IPOs have fared</a>

UPI refund to digital arrest scam, here are some online scams you need to be aware of

<ul class="summary-list"><li>The American Bankers Association is urging federal action on online financial fraud.</li><li>Banks are facing increased liability for scams, with $10 billion in losses reported last year.</li></ul>Remember the Spider-Man meme where <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/mark-zuckerberg-posts-spiderman-meme-first-tweet-in-a-decade-2023-7">he points at himself</a>? Banks and the federal government are in a similar situation, pointing to each other to solve the problem of online financial scams.For its part, the government wants banks to take on more responsibility, and more consistently refund their customers who fall victim to online scams. Banks, on the other hand, want the government to do more to prevent those scams in the first place.The problem is real. Almost 1 in 3 Americans have been the victim of a scam in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm.According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams. The agency's data also showed that consumers using payment apps reported <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/new-bill-zelle-fraud-payment-app-waters-blumenthal-warren-2024-8">losing $210 million</a>.It's also a major headache for the banks.American Bankers Association CEO Rob Nichols called for the federal government to create a national scam prevention strategy last week. Nichols also said that Congress should "create and fund" an Office of Scam and Fraud Prevention while speaking to bankers at the association's annual convention in October."The scale of fraud taking place every day is a massive burden for our country and for the millions of hardworking women and men whose lives are affected by it," Nichols said at the convention, according to Forbes. "It will take a united effort — with support from both inside and outside the banking industry — to win this fight."The government, meanwhile, has repeatedly called on financial institutions to improve compensation for victims who lose money to scams.In August, the Consumer Financial Protection Bureau launched an investigation into JP Morgan, Bank of America, and Wells Fargo, all part owners of Zelle.The investigation came after a Senate investigations committee found that reimbursements from the three banks for disputed transactions on the app fell from 62% in 2019 to 38% in 2023.Also in August, three Democratic senators introduced a bill that would update the 1978 Electronic Fund Transfer Act to require financial institutions to share more of the burden when consumers are victimized by fraud.Nichols said at the convention, however, that fighting back against fraud will require "a whole-of-government approach … that starts at the very top." He also said that the government should create "financial crimes intelligence centers." One already exists in Texas, which he said has been a "force multiplier for law enforcement" there.Nichols also called on the FTC to create a database of reported spam text messages available for "all legitimate businesses to access." Nichols said this kind of database would help banks monitor how scams are evolving and "educate their customers" more effectively."

Banks and the federal government point fingers as Americans lose billions to online scams

Online scams in India have been on the rise for the last few months and every now and then, a new case surfaces where a victim loses their hard-earned money. Usually, scammers in many cases pose as company officials to steal your sensitive information and misuse it. In one such recent incident, a 44-year-old woman from <keyword id="19895934" type="General" weightage="20" keywordseo="noida" source="keywords">Noida</keyword> recently fell victim to an <keyword id="20971199" type="General" weightage="100" keywordseo="esim-scam" source="Orion">eSIM scam</keyword>, losing ₹27 lakh and becoming the target of fraudulent loan activity. The scam involved the manipulation of her <keyword id="19909735" type="General" weightage="20" keywordseo="sim" source="keywords">SIM</keyword> card and banking details, which allowed the fraudster to siphon off her funds and take out a loan in her name. <h2>What exactly happened</h2> According to an HT report, <keyword id="23110017" type="General" weightage="20" keywordseo="jyotsana-bhatia" source="keywords">Jyotsana Bhatia</keyword>, a resident of Sector 82 in Noida, works at a private company and filed a complaint with the cybercrime police station in Sector 36. On August 31, Bhatia received a WhatsApp call from a person posing as a customer care executive from her telecom provider. The caller explained that her SIM card could be converted to an embedded SIM (eSIM), which is a digital version of a physical SIM card and can be helpful in case of phone loss. The suspect offered to help Bhatia activate the eSIM feature, instructing her to select the option in her mobile carrier’s application and enter a verification code that was sent to her phone. Bhatia, unaware of the fraud, followed the steps as instructed. Unfortunately, as soon as she entered the code, her physical SIM card was deactivated. The suspect assured her that a new SIM card would be delivered by September 1, leaving her temporarily without access to her mobile number. When the promised SIM card failed to arrive, Bhatia contacted the telecom provider’s customer care service and was advised to visit the service centre to get a replacement. After three days, on September 3, she was issued a new SIM card. However, by then, the damage had already been done. Bhatia started receiving messages from her bank, revealing that the fraudster had accessed her mobile banking account using her deactivated phone number. By changing the associated email ID, the suspect was able to bypass security checks and transfer large sums of money from her accounts. The fraudster also broke her fixed deposit, siphoned money from two bank accounts, and even took out a loan of ₹7.40 lakh in her name. Bhatia reported that the total amount stolen in multiple transactions amounted to ₹27 lakh. Shocked by the breach, she immediately filed an FIR with the cybercrime unit. The police registered the case under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita, as well as under relevant sections of the IT Act. Efforts to track down the suspect are currently underway. <h2>Understanding eSIM and its risks </h2> An eSIM (embedded SIM) is a digital version of a SIM card that is built into a device and does not require a physical card. While this technology is convenient and allows users to switch networks or plans without handling a physical card, it also opens the door to new forms of fraud. Scammers can manipulate eSIM features to deactivate a user’s existing SIM card and take control of their phone number, which is linked to various accounts and services. In this case, the fraudster exploited the victim’s trust by posing as a telecom customer care executive, taking advantage of her lack of knowledge about the risks associated with eSIM activation. Once the fraudster gained control of her phone number, they accessed her bank accounts through mobile banking applications that rely on the phone number for authentication. By changing the email ID linked to her account, they prevented the victim from receiving security alerts and were able to make unauthorised transactions without her knowledge.

Noida woman tries getting her sim card converted into e-sim, ends up losing Rs 27 lakh

In the last few months, have you received a suspicious call from a stranger claiming that you have won a cash prize? Or has someone tried reaching out to you saying that a relative is in trouble and urgently needs money? If you answered yes to any of these questions, know that you are not alone. <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has reported a rise in scam calls in recent months and these calls seem to be increasing at a rapid rate. But not just calls, there are various other platforms that scammers try to take advantage of, to rob people of their hard-earned money. Read on to know about the top 5 <keyword id="22618205" type="General" weightage="100" keywordseo="personal-finance-scams" source="keywords">personal finance scams</keyword> that are surfacing in India and how you can stay safe from them. <h2>Fake <keyword id="20488964" type="General" weightage="20" keywordseo="job-offer" source="keywords">job offer</keyword> scams</h2>This is one of the most commonly reported scams. Over the last year, there have been many cases where people were approached for seemingly lucrative job offers via platforms like WhatsApp and Telegram. Some of these cases involved the victim making payments to certain accounts, while being made to believe that it is a part of the job and there will be a handsome return later. For instance, a PTI report in May this year revealed that a woman from Navi Mumbai found herself trapped in an online fraud and lost Rs 54 lakh. The victim wanted to earn some extra money by working from home and was reportedly offered freelance work by the scammers. She was also told that she would earn money after completing five tasks. And to receive these tasks, the woman claimed that she paid Rs 54.30 lakh in various accounts. When the woman asked for payment after completing the tasks assigned to her, the scammers stopped replying. <h2>Sweetheart scams</h2>Meeting the love of your life through an <keyword id="20167528" type="General" weightage="20" keywordseo="online-platform" source="keywords">online platform</keyword> seems too good to be true at times. And sometimes, this really is the case. Various cases have surfaced in the past where the victims were duped of their hard-earned money by their online lovers. Just last month, a man in Delhi was scammed of Rs 1.2 lakh when he planned to meet a woman he was talking to on Tinder. The two met at a cafe in Delhi to celebrate the woman’s birthday and ordered some snacks, cakes, and wine. The woman however, abruptly left in the middle of the date citing a family emergency. And the victim incurred a bill of Rs 1,21,917.70 for food that should have only cost a few thousand bucks. When he questioned the high bill, he was threatened and forced to pay. After investigating, the police found that the cafe split the high bills in a set way: 15% to the girl, 45% to the table and cafe managers, and 40% to the owners. <h2>Fake screenshots scams</h2>Another type of scam that is widely happening in the country is where you are shown a screenshot that gives the impression that your account has been credited with some money, when it actually has not. For instance, in March this year, a Delhi Uber driver was making headlines for overcharging a customer for a ride to the airport. A Moneycontrol report mentioned how a man described his experience in a Reddit thread. As per the report, the man said that he had booked a ride to the airport and the initial fare was Rs 340. However, when the ride was completed, the Uber driver showed him a screenshot which depicted that the fare was Rs 648. The driver had claimed that the fare increased due to more waiting time. However, that wasn’t the case and the driver had created a fake screenshot to demand extra money. After this post went viral, several other Reddit users reported similar incidents. <h2><keyword id="19925254" type="General" weightage="20" keywordseo="YouTube" source="keywords" meta.keywordsubtype="org" meta.entityname="YouTube" meta.hostid="261" meta.entityid="YouTube">YouTube</keyword> like and earn scam</h2>This one is similar to the completing tasks scam. In this scam, <keyword id="20013464" type="General" weightage="20" keywordseo="fraudsters" source="keywords">fraudsters</keyword> tend to tell the victim that they will have to engage with a YouTube channel to earn money. They then ask the person to make certain payments, promising a greater reward later on. Once the victim transfers the money, the fraudsters tend to disappear into thin air. In February this year, there were reports of a man losing Rs 16 lakh due to such a scam. <h2><keyword id="19957108" type="General" weightage="20" keywordseo="online-shopping" source="keywords">Online shopping</keyword> scam</h2>If you have ever shopped online, be sure to read this one. Many scamsters come up with fake advertisements on reputed platforms like Instagram to lure people into buying items online. In such scams, once the order has been placed and payment has been made, the victim doesn’t receive the products. In addition to this, scammers can also pose as bank employees and gain access to sensitive information of the victim’s account. For instance, a report by PTI last year revealed that a 70-year-old woman was buying six towels online for Rs 1,160. While making the payment, Rs 19,005 was taken from her account instead of Rs 1,160. She tried to contact the bank helpline but couldn't reach them. Soon after, she got a call from an unknown number. The caller claimed to be from the bank and offered to help with her payment problem. He asked her to download an app for the refund. The woman followed his instructions but ended up losing Rs 1 lakh from her account. When she saw the unauthorised transactions, she went to the police station. Meanwhile, another Rs 8.3 lakh was withdrawn from her account. <h2>How to stay safe from such scams</h2>Even though more and more people are being targeted by scammers, there are some ways that you can ensure that you stay safe. Keep these few points in mind in order to protect yourself against personal financial scams. <ol><li>Don’t share your personal information with strangers online or on the phone. </li><li>Don’t make any payments just because a stranger told you to. Verify the situation and the person’s credentials. </li><li>Don’t click on suspicious links that are sent to you on emails or text messages. </li><li>Avoid shopping for doubtful websites or accepting job offers from sites that appear dubious. </li><li>Before taking up any job offer, perform a thorough search of the company or the person who is claiming to recruit you. </li><li>Read up a bit about popular scams going on right now. At times, a simple Google Search can help you save up loads of money. </li></ol>

Top 5 personal finance scams in India and how to stay safe from them

<ul class="summary-list"><li>Gen Z reported the highest median loss to scams for the second consecutive year, the BBB said.</li><li>Online scammers are more often targeting younger victims these days, the agency says.</li></ul>Many people associate online scams with their parents or grandparents, those non-native internet users who might easily fall for a run-of-the-mill phishing attempt.But it's actually the generations that are perpetually online, like Gen Z, that are the most susceptible, and so it is Gen Z that is actually losing the most money — by far — to online scams.According to <a target="_blank" class="" href="https://bbbmarketplacetrust.org/wp-content/uploads/2024/04/2023-BBBScamTracker-RiskReport-US-040224.pdf">a new report</a> from the Better Business Bureau, people aged 18 to 24 reported the highest median dollar loss on average to scams for the second year in a row.Gen Z lost $155 on average to scams in 2023, with most of the money going to rackets related to employment, online purchases, and investment or cryptocurrency, the BBB says."This is kind of the first generation that has really grown up with all the devices, and so they are very comfortable being on the phone, being on the laptop, and conducting everyday business there. So scammers, of course, are going to take advantage of them in that way too," BBB director of education and community engagement Katie Galan <a target="_blank" href="https://www.kxan.com/news/local/austin/college-students-face-highest-risk-of-scams-bbb-warns/">told NBC</a>.While the BBB's scam tracker does not collect data for people under 18, the agency says scammers are increasingly targeting younger victims as well.Of the 20% of survey respondents who said they have children between 7 and 18, 16% said scams targeted their children in the last year. This is an increase from 2022, when just 11% said scammers targeted their children, according to the report.Adults between 55 and 64 reported losing the lowest average amount to scams, with a total average of $91 lost per person. Respondents in that age range were more susceptible to investment scams and home improvement scams, the report says.Romance scams, meanwhile, primarily targeted people over 65, some of whom have lost <a target="_blank" href="https://www.businessinsider.com/romance-scams-ai-deepfakes-yahoo-boys-nigeria-fraud-2024-4">significant sums</a>, according to the report. Overall, boomers lost $109 on average to online scams.Romance scams rose from No. 7 to No. 5 on the BBB's list of biggest scams due to an "increase in susceptibility and a high median dollar loss."Median dollar loss from romance scams rose from $1,411 in 2022 to $3,600 in 2023. In 2023, more than 65% of romance scam victims reported losing money to the scam, compared to just 16% in 2022, the report says.The BBB says the percentage of those who reported losing money to romance scams grew over 300% in just the last year. Romance scammers are now introducing victims to cryptocurrency, eventually turning their romantic conversations toward finance and tricking them into investing in fake crypto platforms.The US Postal Service took the No. 1 spot for companies impersonated by scammers in 2023. It replaces Amazon, which fell to the No. 2 spot, the BBB said.Other companies frequently impersonated by scammers included <a target="_blank" class="" href="https://www.businessinsider.com/scammers-trick-woman-publishers-clearinghouse-sweepstakes-2024-4">Publisher's Clearing House</a>, the <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/best-buy-tops-scam-list-microsoft-geek-squad-ftc-2024-5">Geek Squad, Norton, Paypal, Microsoft</a>, Walmart, Facebook, and McAfee.

Here's why Gen Z loses more money to online scams than boomers

<ul class="summary-list"><li>Laura Kankaala started as a white-hat hacker and now works for a cybersecurity firm in Finland.</li><li>She said ransomware attacks used to be few and far between; now, new scams are appearing daily.</li></ul>This as-told-to essay is based on a transcribed conversation with Laura Kankaala, head of threat intelligence at <a target="_blank" href="https://company.f-secure.com/en">F-Secure</a>, a Finnish cybersecurity company. The following has been edited for length and clarity.I've always found hacking fascinating. Shadowy people who take advantage of weaknesses in technology. It had a mystique.I liked the idea of doing the same thing, but without the criminal intent: finding those problems and fixing them.I've been into computers since I was a kid. When I started my career, there were no university degrees in hacking. I taught myself and learned through experience.I've worked in cyber security for almost 10 years now. I started as a consultant, doing what we call "penetration testing": hacking into companies' websites, mobile apps, and IT infrastructure to fix vulnerabilities in their systems. I've also helped companies to recover from hacking incidents: we call it "incident response."I've been head of threat intelligence at F-Secure, a cybersecurity company in Finland, for two years. I analyze internet attacks and conduct research into how people are targeted. Once we understand how a scam works, we add it to our database and can innovate new protections.I find it worrying how technology can be misused — and the kinds of misuse are only increasing.<h2 id="452b9e49-09b8-4388-82eb-a1125bf414b3">Cybercrime is usually about getting money out of the victim</h2>Cybercrime is almost always about money. Sometimes, it's a ransomware attack, where malware — software designed for malicious intent — makes a system inoperable. The company or individual is then asked to pay for the release of their IT infrastructure, data, or whatever has been stolen.If someone gains access to your online accounts or gets malware installed on your devices, it's very likely that the stolen data ends up being for sale on the internet.Every year, <a target="_blank" href="https://www.independent.co.uk/advisor/vpn/cybercrime-statistics">cybercriminals steal</a> — or attempt to steal — more money from companies and individuals.At the start of my career, many of the threats we saw were somewhat abstract, and their impact wasn't as widespread. I remember some of the first instances of ransomware that hit Finland. At the time, these attacks were few and far between.But over the course of my career, technology has become a huge part of our lives: we carry our phones with us all the time, work remotely, have email and phone numbers, and use social media, dating, and gaming platforms.We have so much exposure on the internet, which makes us easier to target. Our data is becoming more valuable, and there are more ways that cybercriminals can benefit from stealing it.<h2 id="5da0fa55-29cf-469a-bf79-9f2ac3c77c6c">Hackers can access more information than you'd think possible</h2>As part of a <a target="_blank" href="https://areena.yle.fi/1-4664681">Finnish TV series</a> to help people understand the impact of hacking, we hacked into a person's computer with her permission. The volunteer still fell for our scam, even knowing she would be hacked.We created fake profiles online, taking time to craft them so they'd appear as real people. On LinkedIn, for example, we gained as many connections as possible so that she would accept without question when we reached out to our target.After we'd accomplished that, we directed her to a phishing site we had developed. It was a website that looked like Google, which we used to steal her credentials. We created a piece of malware that we convinced her to install, giving us full access to her PC and its data. We even turned on her webcam and recorded her.This flashy example was made for entertainment, but it still showcased how real criminals use fake profiles, phishing websites, and malware to compromise a person or company.<h2 id="cf3a9d25-5286-44f1-9f78-7f4f606e543c">New scams are being developed every day</h2>I see multiple new scams or cyber security problems every day.My team have uncovered a Telegram bot that generates and shares malware in the language based on the country code of the user's phone number; we discovered a scam where Android malware was disguised as wedding guest invitations; we have looked into scammers creating fake profiles based on recently deceased people online.Scams and the whole ecosystem around them are becoming more sophisticated, and I think they will continue to do so. Scammers have developed phishing toolkits that are freely available on the internet: step-by-step guidance on how to set up phishing attacks or ready-made websites that look like social media platforms with built-in phishing tools, so scammers don't need to know how to write code. You can even buy malware online, which comes with a kind of help desk for users.Cybercrime is easier to do than ever before, and these toolkits will become more advanced and widely available. It's a big problem.AI is increasingly being used as a tool for these attacks. It's creating better-looking scams, while deepfakes, voice clones, and video filters make it easier to fool people into believing things on the internet.We're seeing romance scams where scammers are using deepfake video filter tools to pretend to be celebrities, for instance. They find people on dating apps, take the conversation to an instant messaging app and have a video chat, using filters to mimic someone else's appearance.I've seen it used for investment scams, and there have been instances where a CEO's voice has been cloned with an AI tool and used to send a voice note over WhatsApp asking for money.Thankfully, cyber security is being taken more seriously than it used to be. Sometimes, I feel like I'm banging my head against a wall, and nothing is changing. But I do think that my work is doing something good every day and helping people. I'm hoping to do more of that in the future.

I've built a career in ethical hacking. Online scams are getting much, much worse — and AI isn't helping.

<ul class="summary-list"><li>Scambaiting is when the target of a phone or online scam knowingly tries to waste a scammer's time.</li><li>Scambaiting can frustrate scammers and prevent them from targeting others.</li></ul>"Scambaiting" is when the target of a phone or online scam realizes what's happening and plays along. The goal is to waste as much of the scammer's time as possible.The process is often hilarious and has given rise to a successful genre of online content in which users post their successful attempts to bait scammers.The process, however, can be time-consuming. So a UK company called Virgin Media O2 is offering a solution: an AI grandmother named Daisy.In a video demonstration last week, the company showed how someone could deploy the AI chatbot to waste a scammer's time on their behalf."This state-of-the-art AI Granny's mission is to talk with fraudsters and waste as much of their time as possible with human-like rambling chat to keep them away from real people while highlighting the need for consumers to stay vigilant as the UK faces a fraud epidemic," the company said.The problem is worldwide. Almost 1 in 3 Americans have been <a target="_blank" class="" href="https://www.businessinsider.com/online-scams-fraud-liability-banks-government-ftc-2024-10">the victim of a scam</a> in the past year, with an average loss of $1,600 a person, according to a study from IPX, a financial analysis firm. According to the Federal Trade Commission, consumers reported more than $10 billion in losses last year from online scams.Virgin Media O2 says it decided to create Daisy after conducting research that showed that 71% of Brits wanted to retaliate against scammers but that most of them didn't want to spend the time to do so.So the company partnered with one of the most popular scambaiters on YouTube, Jim Browning, to train the AI chatbot. Browning is known for pretending to be a clueless victim long enough to frustrate scammers. Browning has more than 4.3 million subscribers.Virgin Media O2 told BI in a statement that Daisy "combines various AI models which work together to listen and respond to fraudulent calls instantaneously and is so lifelike it has successfully kept numerous fraudsters on calls for 40 minutes at a time.""Daisy is turning the tables on scammers — outsmarting and outmaneuvering them at their own cruel game simply by keeping them on the line," director of fraud at Virgin Media O2, Murray Mackenzie, said. "But crucially, Daisy is also a reminder that no matter how persuasive someone on the other end of the phone may be, they aren't always who you think they are."

Meet the new AI grandmother that can scam the scammers on your behalf

<ul class="summary-list"><li>A Harvard study found that AI phishing scams are as effective as human ones.</li><li>AI large language models can automate phishing, cutting costs by 95%.</li></ul>Online scams might soon just be a battle between AIs, one launching the attacks and another defending against them.Online scams are only becoming more prevalent, and with new AI technology, Harvard researchers say they could become much more difficult to avoid.Researchers at Harvard Business School published a <a target="_blank" href="https://ieeexplore.ieee.org/document/10466545">study</a> that found 60% of participants were duped by AI-automated phishing emails, which was comparable to the success rates of phishing messages created by humans, they wrote in the <a target="_blank" href="https://hbr.org/2024/05/ai-will-increase-the-quantity-and-quality-of-phishing-scams">Harvard Business Review</a>.<a target="_blank" href="https://www.businessinsider.com/guides/tech/what-is-phishing">Phishing scams</a> trick users into sharing personal information. A scammer will usually send an email or some other message pretending to be a company or individual asking for credit card information, passwords, or other sensitive information.While phishing scams are nearly as old as the internet, AI models are enhancing "their severity," researchers said. In the study, researchers found that large language models can automate the "entire phishing process" — from crafting the emails, identifying targets, and collecting information — which can reduce the cost of carrying them out by 95%."Because of this, we expect phishing to increase drastically in quality and quantity over the coming years," the authors wrote.While the AI models could make phishing scams worse, the researchers suggest they could also be used to help detect and fight them. Some AI models are better at it than others. Claude correctly identified phishing attempts even in "non-obvious phishing emails, sometimes outperforming human detection rates," the researchers wrote.Several AI models tested in the study also provided "excellent recommendations" for responding to phishing emails once they correctly identified them."For example, during our experiment, LLMs encouraged users who received an attractive discount offer email to verify the offer with the company's official website, which is a great strategy to avoid phishing attacks," the researchers wrote in the Harvard Business Review.The Federal Trade Commission says the best way to avoid phishing scams is to never click on a link from someone you don't know in an email or text message. The agency says to check if you have an account with the company or know the person and if you don't, report the message to its <a target="_blank" href="https://consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams#report">Anti Phishing Working Group</a>.

Online scams might soon just be a battle between AIs

<ul class="summary-list"><li>Weight-loss drugs are expensive, so many people are buying cheaper versions online.</li><li>A researcher at UCSD bought weight-loss drugs online and tested them.</li></ul>Ever since the FDA approved the prescription of <a target="_blank" href="https://www.businessinsider.com/weight-loss-glp-1-drugs-ozempic-wegovy-mounjaro-effects-future-2023-12">GLP-1 weight-loss drugs</a>, it's been hard to get hold of the real thing.Demand is so high for semaglutide, a GLP-1 sold under the brand names Ozempic and Wegovy, that it almost immediately went into <a target="_blank" href="https://www.businessinsider.com/weight-loss-drug-semaglutide-called-game-changer-for-obesity-2021-12">shortage</a> after it was FDA-approved for weight control in 2021.Plus, at over $1,000 for a month's supply, it's a tough medication to afford even if you can access it.Naturally, that spawned wave after wave of cheaper copycat drugs.Researchers have watched nervously as the resulting<a target="_blank" href="https://www.businessinsider.com/peptides-growth-hormone-hgh-new-health-fad-2023-9"> gray market</a> of trendy injections like so-called generic semaglutide has ballooned. Pharmacies are technically allowed to make their own versions of brand-name drugs under specific circumstances, and with a prescription. But some websites are offering the drugs without a prescription, no questions asked.It begs the question: what is in online versions of semaglutide, and how can the consumer know what they're getting, or if it's safe.Cue Timothy Mackey, a professor at the University of California, San Diego, who has been studying the online market for counterfeit drugs for decades. He decided to buy some of these cheaper, more accessible weight-loss drugs himself and study them in a lab with a team of researchers.Their results, published August 2 in <a target="_blank" href="https://jamanetwork.com/journals/jamanetworkopen/fullarticle/2821882">JAMA Network Open</a>, provide some of the clearest information we have to date on what is — and isn't — in knock-off versions of Ozempic.<h2 id="5e5f9e01-a40f-4b4a-8bbd-697032671a84">Some sites were scamming people out of money</h2>Not all off-brands of semaglutide are illegal, or necessarily dangerous. Popular telehealth companies typically provide <a target="_blank" class="" href="https://www.businessinsider.com/buy-compounded-semaglutide-online-risks-wegovy-ozempic-2023-1">compounded semaglutide</a>, cheaper than brand name versions, and make it easier for customers to obtain a prescription via online consultation.There are risks involved in this process, Mackey said. There's less supervision than seeing a doctor in person, plus compounded medications are not FDA-approved and can have unpredictable additives. However, the pharmacies that fill these prescriptions are regulated and have some level of quality control.Mackey's team was specifically interested in what he called the highest-risk form of semaglutide — weight-loss drugs sold online without a prescription. They gathered samples of these products to test.All of the websites the researchers used to purchase and test the products appeared in the top results on mainstream search engines and have millions of visitors, according to an analysis of the site traffic, Mackey told Business Insider.They found that half of the sites were advertising brand-name Ozempic, costing between $190 to $360 for two pens, plus delivery fees. That is huge because Ozempic was in shortage when they conducted this study, and even doctors were struggling to get hold of the real drug via official means. Predictably, brand-name products never arrived. When the researchers followed up, they were asked to pay extra money — between $650 to $1,200 — to "clear customs," but it was a fraud, the researchers found after contacting customs agencies.<h2 id="f605c24d-af31-4755-945f-4ecd13101242">Dangerous ingredients and concentrations</h2>The other sites advertised generic semaglutide. They did deliver the product, albeit in a dubious form with inconsistent dosage.For one thing, all of the samples arrived in powdered form, requiring users to reconstitute using a special sterilized water before injection. (This practice is common for online sales of <a target="_blank" class="" href="https://www.businessinsider.com/peptides-growth-hormone-hgh-new-health-fad-2023-9">peptides</a>, a common category of fitness and anti-aging supplements.) Only one of the products provided instructions on how to do this, and doing it wrong is a serious contamination risk, according to Mackey.All of the samples were advertised as 99% pure semaglutide. Testing revealed they were between 7% and 14% pure. They also provided higher doses of semaglutide than the label suggested — up to 39% more per batch — increasing the risk of overdose. Too much semaglutide can cause serious gastrointestinal side effects like vomiting, as well dehydration, and acute pancreatitis, according to the <a target="_blank" class="" href="https://www.fda.gov/drugs/human-drug-compounding/fda-alerts-health-care-providers-compounders-and-patients-dosing-errors-associated-compounded">FDA</a>.Mackey's team also found that the products were likely research-grade semaglutide, never intended for human use. The websites used creative marketing language and imagery to imply their wares are intended for people, without saying it directly.One of the products also contained high levels of a substance called endotoxin, a harmful substance found in bacterial cells,(although no live bacteria were seen).Poison control centers saw a massive spike in semaglutide overdoses last year, <a target="_blank" class="" href="https://www.cnn.com/2023/12/13/health/semaglutide-overdoses-wellness/index.html">CNN</a> reported. Based on his team's results, Mackey is not surprised. "That's a clear sign of a product not intended for human use," Mackey said. "The bottom line there is that there are discrepancies in their manufacturing process."<h2 id="9e4b0736-b0e4-4421-9ddc-3daac72381db">Counterfeit Ozempic isn't going away, so buyer beware</h2>Mackey said a wave of telehealth services and online providers have made it easier than ever to get prescriptions and medications online. But it's also harder to spot a scam now than when everything came from brick-and-mortar pharmacy after a face-to-face with a doctor."The average user is more confused about how to get this legitimately," he said.Illicit websites can be convincing, but if they emphasize their weight loss medications don't require a prescription, that's a major red flag, according to Mackey.Another warning sign is cost. Brand name semaglutide can set you back more than <a target="_blank" class="" href="https://www.businessinsider.com/how-weight-loss-meds-injections-compare-costs-results-side-effects">$1,000 per month</a>. If a product is listed online for significantly cheaper, that's because you're likely to get what you paid for — an inferior or counterfeit product."If providers are advertising at $200, that's because they're not real, but still they're advertising at a lower price point and that's going to be attractive to consumers," Mackey said.Despite the risks, and FDA efforts to crack down on scammers and shady products, the market for weight loss drugs is just too big, too new, and too messy to expect counterfeiters will stop anytime soon."It's going to be something endemic in our supply chain because of how popular the market is," Mackey said. "It's kind of an arms race here."

A scientist tested knock-off Ozempic sold online. He found dangerous ingredients and doses — and got scammed out of money.

This as-told-to essay is based on a conversation with Wannapa Suprasert, a 28-year-old from Thailand now based in San Francisco who was scammed out of over $300,000. The following has been edited for length and clarity.I never thought that I'd be a victim of a drawn-out scam. I always thought <a target="_blank" class="" href="https://www.businessinsider.com/scammed-all-savings-changed-retirement-plan-2024-7">scams were about making quick money</a>, like someone calling and asking for $2,000 within 10 minutes.Instead, I went through three months of psychological warfare. The scammers created a new reality for me, making me think that if I didn't comply, I could be jailed or deported. They framed themselves as the good guys who could help me, never rushed me to do anything, sent me fake documents, and even talked to me on the phone for hours at a time.It didn't register in my brain that the scammers would invest so much time and energy into this. Now I know that they're professionals, and this is what they do.<h2>They said I was a suspect in a money laundering scheme</h2>It was a Friday afternoon in March when I got the call that changed my life.I was at my data analyst job in San Francisco, and the <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/government-impostor-scams-prey-on-fear-during-pandemic-bbb-study-finds-1029446957">caller said she was from the Thai embassy</a> in Washington, DC. She asked to speak with Wannapa Suprasert, which spooked me because I generally go by my nickname, Bow.She told me that someone had smuggled a passport bearing my name into the Bangkok airport. She started interrogating me on whether I had lost or sold my passport. I was shocked.I told her that I hadn't lost my passport and offered to prove I still had it. She said she'd transfer me to the Thai police to file a report. My call with the "police" dropped a couple of times, and someone posing as an officer asked me to add them on LINE, a messaging application popular in many Asian countries.This didn't strike me as fishy because I'd just gone back to Thailand in February and communicated with the Thai consulate via LINE about renewing my passport while I was home.At one point after my call had dropped, I tried to phone the Thai embassy in Washington, DC, but nobody answered.The "police officer" claimed to be part of the Central Investigation Bureau, a division of the Thai police. He sent me a PDF copy of a police report he said he had filed for me. He also said he discovered my identification number on a list of at least 239 people involved with an international money laundering scheme. I was now a suspect.<h2>I had to send updates four times a day</h2>The fake officer sent me a PDF with the alleged photos, names, and descriptions of five masterminds behind the fictional laundering scheme and interrogated me over video chat about whether I knew any of them. The supposed masterminds included two bank managers, an American police officer, a Thai consulate official, and a Thai exchange student in the US. After I told him I didn't know any of them, he said that they'd investigate and help me clear my name. But because I was a suspect, I needed to send daily updates about my whereabouts and activities to ensure I didn't flee.I had to send three pictures of myself, my location, and a description of what I was doing four times a day: at 9 a.m., 12 p.m., 5 p.m., and 8 p.m. He told me that if I didn't comply, he would send agents to monitor me. If I tried to escape or missed a daily report, my family could be jailed and their assets frozen, he said. He also said I couldn't tell anyone because it might interfere with the investigation, which also involved the FBI. If I did, I risked jail time and fines.The scammers played on my fears. I had worked so hard for a better education and life since <a target="_blank" class="" href="https://www.businessinsider.com/america-immigration-needs-reform-losing-workers-2023-3">immigrating to the US</a> 10 years ago, and I was afraid of being deported and losing my status. The scammers also warned of people who were killed by the supposed crime syndicate. Leaving my apartment to go to work or shop for groceries was suddenly frightening. I thought someone was really after me and that at any moment, anything could go wrong.There were many moments when I was skeptical. In fact, a couple of weeks into the scam, I received a LINE message from the Thai Consulate in LA warning about scammers impersonating the Thai police. But the scammers convinced me that the warning message had been sent by the criminals to keep me from complying with the investigation. Because of the threats, paranoia, stress, and lack of sleep, I found myself believing every word they said.<h2>I sent the scammers $81,000 in a wire transfer</h2>My first <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/credit-score/wire-fraud">wire transfer</a> was on April 3, 11 days after the initial call.The scammers said I was accused of selling my bank account to the crime syndicate, so in order to clear my name, they needed to investigate the money in my bank account. They claimed to have a contract with Hong Kong police who specialized in investigating money laundering, so I wired $81,000 — pretty much all of my savings — to a Hong Kong bank account. They left me with some money for day-to-day spending and paying rent and said they would eventually return the full amount.A few days later, the fake police officer told me that my money cleared, but the court would need to examine all of the evidence as well. He asked if I could travel to Thailand to appear in court, but warned that someone had been killed making the same trip to clear their name. He said I could also ask someone else to appear on my behalf.Thinking I couldn't risk telling my family, I asked the officer if he would represent me in court. He played it very well, saying it was a lot to ask and that he needed a few days to decide. He agreed the next day but said that I needed to send money for collateral to ensure I didn't escape while he was representing me.<h2>Then, I transferred another $150,000</h2>I didn't have any more money since I'd already emptied my life's savings. I lied to my family and asked them for money, telling them that I was applying for a Ph.D. — which had been my dream — and needed to show the school that I had $200,000 in my bank account to help with my chances of being accepted. My family valued education so much that I knew they would send me that amount without many questions. They wired the money — most of it from my aunt's retirement fund — and I wired $150,000 to the "police" in two chunks, first $100,000 and then $50,000.Someone from Bank of America's fraud department called me after I made the $100,000 transaction. She asked me what the money was for and informed me about <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/crypto-crime-pig-butchering-scam-bitcoing-trafficking-fraud-cryptocurrency-2024-2">"pig butchering" investment scams</a> and <a target="_blank" class="" href="https://www.businessinsider.com/romance-scammer-peter-gray-tinder-fraud-2024-5">romance scams</a>. Neither of those applied to me, so it didn't occur to me that I was being scammed. I lied and said that the money was for my sick cousin in Hong Kong whom I'd never met.When I <a target="_blank" class="" href="https://www.businessinsider.com/wells-fargo-customer-lost-68k-after-being-tricked-scammer-2023-5">tried to wire</a> the additional $50,000 a couple of days later, the bank's fraud department called again, asking more questions about where the $100,000 came from and where it went. I told them that my dad had meant to send it to my cousin but accidentally wired it to me. They told me to show up at the local branch, where I found out that the $50,000 transfer had been canceled. The scammers instructed me to appear agitated and say that my cousin needed the money for brain surgery. The $50,000 transfer was approved, and I walked out of that branch feeling such a sense of accomplishment, because I thought I had saved my family from being jailed.<h2>I just wanted it to be over</h2>About a week later, the scammers introduced new characters.They said a woman who had been scammed by the "crime syndicate" had died by suicide, and that I was responsible for her death because she had transferred money into a bank account in my name. They told me the woman's son wanted payment.During one of my video calls with the police officer, I could hear the "son" calling for justice for his mom. He wanted me to pay $120,000 in compensation for her death. The scammers acted like they helped me negotiate the amount down to $60,000, which I got from my family through more lies, and wired it over.At this point, the "investigation" had been ongoing for nearly a month and a half. I kept thinking: I just want to be done with this. Why is it not over yet? I didn't want to report my whereabouts to them four times a day anymore, and I felt like I was being monitored constantly both in my physical world and in the online world. I started to have suicidal ideation. I wanted to disappear.But the scammers talked me out of those thoughts, telling me not to let the "criminals" win. Of course, now I realize they wouldn't let me die because they wanted me to keep wiring money to them.<h2>Coming back to reality, my whole world came crashing down</h2>The scammers ultimately told me that the court thought the evidence I provided looked clean, but they needed to make sure I didn't keep any assets on my credit cards. On June 4, I was told to cash-advance them $10,800 from my three different credit cards and wire them all of the income I'd made over the past three months since the "investigation" had begun, totaling $20,000. They told me this was the last thing I had to do, and they would present it in court.On June 7, the fake officer sent me a text that the court had ruled me innocent and that I wouldn't need to give daily reports of my location and photos anymore.He also said I needed to go back to Thailand to collect repayment of the money I had sent.I started looking up flight tickets. A few days later, I sent him a screenshot of a potential flight option and called him multiple times to ask about the details of the security measures in place, because I was fearful about my safety.None of my phone calls went through, and that was when it hit me: They were gone, and my money was probably gone, too.On June 11, I went to the FBI office in San Francisco and asked the agents for a reality check. They said they ran my record, and it was clean. An FBI agent told me, "You've been scammed. You should report it online."I walked back to my office and sat in my chair looking up at the ceiling, trying to figure out if what the FBI agent said was real. Maybe, I thought, it was such a top-secret case that this FBI agent didn't know about it. It was hard to discern the truth.I went home and told the story to two friends, then called the Central Investigation Bureau (CIB) and a few other Thai organizations. They all told me the same thing: I'd been scammed.That's when my world came crashing down. I remember dropping onto the ground of my friends' apartment as the realization washed over me. It was one of the most painful moments of my life — coming to the realization that I had lost more than $300,000. The money was gone. And not just my money, but also my family's money — pretty much my aunt's entire retirement fund. It was all because of me. The guilt will stay with me for the rest of my life.<h2>My friends and family have helped me through it</h2>My friends helped pick me up off the floor and make a step-by-step plan, including going to the banks to report fraudulent activity, filing a report with the FBI and the San Francisco police, and contacting the Thai embassy.It took me a few days to call my brother and tell him what was going on. I said, "The money you wired to me is gone, and it's all because of me."A few days later, my brother and my aunt called me together and asked what help I needed, and offered to fly to me in San Francisco. I'm very lucky that they are supportive. I'm sure that they have a lot of questions that they're not asking me yet, but their main concern right now is my mental health.I still remember something my brother said to me: "You can lose anything in this world, but you cannot lose yourself. You still have your brain, your legs. I'm glad that nothing bad happened to you. You still have your full potential and capability to continue the work that you do, to be you, and to make an impact on this world. You still have that, and know that that's something no one can take away from you." I hold onto that — focusing on what I have and not on what I lost.<h2>I'm doing better but still sometimes have nightmares</h2>I felt like I lost myself in those three months; it was like I was in a cult. All the lies and threats prevented me from taking the steps I should've taken to protect myself. I feel like I'm the scammer because I <a target="_blank" class="" href="https://www.businessinsider.com/elderly-immigrant-parents-lost-life-savings-investment-scam-2023-12">scammed my family</a>, in a sense, by lying to them. It broke my heart and I'm disgusted with myself.Each week is better, but there are nights I still have nightmares, and I wake up in the middle of the night crying. I spiral into negative self-talk. My brain still goes over the conversations I had with the scammers.The FBI told me they would contact me if they assigned anyone to the case, but I still haven't heard back. I also contacted the Hong Kong police, who informed me that there was no money left in the three bank accounts I wired to.I take responsibility for what I did, but I also feel that the financial system failed me. If bank employees had asked me for even more details and documents as proof — like the medical records of my "cousin" who needed surgery — I might have hit a dead end.I was in $10,800 of <a target="_blank" class="" href="https://www.businessinsider.com/paid-off-credit-card-debt-solid-plan-2024-6">credit card debt</a> because of the cash advance, so I paid that off first. I'm grateful to friends who lent me money to do so, and now I'm working on paying them back. My plan is to get myself back to zero by the end of the year. Then, I can start rebuilding my life again. I also plan to talk to my aunt about some kind of installment plan for repaying her. I'm still pretty traumatized but I'm doing much better emotionally now.My biggest piece of advice from going through this is to not let yourself be vulnerable to your own emotions. Take a step back and ask yourself: What am I feeling? Why am I feeling this way? Do I have to do this? If people take a deep breath and don't give in to powerful emotions, they'll be less likely to fall victim to these <a target="_blank" class="" href="https://www.businessinsider.com/personal-finance/investing/crypto-scams">devastating and life-changing scams</a>.Bank of America told Business Insider about its approach to scam prevention, saying: "We continuously educate our clients about scams. Bank employees receive regular training, and we have internal processes to help flag unusual transactions."The company said that these safety measures include asking questions in real time about withdrawals and warning clients about scams. However, the company said that sometimes clients neglect warnings, lie about the purposes of withdrawals, and proceed with the transactions anyway.In response to Suprasert's case, the bank said it tried to warn her. "We spent considerable time sharing information with the client about scams and she even thanked us during a call for our efforts to warn her," the company said. "Despite our warnings, she decided to send her money."A representative of the Royal Thai Embassy said that it would not comment on the specific case, but confirmed that its officers have received reports of similar scams. An FBI spokesperson said it does not comment on potential investigations.

I was scammed out of $300K in a 3-month-long government impersonation scam

<ul><li>These scams predominantly target inexperienced job seekers who may not recognize the warning signs </li><li><keyword id="386981" type="General" weightage="20" keywordseo="scammers" source="Orion">Scammers</keyword> entice individuals with unrealistic offers or by impersonating legitimate companies </li><li>Under any circumstances, candidates should not transfer funds to unfamiliar accounts or reveal their bank/financial details </li></ul><keyword id="6953455" type="General" weightage="20" keywordseo="job-scams" source="Orion">Job scams</keyword> were always around, but ever since the pandemic and lockdowns, remote job scams have become more common. In the post-pandemic world, many companies have continued with remote work. However, others have called their employees back to the office. Some have also adopted a hybrid model where employees need to go to the office a few days every week. And the scammers are taking advantage of this trend! Why remote job scams are on the rise The increase in fake job scams, especially remote job scams can be attributed to several factors. Lots of people, especially those who got used to the remote working conditions, are now looking for remote jobs because it not only allows them to work from the comfort of their homes, it also does away with commuting and offers a better work-life balance. This is a need that remote job scammers target. Candidates often upload their personal information such as mobile number, email address, educational qualification, etc. on various online job portals during the job hunt. “Malicious parties can easily pry into such personal details and misuse them to create fake jobs. Additionally, with remote work models becoming commonplace, more candidates are falling for these traps in hopes of an opportunity without much verification,” says Sachin Alug, CEO of NLB Services, a talent solutions company. A challenging job market coupled with eager job seekers renders individuals more vulnerable to scams promising lucrative opportunities. Many of these jobs come with the promise of an entirely remote job, with a good salary and healthy benefits. “The prevalence of online job searching provides scammers with anonymity, enabling them to easily post <keyword id="18849320" type="General" weightage="20" keywordseo="fake-listings" source="Orion">fake listings</keyword> that appear authentic. The emergence of deepfakes introduces a new and concerning threat to job seekers in India, further complicating existing scams,” says Manu Saigal, Director, General Staffing, Adecco, a job consultancy. These scams predominantly target inexperienced job seekers who may not recognize the warning signs. Scammers entice individuals with unrealistic offers or by impersonating legitimate companies. This not only jeopardises the financial well-being of job seekers but also tarnishes the reputation of genuine companies, as scammers often exploit their identities to lend credibility to their schemes. Be aware of potential red flags It is possible to identify job scams if you are aware of certain red flags. “By remaining vigilant and aware of these red flags, you can significantly mitigate the risk of falling victim to fraudulent job scams and other deceptive tactics,” says Saigal. Unrealistic offers: Many such job offers are unrealistic, particularly if they offer exceptionally high salaries or benefits with minimal experience required. Also, employers in foreign countries may not be offering fully remote jobs to those in India. Fake urgency: Beware of scammers pressuring you to act quickly, bypass standard application procedures, or pay upfront fees. Reputable companies typically maintain clear and established application processes. Unprofessional communication: Watch for typos, grammatical errors, or poorly written communication in job postings or emails, as legitimate companies typically uphold professional communication standards. Requests for personal information or upfront payment: Avoid disclosing sensitive information such as bank details or social security numbers during the application process. Legitimate companies do not require payment for training or equipment prior to employment. Do not fall into the trap First and foremost, jobseekers must use authentic platforms to share their personal information. Clicking on a random link they receive in email or visiting a job site they have not heard of before is never a good idea. “When contacted for jobs, they must conduct thorough research on the offering party to validate their authenticity. A Google/LinkedIn search can be quite handy in verifying the identity of the employer/recruiter,” says Alug. Under any circumstances, candidates should not transfer funds to unfamiliar accounts or reveal their bank/financial details. Jobseekers can avoid these traps by exercising caution and doing their due diligence before responding to a job. Remember, if something is too good to be true, it probably is.

Remote job scams are on the rise! How to stay safe?

<ul class="summary-list"><li>College students are increasingly targeted by<a target="_blank" href="https://www.businessinsider.com/how-to-avoid-scammers-posing-job-recruiters-id-theft-2022-8"> job-recruitment scammers</a>, the FTC said.</li><li>Scammers use fake listings and pose as recruiters to steal money and identities.</li></ul>College students can feel a lot of pressure to join the workforce as soon as possible — and scammers have been increasingly trying to take advantage of that.Students on the hunt for new jobs or internships, especially virtual ones they can work part-time during the school year, are being targeted by criminals posing as job recruiters, a recent <a target="_blank" href="https://consumer.ftc.gov/consumer-alerts/2024/04/college-students-are-targeted-jobs-scams-too-0">alert</a> issued by the FTC said.The agency said that "if a new employer mails your first paycheck before you even start working, that's your cue to stop — it's a scam."Scammers use various tactics to lure in would-be applicants, such as posting <a target="_blank" href="https://www.businessinsider.com/how-to-spot-a-fake-job-posting-linkedin-indeed-facebook-2021-9">fake job listings, using fraudulent email addresses</a> and even mentioning familiar names like that of a mentor or faculty member.Sometimes, the scammers are just looking for a quick cash payout. But they can also target a <a target="_blank" href="https://www.businessinsider.com/how-to-avoid-scammers-posing-job-recruiters-id-theft-2022-8">college student's identity</a> or bank information.Scammers often approach victims about <a target="_blank" href="https://www.businessinsider.com/fake-job-scam-remote-work-tech-layoffs-financial-fraud-crime-2023-1">remote positions</a>, using virtual communication as a front to obscure their identities and the cost of setting up a home office as pretext."Scammers post ads for fake jobs for personal assistants on common job sites and social media. Or they might send emails that look like they're from someone in your community, like a professor or an office at your college," the FTC said."If you apply, they'll mail you a check to deposit at your bank. Then, they'll ask you to send some of the money to another account," the agency added. "They tell you a convincing story, but the check is fake and the whole thing is a scam. The check will eventually bounce and the bank will want you to repay the money you withdrew."The Wall Street Journal recently <a target="_blank" href="https://www.wsj.com/lifestyle/careers/new-job-scams-targeting-young-professionals-are-flourishing-70e1aba1?mod=hp_featst_pos5">interviewed</a> students who had encountered scammers during their job hunts.One college senior told the Journal that he had received an offer for a data-analyst internship, apparently from an email associated with a real company. But after a Microsoft Teams interview — conducted entirely over chat with the supposed "hiring manager" — he received a check to cover the cost of a laptop and software.The student deposited the check into his bank account and sent the money to a vendor the company had directed him to pay, before realizing that the check had bounced and he had spent $1,745 of his own money, the Journal reported.Major recruiting and staffing firms have issued warnings about the practice — especially since their names are being co-opted by scammers to make their "offers" seem more credible. Murray Resources, a Houston recruiting firm, told the Journal it had received over 100 complaints in March from victims of scammers claiming to represent the firm."Murray Resources does not use WhatsApp and we do not text candidates unless we have already been in contact and received their prior permission to do so," the company said on its <a target="_blank" href="https://murrayresources.com/scam-messages-from-senders-claiming-to-be-murray-resources-employees/">website</a>.Last month, LinkedIn took steps against recruiting scams by launching a <a target="_blank" href="https://www.linkedin.com/help/recruiter/answer/a1359065">verification feature</a> for recruiters. Indeed also <a target="_blank" href="https://support.indeed.com/hc/en-us/articles/216354123-Guidelines-for-Safe-Job-Search">warns</a> users to be on the lookout for positions that seem "too good to be true."The FTC says that job seekers who are contacted for a prospective opportunity should always research the job and the recruiter. If it's a job at a university office, for example, they should contact the department directly to confirm the details.Correction: May 1, 2024 — An earlier version of this story misstated when LinkedIn launched a verification feature for recruiters. It was last month, not earlier this month.

College students desperate for jobs are getting scammed online by criminals posing as tech recruiters

<ul class="summary-list"><li>Americans lost $5.6 billion to cryptocurrency scams in 2023, a 45% increase from 2022.</li><li>The FBI's 2023 cryptocurrency fraud report highlights the rise in crypto investment scams.</li></ul>Americans are losing more money than ever to cryptocurrency scams, according to the FBI.The FBI's <a target="_blank" href="https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3CryptocurrencyReport.pdf">2023 cryptocurrency fraud report,</a> released earlier this week, found that Americans lost $5.6 billion to <a target="_blank" href="https://www.businessinsider.com/bitcoin-trader-loses-millions-address-poisoning-scam-crypto-eth-finance-2024-5">crypto scammers last year</a>. The massive figure represents a 45% increase from the previous year.FBI Director Christopher Wray said in a <a target="_blank" href="https://www.fbi.gov/news/press-releases/fbi-publishes-2023-cryptocurrency-fraud-report">statement</a> that the best way to fight crypto scammers is to report potential crimes to the FBI's <a target="_blank" href="https://www.ic3.gov/">Internet Crime Complaint Center</a>, even if no financial loss is involved. The center received more than 69,000 complaints regarding cybercrime and financial fraud related to cryptocurrency last year, the report says.Wray said scams targeting investors using cryptocurrency are "skyrocketing in severity and complexity." Crypto scams related to investment fraud made up most of the complaints submitted to the center, with 32,094 reports. The second-highest reported category was tech support scams, with 8,719, according to the report.The report says investment crypto scams also reported the highest losses, with Americans losing over $3.9 billion in crypto investment fraud in 2023. Personal data breach scams took second place, with more than $490 million in losses.People over 60 reported the most instances of crypto fraud and the highest losses, with more than 16,000 reports totaling more than $1.6 billion in total losses among the age group, according to the FBI.A recent report by the Better Business Bureau found that <a target="_blank" href="https://www.businessinsider.com/gen-z-loses-more-money-to-online-scams-than-boomers-2024-8">Gen Z loses the most money</a> to online scams, but people aged 55 to 64 are more susceptible to online investment scams, the report says.The vast majority of people who reported losing money to crypto fraud involving a kiosk — or a <a target="_blank" href="https://www.businessinsider.com/crypto-bitcoin-atm-vape-florida-west-palm-beach-ethereum-2022-5">crypto ATM</a> — were over 60, according to the FBI. People in that age group lost more than $124 million to scams using a crypto ATM, while ages 50 to 59 had the second highest losses with more than $11 million.Some tips the FBI recommends to avoid crypto scams are to make sure calls are coming from a phone number registered to the company reaching out to you and to look for inconsistencies in fake website domain names and emails.The FBI also says no legitimate law enforcement or government agency will ever demand payment through a cryptocurrency kiosk, and if an investment seems too good to be true, it probably is."Investment involves risk," the FBI says. "Individuals should invest based on their financial objectives and financial resources and, if in any doubt, should seek advice from a licensed financial advisor."

You Searched For "online scams" and got 13 results

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A scientist tested knock-off Ozempic sold online. He found dangerous ingredients and doses — and got scammed out of money.

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Remote job scams are on the rise! How to stay safe?

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College students desperate for jobs are getting scammed online by criminals posing as tech recruiters

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Americans are losing more money to crypto scams than ever

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