FROM THE BLOG
The Ever-Evolving Tactics of Modern Cyber-Scammers
Posted by Prospera Financial on January 9, 2024
Phishing, Smishing, and Vishing. Oh my!
Criminals are constantly attempting to steal personal data through deceptive emails, fake websites, phone calls, text messages, and ever-expanding sophisticated methods. These tactics aim to coerce individuals into revealing sensitive information like social security numbers and bank account details or defraud a target to obtain funds via gift cards or other electronic currency.
An increasingly alarming trend has been the “long scam” in which individuals are groomed over an extended period with the end goal of maintaining a continued state of exploitation. The most common example of this is the “Romance Scam.” Older adults are the most common target of this approach.
How Scammers Reach Out
Phishing: A common scam where criminals use fraudulent emails, posing as legitimate entities such as banks or government agencies, to solicit personal financial information. Vigilance is crucial; avoid responding to threatening or urgent messages.
Smishing: Similar to phishing, but conducted through text messages. Scammers mimic trusted organizations to extract personal information.
Vishing: Scammers employ phone services, including live calls, robocalls, or voicemails, to impersonate legitimate entities and extract personal information.
Social Media Targeting: Scammers actively phish for profiles that meet certain criteria, harvest personal information, and then attempt to engage in a friendship via direct messages.
Types of Scams
Government Impostor Scams: Fraudsters pretend to be a government organization, such as the IRS, Attorney General, or even the FBI.
Lotteries and Sudden Riches Scams: Scammers claim you’ve won a lottery or inheritance but request payment for alleged taxes and fees. Be cautious of fake cashier’s checks, as scammers vanish after funds are wired.
Online Auctions, Classified Listing Sites, and Overpayment Scams: Scammers overpay for an item or service with a fraudulent check, asking victims to return the excess funds before the check is exposed as fake.
Grandparent Scams: Hackers compromise email accounts, sending fake distress emails seeking financial help from friends and relatives.
Avoiding Scams
Be Skeptical: Treat unexpected online requests for personal information with suspicion, even if they seem legitimate.
Verify Contacts: Only interact with known people or organizations. Verify suspicious emails or messages independently using valid contact information.
Check Legitimacy: Scrutinize emails and websites for typos or errors. If uncertain, verify the legitimacy before providing personal information.
Awareness, vigilance, and perhaps a touch of healthy paranoia have become necessary habits. Most of us have either been a victim of an attempted or successful scam or know someone close to them who has. Sharing these experiences builds our common knowledge and defense. When a potential scam event is encountered, turning to trusted family, friends, or our financial advisors for perspective is one of our best strategies.
Your Tech Buddy,
Marco Galvan
Director of IT
