Every other day, we come across one or another online scam. In just four months of 2024, India lost more than ₹1,750 crores to online fraud. So, why are these scams increasing?
Are people becoming careless with their money, or are scammers becoming smarter?
The answer is complex. On one hand, scammers use various tactics and strategies to gain the trust of victims. On the other hand, victims often fall greedy and follow instructions to earn quick money, overlooking red-flags.
Here are some characteristics of scammers:
- Manipulative in Nature: Scammers attract people by playing emotional games. The increased popularity of social media has made their tasks easier, allowing them to showcase fake lifestyles to lure their audience. They also display fake profits and capital, creating a sense of FOMO (fear of missing out) that drives people to invest in their schemes.
- Intelligent but Lacking Empathy: Scammers who are intelligent but lack empathy are particularly dangerous. They go to great lengths to scam and loot people without any moral considerations.
- Tech-Savvy: Scammers are well-versed in digital platforms and know how to bypass their security measures. This makes it difficult for people to identify scams and easier for scammers to perpetrate fraud.
- Creates Motivations: Scammers generate greed by showcasing financial gains and a sense of power, which influences people to follow them blindly.
How Scammers Reach Out to People:
Scammers exploit digital platforms to reach out to people using various techniques to appear legitimate. Here are some common methods, they use to scam people:
- Creating Fake Websites: Buying a domain is easy and doesn’t involve background checks. With numerous CMS platforms available, creating a fake website and adding content that looks authentic is relatively simple.
- Impersonating Trusted Entities: Scammers often impersonate well-established firms, banks, or stock brokers to sell fake investment schemes and other services. They create clone trading apps that resemble authentic platforms and trick people into downloading them by sharing links.
- Using Psychological Techniques: Scammers exploit people’s emotions and trust to persuade them to share personal details like passwords and OTPs.
How to Recognize Scammers:
While scammers are often one step ahead, recognizing them is not impossible. A little alertness and awareness can protect you from being scammed. Here’s how to identify scammers:
- Displaying Money: If someone is flaunting their money on social media, it’s a red flag. People who are genuinely successful usually do not showcase their wealth publicly.
- Using Pressure Tactics: Scammers often pressure individuals to invest quickly once they show interest. This urgency is designed to trap people into making hasty decisions.
- Sharing Multiple Bank Accounts: When scammers provide multiple bank accounts for payments, it’s a significant red flag. Genuine entities usually use a single, verifiable account.
How to Protect Yourself from Online Scams:
“Prevention is better than cure,” and this is especially true for online scams. While there are ways to report online fraud, avoiding scams in the first place is preferable. Here are some steps to help protect yourself:
- Stay Informed: Keep up-to-date with market regulations. For stock market investments, refer to SEBI (Securities and Exchange Board of India) rules and always choose SEBI-registered platforms.
- Never Click on Unknown Links: Many scams begin on platforms like WhatsApp and Telegram. Avoid engaging with unknown groups or clicking on unfamiliar links.
- Stay Emotionally Strong: Scammers often target emotionally vulnerable individuals. Always think logically and ask numerous questions before purchasing any service.
- Take Quick Action: If you suspect you’ve been scammed, don’t waste time contacting the scammer. Instead, file a Cyber Crime complaint or online fraud and to SEBI for investment-related frauds.
With a bit of effort and awareness, you can protect yourself from falling victim to scams. Stay Alert and Safe!
