Scammers are more sophisticated than ever, soliciting unsuspecting victims through countless cons and scams. In a new TTS video, industry professionals talk about how scammers prey on their victims. They create the impression that consumers have won major lottery jackpots, even if they don’t sell lottery products. They repeatedly falsely claim to be agents of well-known companies, including those with “Microsoft” in their name. These types of messages prey on people’s trust to pull victims into their phishing net.
The urgency of awareness around these scams is underscored by alarming statistics. Scammers can make up to £2,000 to £3,000 a day by blasting thousands of victims with scammy messages. These criminals are able to accumulate financial gains that total in the millions—and even billions. They do this by executing successful heists on the life savings of regular people.
Recognizing Common Scam Tactics
One of the most popular methods in con artists’ toolkits is telling a victim that their computer has been infected with malware. They regularly claim that the poorly validated device is telling them to look for signals of an infection. This tactic is meant to create an environment of fear and urgency that will cause people to act quickly. Unfortunately, this often leads to victims taking actions that exacerbate their vulnerability.
To make matters worse, other con artists pose as bank officials, pushing people to act quickly to protect their financial accounts. In case you do get such a call, experts suggest that you hang up and then call your bank’s fraud department. Call from a different phone line to confirm the allegation. We’d suggest waiting at least three minutes before placing that call. This delay ensures the very first nuisance call has completed. It further prevents the scam artist from remaining on the line.
The Financial Impact of Scams
Rodney Hobson, the author of “The Book of Scams,” sheds light on the staggering financial impact of these fraudulent activities. Hobson’s Fighting Scam World, recently published by Harriman House, describes these scammers’ tactics and more. It exposes their biggest moneymakers profits, and thus potential, at stake. Some fraudsters make more than £500,000 a year. Combined with high up-front costs of legal activity, this leads to powerful financial incentives to break the law.
In fact, scammers are looking to put their message in front of thousands of people in less than three seconds. Their goal is straightforward: they seek just one individual to respond to their scam. This low threshold for success enables them to continue their operations even if most contacts ignore or reject their overtures.
The Danger of Following Instructions
Fraudsters are adopting a new, deadly strategy. They tell victims to call emergency services, such as 999, and ask to be put through to a particular police officer. This instruction is absurdly misleading and is a classic fraud. These types of directives do nothing but trap people deeper, misdirecting folks away from real help.
Awareness of these tactics is essential to everyone. When consumers learn how fraudsters do business and what tactics they typically use, they are less likely to become victims themselves. Always be vigilant and skeptical of unexpected/unsolicited communications you might get. Exercise particular caution if they request that you provide personal information or are pressuring you to take immediate action.