Economic inflation has contributed significantly to the rise of acquisitive crime. People have been recently using scam calls to obtain money or personal information such as bank account numbers. Some use automated systems known as robocalls, while others pose as representatives of banks, government agencies, and other legitimate institutions. These scammers convince their victims to give them money or information in exchange for something more valuable, such as loans or government grants.
Scam calls have abruptly risen due to their low cost of operation. They are also almost untraceable because of the ease of using fake locations and numbers.
If you’re wondering why scam calls are so common these days, here are some of the reasons:
Using VoIP Technology
Technology makes it effortless to make calls over the internet from different locations through VoIP (Voice over Internet Protocol). VoIP is specifically for team members to stay in touch and for customer care representatives to connect with clients. However, scammers use VoIP to solicit personal information, such as bank details, from unsuspecting people.
Sophisticated Phishing Techniques
Phishing refers to the impersonation of a legitimate organization. It affects both the customers and the organization being misrepresented. Scammers pretend to call from a government institution or legitimate company to get you to trust them. Phishing scams target 85% of organizations, while around 30% are victims as of 2020. It is advisable to notify the customers and offer immediate advice and support if this occurs.
Preying on People’s Fear
The scarcity principle has intensely worked for scammers because people are highly drawn to it. The fear of missing out has led most people to fall into the trap of phone scammers. They create urgency on fake offers to get you to act without thinking. They use the fear tactic to convince you to take action immediately, giving you little to no time to reason. If you are wondering who is calling you, find out all you need to know on Nuwber. Enter the caller’s phone number into the search bar, and you will know the name and address of that person.
Rising crimes and understaffed courts have paved the way for scammers to escape without a legal course. Hence, phone scammers offer deals too good to be true, such as free money or government grants, without fear of legal repercussions due to non-existent or weak regulations.
Low Risk of Detection
Scammers can hide behind fake numbers and locations, making it difficult for authorities to trace and prosecute them. The high possibility of walking away with the crime makes scam calls a lucrative option for criminals. Despite flagging these scam calls, many phone companies can do little to stop them, which motivates scammers to press on.
Overlooking Security Practices
Poor security practices, like using one password on multiple accounts, make you a prime target for call scams. It is not advisable to use dates of birth and anniversaries as passwords since this is information anyone can guess right. Cyber security protocols require you to uphold digital information integrity, confidentiality, and availability.
Too Many Trusting People
Scam does not recognize age, gender, economic background, or educational level. Anyone who is not tech-savvy is a prime target. Senior citizens are more likely to fall victim due to their conditions, such as being isolated or having a cognitive decline. Furthermore, previous scam victims will get other scam attacks because some of these scammers share databases of their targets among their networks.
Vulnerability to malicious online users starts with exposing personal information on the internet. Your personal information should be a secret. Be wary of offers that require prior payment and those that are too good to be true. Consult with friends or family before making any unclear financial commitments. If you are a victim, report it as soon as possible to the nearest authorities.
Prevalence of Spoofing Attacks
This is where scammers get your personal information by creating an illusion. They do this mainly by creating a replica website or system of an existing institution like your bank. They then call you claiming that “your account has expired” or “has been blocked” and need immediate action. The urgency is designed to make you login into their fake site, granting them your login credentials. To be safe, update your computers and electronic devices regularly.
Another common spoofing attack is when someone poses as a close relative who needs immediate financial help. They also give you reasons why you should keep the situation a secret. If you ever get such calls, do not fall for it, and do not hesitate to share the information with other relatives.
Naive Online Users
Overtrusting and compassion have led to easy scam targets. People tend to trust charity institutions blindly without doing any background checks or due diligence. It makes them vulnerable to sharing personal information or money if approached by someone claiming to work for a certain organization.
People who overly trust may not ask questions or spot red flags early. Moreover, some people working in charity organizations connive with these scammers. It is advisable to work directly with legitimate institutions instead of offering financial aid over the phone to avoid falling victim. Also, save all the organizations’ official contact details and emails.
Thirst for Quick Success
Everybody wants to make it, but very few can bear the process. Scammers know this, which presents an excellent opportunity for them. These con artists entice their victims with persuasive language such as “guaranteed minimum return,” “triple your investment,” “guaranteed profits,” or “no risk of loss,” regardless of the investment.
They know people love free things and will offer free lunches, educational seminars, and dinner steaks. Unfortunately, most people want to invest in businesses with high returns and low costs. It is logically impossible to get such lucrative opportunities. Consult your financial advisor before getting into such deals; otherwise, you might lose all your investment.
Scam calls are a growing problem as more people continue to fall victim to these fraudulent activities. Scammers take advantage of people’s lack of knowledge, poor security practices, and weak regulations to continue their activities with little fear of repercussions. To stay ahead, beware of these scammers’ various techniques and take steps to protect yourself and your loved ones.