7 Ways to Protect Yourself from Scams: Beware of Voice Phishing

With the COVID-19 pandemic leading to the normalization of contactless transactions and online financial dealings, cybercrime has become increasingly sophisticated. We are now at a point where we need to be wary of advanced methods that even utilize AI technology. It's crucial to be aware of new types of cybercrime tactics and take precautions to avoid falling victim to them.

According to the Federal Trade Commission (FTC), one in four fraud victims since 2021 were targeted through social media, with losses totaling a staggering $2.7 billion. As fraud tactics become more intelligent and cunning, we need to be vigilant. We are anticipating a surge in new patterns of P2P crime, surpassing conventional expectations, with the involvement of Artificial Intelligence (AI).

Types Targeting P2P Services Directly

Recently, there has been a sharp increase in fraud targeting P2P payment services like Venmo, Zelle, PayPal, Apple Pay, and Facebook Pay. To mitigate risks, it is advisable to use services with robust security features and two-factor authentication, like Cash App.

Beware of Phishing Attacks and AI Voice Phishing

Phishing attacks, a well-known fraudulent tactic, remain a threat. Perpetrators impersonate government agencies, banks, and other entities to obtain sensitive personal information, such as account details, leading to financial losses. The development of AI technology has introduced AI-generated voices and synthetic images, necessitating increased caution.

"Suspicious Account Activity" Messages: Beware

You may receive messages claiming that suspicious activity has been detected on your account and demanding a money transfer to reverse a transaction or prevent account freezing. It's essential to verify such claims directly with the relevant institution before taking any action.

Don't Fall for "Accidental Transfer" Refund Requests

Be cautious of individuals who request refunds after making a P2P transfer, claiming it was a mistake. Typically, the transferred amount is either fictitious or originates from a dummy account. If you refund the money, scammers can collect both the original transfer amount and a refund from the P2P service provider.

Beware of Charity Donation Scams under the Guise of "Help Me"

Advertisements on social media soliciting charitable donations may be fraudulent. These scams often create a sense of urgency and emotional appeal to induce donations.

Information Theft Under the Guise of "Fraud Specialist"

Instances have been reported where individuals impersonate fraud departments of retailers or vendors and request bank account information, credit card numbers, and other details. This stolen information can be used to create P2P accounts for further criminal activities.

Beware of Fake Product Sales

Some scammers impersonate well-known companies to solicit payment for non-existent products. If you encounter an unfamiliar business selling a product that doesn't appear to exist, it's wise to be cautious.

While P2P money transfers offer convenience, they are inherently vulnerable to fraud. It's important to be vigilant against sophisticated tactics that leverage AI and maintain a healthy skepticism towards unfamiliar businesses and unclear transactions for your safety.