The need to have working online fraud prevention solutions is greater now more than ever. The Federal Trade Commission(FTC) recently released a mind boggling report, showing that scammers made up to 10 billion dollars from Americans last year. And investment scams topped the list of the reported financial losses at over $4.6 billion.
It’s worth pointing out that scammers not only disrupt peoples’ finances and lives, they also impede the economy and society in general. Imagine the great things that the government would accomplish for you and me with $10 billion!
The Amazing Things $10 Billion Can Do
- In the US, a public school can cost between $5 million and $150 million to build, depending on several factors, including the location and amenities. At $5 million per school, $10 billion can build up to 2000 schools. Similarly, at $150 million, this amount can enable the government to construct up to 67 institutions for higher learning.
- What’s more, with $10 billion, the government can sponsor up to 1 million students, assuming each student is awarded a $10,000 scholarship.
- Additionally, at around $200 million per facility, $10 billion is enough funds for the government to construct 50 large and well-equipped healthcare facilities.
In other words, the extent to which $10 billion can be used by the government to improve various aspects of society is enormous. Unfortunately, Americans lost this colossal amount to criminals last year, missing out on the opportunity to improve various aspects of society.
A Dire Need For Effective Online Fraud Prevention Solutions
Looking at the shocking statistics above, it’s clear that there’s an urgent necessity for efficient online fraud prevention solutions.
Decoding A Scammer’s Psychology
Knowing how to decode the psychology of scammers can enable you to recognize and avoid fraudulent schemes. This is one of the secret ingredients of effective online fraud prevention solutions. And it involves understanding two key aspects — the motivation of scammers and how these criminals find and target their victims.
1. What Motivates Scammers?
The desire to gain money, power, and control, indulge in a thrill, or commit malice, or revenge motivates criminals. When you are aware of the motivation of scammers, you’ll recognize the red flags and avoid falling for any tactic a scammer may use to try to defraud you.
The big question is, how do you uncover a scammer’s motivation?
The answer is by developing situational awareness, research, and analysis skills.
Study and familiarize yourself with common types of scams, and be aware of the tactics used in scam attempts such as urgency, high-pressure, and emotional manipulation tactics.
If someone is rushing you to “invest”, they are probably up to no good. The same can be said when an individual is promising you rewards, a perfect example of an emotional manipulation tactic.
Other emotional manipulation tactics include flattery, pity, fearmongering, isolation, and guilt-tripping. This enlightening post by the United States Federal Credit Union(USSFCU) properly elaborates on the seven emotional manipulation tactics commonly employed by cybercriminals to defraud people.
2. How Do Scammers Hunt Their Victims
Knowing how scammers hunt their victims enables you to avoid falling prey by recognizing how they found and brought you under their radar. That way, you can respond effectively against their tactics, beating them in their own game. The big question is, how do scammers find and target their victims? It’s simple, they obtain your details:
- From Facebook, Twitter, Reddit, Instagram, and other social media platforms, online forums, and public databases on the Web.
- Through hacking databases belonging to entities.
- From entities that have fallen victims to cyber criminals.
- Through social engineering techniques such as impersonating trusted entities like tech support services, government agencies, and banks to manipulate and fool you into providing your details.
- From dubious companies that sell peoples’ data.
- Through hacking and gaining unauthorized access to your devices to collect your personal information.
- From information or data brokers who dubiously sell people’s data.
- From classifieds and online marketplaces such as Craigslist.
Lost Funds To a Scammer?
If so, and you have evidence i.e. payment and communication records, it’s not too late to report the case to your financial services regulator and pursue your funds. To do so, go to this page. You may also email us at scamread@scamreader.info.
Final Thoughts
Familiarizing yourself with the psychology of scammers is an important part of all efficient online fraud prevention solutions. It is crucial to avoid falling victim to fraud.
Knowing how to recognize scammers’ underlying motivations and their tactics is an effective way to protect yourself and those around you from their schemes.
Apply this knowledge to stay a step ahead of these cybercriminals and lower the risk of falling prey to their fraudulent schemes.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.