Common online scams used by online criminals and fraudsters (Part 1)

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In the past week since we discussed recalling bank transfers through the Fraud Desk in Banks, we have received several emails from victims of scams. I thought it may be worth sharing some of the common scams so that you can easily smell a rat and take-off. I will recommend you have the email and phone number of you account officers so you can easily place a restriction on your account if you suspect an online fraud. Also, have the email of the fraud desk of your bank, it is usually frauddesk@yourbankdomain.com or simply ask your bank for the email of the Fraud desk.

Bank Frauds
Most of the scams are perpetrated using banking applications. There are those who will call you claiming they share similar phone numbers with you and mistakenly typed your number while trying to get a code for a transaction and ask you to call out the code. Often these fraudsters are trying to reset your email and internet banking login details. It is best not to respond to strangers who ask you to send code from your phone.

Some other Scammers will typically call you claiming to be representatives of your Bank and tell you there has been suspected fraud or suspicious activity on your account and ask you to click the link sent to your email, you may be prompted to enter your personal details, always click on the sender to verify that the email is authentic but best to ignore emails with links asking for security details.

The other type is common with Bank Card, most of the time fraudsters enter the Bank Card number, CVV and guess your pin, so avoid using your birthday or year as ATM PIN. My sister was a victim, someone stole her wallet, it contained her Bank card and National ID, apparent the thief guessed her email, unfortunately, she used her year of Birth as PIN and the transaction was successful.

The Elder Fraud is also a popular fraud, this happens with the Elderly who are struggling with the use of automated teller machines and mobile applications. There are cases of people hanging around ATM machines waiting for their preys, those struggling with making an automated transaction, the fraudster will ask for your pin and pretend to help you make withdrawals. After the transaction, they swap the cards and do more transactions with your card. So be mindful of those who try to help you when using an ATM.

Investment, Multi-level referral marketing, and Money Doubling Scam
I have received messages of people asking me if they can recall their money for some Ponzi scheme. Currently, “loom is trending” but we all know in the end it is doom. It is possible to recover it in some cases but most times you can’t get the funds back because the fraudsters can claim the investment failed since it is not regulated by the Security and Exchange Commission (SEC) you can simply kiss your money goodbye or report to the EFCC. Investment fraudsters are often smart as they leave a clause in the contract that can easily get them off the hook when things go awry.

Be mindful of acclaimed online forex, Bitcoin and cryptocurrency traders, most are fraudsters who promise you 1000% returns. The moment you pay they disappear or simply cook up stories that the trade crashed. Be mindful of investment schemes that are not regulated by SEC. You may even be too embarrassed to report that you fell for such Ponzi, report anyway and save others from this scammers promising bogus investment returns. Run away from people who advertise such get quick schemes. I hear some people are buying invisible Swiss Gold, you have to keep marketing it to other people and promising big returns🙄 only to end up in a deadlock🤦🏽‍♀

We will discuss other types of online scams in our next Post. If you have questions and have been scammed you can send your queries  in the comment section.

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