Security

Avoiding Online Fraud- Excerpts from the third Seclot Safety Series

 

Online fraud is fast advancing in Nigeria, criminals are working tirelessly to rob people of their hard earned money. 

Several types of fraud spring up daily unknown to a lot of us, and people are falling victim due to ignorance and most of the time greed.

 

The common types common in the country are as follows:

  1. The Nigerian prince scam: Many of us will have had an email from a Nigerian person claiming to be royalty or very wealthy and in need of assistance to help them get their inheritance out of the country so that they can make a substantial donation to a good church or some other worthy cause.
  2. You may get an email or find a website that offers you guaranteed acceptance for a credit card or loan. This scam is quite believable because some credit card companies and finance providers do charge a fee for their service, but a legitimate card company will only apply the annual fee after you have received your credit card and it is applied to the balance.Sometimes the offers are very tempting, saying that you have been pre-approved for a loan up to $500,000 for example, and all you have to do is pay an up-front fee to gain access to this credit facility.Unfortunately, when the victim pays the fee, this the last they will hear from the scammer and they certainly won’t be getting a pre-approved credit card through the mail anytime soon.
  3. Phishing: All scams are bad news if you are a victim, but phishing can quickly create a real nightmare scenario that you should try to avoid at all costs.Phishing is probably the most common internet and email scam that is around and is basically digital theft of your personal information. The scammers try to convince you to part with valuable data like passwords, dates of birth and credit card details, in order to “verify your identity” as part of a transaction or to prevent fraud, which ironically is what they are actually committing themselves.

 Others include: Overpayment scam, career opportunities, charity donations,pyramid scheme, make money at home from your computer, free holiday, online dating fraud etc.

Although the number of adults who have fallen victim to consumer cybercrime has decreased, the average cost per victim has gone up by 50 percent.

Common Facts about Online fraud and its prevalence

  • Attacks are getting more sophisticated, with fraudsters using tactics like spear-phishing and programs like ransomware.
  • 49 percent of consumers use their personal mobile devices for work and for play, leading to new security risks for mobile and e-commerce businesses.
  • 48 percent of tablet and smartphone users don’t take the most basic security steps such as installing security software or using passwords.

 

The growth of Android malware has skyrocketed faster than any other form of malware on the web. This is an alarming trend because Android has the most users in the global mobile device market.

 

What are the preventive measures one can take?

The following are common things we experience on the web, and we have to be careful about them so as avoid any security breach.

Do not:

  • click on advertising banners, social media ads, or anything in a pop-up window.
  • respond to emails from a stranger or anyone you aren’t expecting communications from.
  • download anything unless you are sure of the source.
  • share any information with strangers on websites or social media.
  • forward emails to a mass group forum, social media site or message board.

To read more on this topic click on the link provided below

Avoiding Online Fraud

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