Jobs & Employment
- Types of Scams
- Forex Trading
Forex Trading Scams
How does this scam work?
Scammers contact you under the impression of being your financial institution. They contact you by different means and this is usually via:
- Calls
- SMS
They make up stories that seem real such as there being a routine data check since there was a breach or that being something that they usually do after a specific period. They ask you to provide sensitive information regarding your bank account such as passwords, PINs, and others. They then use this information to defraud you and commit different crimes using your identity.
Another story that they make up at most times is that there has been a breach on your account and that you need to secure it so that you don’t incur losses. They ask you to prove that you are who they think you are by proving information that they don’t know and that they will be needing. It is through you providing this information that you expose yourself.
Phishing messages are designed to look genuine and legitimate and usually follow the pattern and format that the original Financial Institution does. For example, we know that CBZ colors are red and blue, that is the same feel that you get when you receive phishing communication. The English is usually up to point, and it is very difficult to suspect that you are being scammed if you don’t take particular looks at all details.
Other Types Of Phishing
Pharming
This is a type of social engineering cyberattack whereby criminals redirect internet uses to a website that is similar to the original one but not being the original one. The set website that is similar to the original one is referred to as a spoofed website and the main reason for doing all this is to obtain information that they can then use to defraud you. Such information are passwords, account numbers and so on.
Smishing
This is phishing but rather than emails being used just like regular phishing, the scammers use SMS and that is why it is referred to as smishing.
Vishing
Similar to smishing, the only difference here is that the scammers call and that use of voices is where the “v” comes in.
Spear phishing
This is a targeted form of phishing. General phishing involves a generic message being sent across many emails and scammers hoping for several people to fall for the trick.
Spear phishing on the other hand is personalized for you and includes your name and other details making you think that the message is real since they seem to know you.
Whaling
Also known as CEO fraud whaling is a method used by scammers or cyber criminals to target the senior and authoritative people in the organization. The intent is to make it seem as if the shot callers have instructed for payments to be made or money to be transferred. The transfers which would be instructed by the scammers under the pretense of being the big guys in the organization, will be transferred to their personal accounts which they can then access.
Red flags or Warning signs
- You receive an email, SMS, or call from a person saying they are from your bank, and they need you to verify your details.
- The communication is not straight forward and has grammar as well as spelling mistakes
- The caller ID is not similar to the caller ID that you talk to when your financial institution usually calls.
- The email that sends you the message is different from the contact details of the emails that your bank put out on their website
How to protect yourself
- Make sure that you are on the right website by looking at the URL and features that you know of
- Also check the website to see if it is secure.
- Do not give persona details and passwords to strangers.
- Do not open links and attachments that come from emails that you don’t know.
Have you ever been scammed?
- Do you think that you have ever been scammed? If you have, you can help the next person and guide them from not being a victim by reporting this scam.
- Reporting this scam can help your friends and family.
- Also, seek help and guidance on how to avoid being scammed.
- In case you have issued your banking details or any other personal information that can get your bank account defrauded, contact your bank immediately.
