Why People Fall Prey To Scams And How To Protect Yourself From It?

Scams cost individuals, organizations and governments trillions of dollars each year in estimated losses, and many victims endure depression and ill health. It target people of all backgrounds, ages and income levels. There's no one group of people who are more likely to become a victim of a scam, all of us maybe vulnerable to a scam at some time.

But why do we fall prey to scams?

Scams succeed because they look like the real thing and catch us off guard when we’re not expecting it. Scammers are getting smarter and taking advantage of new technology, new products or services and major events to create believable stories that will convince us to give them our money or personal details. Scammers frequently use persuasion techniques like pretending to be a legitimate business and using local area presence to foster familiarity. Or they make time-sensitive claims to increase motivation.

Living in a developing country with a strong family culture, we always see the potential for high benefits as outweighing the risks for the sake and comfort of our family. Even if we can see an offer to be likely a scam, there are times we still view the opportunity as potentially beneficial. While most of us are wary, we don’t completely write off the possibility of a big payoff, and some clearly are willing to undertake the risk. So how can we avoid being getting scammed?

Tip #1 - Be alert to the fact that scams exist. 

When dealing with uninvited contacts from people or businesses, whether it's over the phone, by mail, email, in person or on a social networking site, always consider the possibility that the approach may be a scam. Remember, if it looks too good to be true, it probably is.

Tip #2 - Know who you're dealing with. 

If you've only ever met someone online or are unsure of the legitimacy of a business, take some time to do a bit more research. Do a Google image search on photos or search the internet for others who may have had dealings with them. If a message or email comes from a friend and it seems unusual or out of character for them, contact your friend directly to check that it was really them that sent it.

Tip #3 - Do not open suspicious texts, pop-up windows or click on links or attachments in emails – delete them. 

If unsure, verify the identity of the contact through an independent source such as a phone book or online search. Don't use the contact details provided in the message sent to you.

Tip #4 - Don't respond to phone calls about your computer asking for remote access – hang up – even if they mention a well-known company. 

Scammers will often ask you to turn on your computer to fix a problem or install a free upgrade, which is actually a virus which will give them your passwords and personal details.

Tip #5 - Keep your personal details secure. 

Put a lock on your mailbox and shred your bills and other important documents before throwing them out. Keep your passwords and pin numbers in a safe place. Be very careful about how much personal information you share on social media sites. Scammers can use your information and pictures to create a fake identity or to target you with a scam.

Tip #6 - Keep your mobile devices and computers secure. 

Always use password protection, don’t share access with others (including remotely), update security software and back up content. Protect your WiFi network with a password and avoid using public computers or WiFi hotspots to access online banking or provide personal information.

Tip #7 - Choose your passwords carefully. 

Choose passwords that would be difficult for others to guess and update them regularly. A strong password should include a mix of upper and lower case letters, numbers and symbols. Don’t use the same password for every account/profile, and don’t share your passwords with anyone.

Tip #8 - Review your privacy and security settings on social media. 

If you use social networking sites, such as Facebook, be careful who you connect with and learn how to use your privacy and security settings to ensure you stay safe.  If you recognize suspicious behavior, clicked on spam or have been scammed online, take steps to secure your account and report it immediately.

Tip #9 - Beware of any requests for your details or money. 

Never send money or give credit card details, online account details or copies of personal documents to anyone you don’t know or trust. Don't agree to transfer money or goods for someone else: money laundering is a criminal offence.

Tip #10 - Be wary of unusual payment requests. 

Scammers will often ask you to use an unusual payment method, including preloaded debit cards, gift cards, iTunes cards or virtual currency such as Bitcoin.

Tip #11 - Be careful when shopping online. 

Beware of offers that seem too good to be true, and always use an online shopping service that you know and trust. Think twice before using virtual currencies (like Bitcoin) - they do not have the same protections as other transaction methods, which means you can’t get your money back once it is sent.

Please feel free to share your idea and experience on the comment section. Your opinion matter the most and is one of a million grace to help the author and readers to avoid more scams.

"It is better to be safe than sorry."