We previously wrote about an article on financial scams which were taking place during Covid-19. Financial scams however are increasingly growing on a global level which has impacted data, financial and cyber security.
Many of us on social media will come across accounts and pages showcasing individuals with lavish lifestyles, fancy cars and all the big brands you could possibly think of. But how many of these supposed accounts are legitimate? Recent months have seen global fraud rings preying on users online and making the most of online activity during the Covid-19 pandemic. Global security has increased its presence to track down scammers who are creating money laundering schemes.
Last month, Instagram celebrity who goes by the name Hushpuppi was arrested due to fraudulent activity . Hushpuppi was found to be impersonating employees from big US companies using a Business Email Compromise (BEC) scheme designed to steal millions of dollars from victims.
What are BECs?
Many of us will have come across business email compromise schemes which detail a scenario where the sender is requesting money due to political turmoil, illness, personal troubles or a natural disaster. Usually scammers will ask you to transfer money through Western Union or require you to pass on your bank account details. People being present on social media has also increased direct messages which outline similar scenarios prompting recipients to send financial details or money to the scammers.
How to avoid being a scam target
With fraudsters using social media platforms to prey on targets, be very careful of the details you mention and post content. The more you showcase online, the easier it can be for individuals to find out crucial information about you that can help them scam you.
If you are someone that posts a lot for business or professional purposes, privatise your settings so that your followers can only see what you post. Be wary of people posing as Instagram ‘celebrities’ or ‘influencers’ who promote big brands, some are not genuine and use this as a way of trying to get big companies to ‘collaborate’ and help them financially.
Unfortunately with the cyber world we cannot keep control and tabs over everyone using social media and online platforms but helping to raise awareness will certainly help with maintaining global security and safety whilst using big social media platforms.
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