Every day, fraudsters actively seek ways to deceive innocent individuals and steal their hard-earned money. They use various tactics, including hacking email accounts, stealing passwords, and pretending to be customer care representatives.
Not too long ago, a criminal pretended to be a customer care rep helping a lady with one of her payment institutions’ accounts. While they were talking, this criminal asked for a special password (OTP), and the lady gave it, not knowing it was a fraud. This gave the criminal full access to her account and withdrew a lot of money. Even though the lady tried to get her money back, it didn't work.
Indeed, people who don't have the right information to protect themselves can be in danger of falling for fraud. This article is here to help you. It highlights all the important knowledge you need to stop fraudsters and guides you on how to stay safe from fraud. Let's dive into these details so you get the full picture.
Why does fraud happen?
Well, there are a few reasons, and it's not because they're not smart—it can happen to anyone.
First, fraudsters are good at what they do. They know how to push the right buttons to make people trust them. They might pretend to be someone trustworthy, like a customer service representative or tech support, and use that credibility to trick you into giving away sensitive information.
Then there's the element of surprise. Fraudsters often catch people off guard with unexpected situations or urgent messages. When caught off balance, making a quick but not-so-smart decision is easier, like sharing your passwords or personal details.
Lastly, scammers cast a wide net by sending thousands of emails or messages. Even if a small percentage falls for it, that's a big win for them. So, fraud happens because some people out there are up to no good, and people fall victim to it because these fraudsters are deceivers who know how to play the numbers game.
The good news? With some knowledge and awareness, you can outsmart these fraudsters and keep your hard-earned money where it belongs—in your pockets.
How can you identify fraud?
Now that you know why people fall victim to fraud, let’s go over some of the common strategies fraudsters use to trick people. Here are 3 common strategies fraudsters use to deceive people
Phishing: In phishing attacks, fraudsters send deceptive emails, messages, or websites that appear to be from reputable sources. They often mimic trusted financial institutions, aiming to trick recipients into revealing sensitive information like passwords.
Impersonation: Scammers may impersonate legitimate entities, such as customer care representatives or colleagues. They use this fake identity to create a sense of urgency or authority, convincing individuals to comply with their requests, which often involve sending money or providing personal information.
Tech support scams: Fraudsters may call or send pop-up messages claiming to be from tech support, stating that the individual's computer has a virus or other issues. They request remote access to the computer or ask for payment for unnecessary services.
How to stay vigilant?
When sending money across borders, staying safe from fraudsters is important. Think of it like wearing a digital seatbelt – it may not always be top of mind, but it can save you from a world of trouble.
You definitely wouldn't want to wake up one morning and realise that your hard-earned money has disappeared. That's why you must learn how to protect yourself.
We prioritise your security at Leatherback because we always want to provide you with the safest experience when sending and receiving money on our mobile app. Here are the steps you can take to enhance your security:
Enable 2FA: You need to always activate two-factor authentication (2FA) to add protection to your account. This makes it more challenging for fraudsters to break in by requiring a second verification form beyond your password.
Always create strong passwords: Make your passwords strong by combining letters and numbers. Avoid predictable choices like "yourname123" that make it easy for fraudsters to guess. Use combinations that are not easily predictable to strengthen your account's defences.
Keep your password private: Never share your password with anyone; avoid storing it where others can see it. Remember, no customer service representative or tech support will ever request your password over the phone.
Stay alert to suspicious emails: If an email seems off—content, sender, or urgency—it might be a phishing attempt. Don't take the risk; delete or report suspicious emails promptly to avoid falling for fraudulent schemes.
Avoid clicking links: Fraudsters use deceptive links to trick individuals into revealing sensitive information. Be cautious and stay miles away from clicking on any questionable links in emails or text messages to reduce the risk of falling victim to phishing attacks.
Watch for warning signs: Carefully check emails for common signs of fraud, including misspellings, unusual sender email addresses, and urgent requests for sensitive data. Recognizing these red flags enhances your ability to identify potential threats.
Be wary of public WiFi: Unsecured or public networks expose your online activities to eavesdropping and hacking. Avoiding these connections reduces the risk of your sensitive information falling into the wrong hands.
Leatherback: ensuring your transactions are secure
The final step in staying miles away from fraudsters is choosing a reputable international payment service provider like Leatherback.
At Leatherback, we are authorised by regulatory bodies such as the UK Financial Conduct Authority (FCA), FINTRAC in Canada, and the National Bank of Ethiopia. We ensure solid encryption across all communication channels and security controls to protect your money and information. Click here to read about the security measures we’ve put in place for you.
Lastly, our user-friendly mobile app allows you to send and receive money securely. Click here to begin your international journey.
For more information about anything you need to know about how to send and receive money on the Leatherback mobile app, contact us at email@example.com. Stay in touch and keep abreast of financial tips and resources via LinkedIn, Instagram, Facebook, and Twitter.