Fraud Protection

 

Bank Transfer Fraud

What is it?
In Bank Transfer Fraud, someone tricks you into sending money to them by pretending to be someone you trust. This could happen through email scams, fake romantic relationships, spoofed phone calls, or fake investment opportunities.

How does it work?
This can be in the form of romance scams, investment scams, or someone impersonating a close friend. Victims can be consumers or business depending on the type of fraud. For example, scammers target consumers with fake investment opportunities or a romance scam, where businesses are scammed using Business Email Compromise.

 

Business Email Compromise (BEC)

What is it?
In Business Email Compromise (BEC) fraud, scammers manipulate you into transferring money by pretending to be a trusted individual or entity, typically through email communication. They may impersonate company executives, suppliers, employees, or clients to deceive you into sending funds.

How does it work?
Scammers gain access to email accounts or create fake email addresses resembling those of legitimate contacts. They then send convincing messages, requesting urgent wire transfers, sensitive information, or a change in bank account information. Victims, whether consumers or businesses, may fall prey to these deceptive tactics, leading to financial losses.

 

Romance Fraud

What is it?

 

In Romance Fraud, individuals are tricked into sending money to someone they believe they have formed a romantic connection with. Scammers exploit emotions and trust to manipulate victims into sending funds under false pretenses.

 

How does it work?

 

Scammers create fake profiles on dating websites or social media platforms, posing as potential romantic partners. They establish rapport and build trust with their targets before creating a fabricated story or crisis that requires financial assistance. Victims, believing they are helping a loved one, may send money to the scammer.

 

Investment Fraud

What is it?
In Investment Fraud, individuals are deceived into investing money in fraudulent schemes or fake opportunities, often promising high returns with little or no risk. Scammers exploit victims' desire for financial gain by presenting enticing investment offers that eventually result in financial losses.

How does it work?
Scammers use various tactics to lure victims into investment fraud including cold calls, unsolicited emails, social media advertisements, or fake investment seminars. They may present false information about the investment opportunity, fabricate testimonials from supposed "satisfied" investors, or use high-pressure sales tactics to convince victims to invest. Scammers will often promise high returns on investment to get the victim to believe them. Cryptocurrency is often involved in these types of scams because its untraceable

 

Upfront Payment Fraud (Advanced Fee Fraud)

What is it?

In Upfront Payment Fraud, individuals are deceived into paying money upfront with the promise of receiving a larger sum of money or another benefit in return. Scammers exploit victims' desire for financial gain by offering lucrative opportunities that require an initial payment to participate.

 

How does it work?

Scammers typically pose as wealthy individuals, government officials, or representatives of businesses or organizations. They offer to share a large sum of money with the victim but claim that an upfront fee is required to facilitate the transaction. Once the victim pays the fee, the promised funds never materialize, and the scammer disappears with the money. Often times the fee is described as a "tax" or "insurance" to trick the victim into sending the payment.

 

Prize/Inheritance Fraud

What is it?

Individuals are misled into thinking they've won a lottery or prize, often with a big cash prize, when there's actually no legitimate prize. Fraudsters play on victims' excitement and desire for money with false promises of winning.

How does it work?

Fraudsters contact victims through email, calls, or letters, falsely claiming they've won a lottery or prize draw. Victims are told to pay fees or taxes upfront to claim the prize, but once paid, the prize never comes, and the fraudster vanishes with the money.

 

What is it?

 In Online and Payday Loan Scams, individuals are deceived into applying for loans through fraudulent online platforms or lenders, often with promises of quick approval and easy access to funds. Scammers exploit victims' financial needs and desperation by offering false loan opportunities.

 

How does it work?

Scammers typically operate fake online lending platforms or pose as legitimate lenders to attract victims. They may advertise loans with low interest rates, no credit checks, or guaranteed approval to entice individuals in need of financial assistance. Victims who apply for these loans are required to provide personal and financial information, as well as pay upfront fees or security deposits. However, once the fees are paid, the promised loan never materializes, and the scammer disappears with the money.

 

Financial Grooming (Pig Butchering)

What is it?
A fraudster persuades a victim to invest in cryptocurrency with promises of high returns. The investment is fake, and the funds are stolen.

How does it work?
Fraudsters employ tactics like cold calls, emails, ads, and fake seminars to lure victims into investment scams. They provide false info, fake testimonials, and use pressure to persuade victims of high returns.

 

Employment Fraud

What is it?

In Employment Scams, individuals are deceived into applying for fake job opportunities or work-from-home positions that promise high pay and flexible hours. Scammers exploit victims' desire for employment and financial stability by offering false job offers.

 

How does it work?

Scammers typically advertise fake job postings on online job boards, social media platforms, or websites dedicated to employment opportunities. They may pose as legitimate companies or recruiters and use convincing job descriptions to attract potential victims. Once individuals apply for the job, they may be asked to provide personal information, pay upfront fees for training, equipment, or perform tasks that involve handling money or goods. However, the promised job never materializes, and the scammer disappears with any fees paid or personal information provided.

 

Lottery Fraud

What is it?
In Lottery Scams, individuals are deceived into believing they have won a lottery, grant, or prize draw, often with a substantial cash prize, when in reality, there is no legitimate prize. Scammers exploit victims' excitement and desire for financial gain by offering false promises of winning.

How does it work?
Scammers typically contact victims via email, phone calls, or letters, informing them that they have won a lottery or prize draw, even though they may not have entered any such competition. To claim the prize, victims are instructed to pay various fees or taxes upfront. However, once the fees are paid, the promised prize never materializes, and the scammer disappears with the money.