ID: I202602131551 Status: idea Tags: Scams, Fraud, cybercrime, Cybersecurity

Staying ahead of scammers

Fraud vs Scams

Fraud is when criminals illegally get your account or card details to make unauthorized transactions or charges.

A scam is a type of fraud where a criminal tricks you into believing they’re someone they’re not (a company or official etc.) to get your money or personal details. When you have been scammed you’ll have to act fast.

1. You have to stop contact with the scammer
2. Freeze all your cards immediately. With most banks you can do this in their app / website.
3. Contact your financial provider and report fraudulent transactions
4. Report the incident to the police.

Keeping your money secure

If your passcode isn’t secure, scammers can easily gain access to your accounts. To make sure this doesn’t happen, take the following precautions:

• Use different passcodes for your phone and financial apps
• Avoid obvious numbers (like birthdays) and words (like names)
• Enable two-factor authentication and biometrics for extra protection.

Before sending money or sharing information, always:

1. Stop: Take a moment to think
2. Challenge: it’s okay to say no. Only scammers will try to rush or panic you
3. Protect: if something feels wrong, act fast: freeze your cards, change passcodes and contact your account provider.

Spotting scams

Investment scams

Investment scams often involve a “broker” or “advisor” on social media offering “guaranteed high returns” with low risk. They build trust with initial small “wins”. And then run away with your money once you believe them. You should always verify where your money goes and only invest on regulated platforms.

Think of it this way: If someone has the secret to “guaranteed high returns”, it would be dumb for them to share it with you. When they share that secret with you, they would get less results because they shared it. So that means it’s not logical and just a scam. In some cases it might even be a pyramid scam.

Warning signs:

• It’s too good to be true: Promises of easy money or unusually high returns, especially on social media
• Unsolicited contact: Legitimate firms rarely reach out with “unique” opportunities out of the blue.
• Pressure tactics: If you’re being rushed or told to act immediately to avoid “missing out”
• Lack of verifiable information: The company isn’t registered with a financial authority or has poor or no online reviews (though good reviews could also be bought, good reviews doesn’t mean it is true.)
• Requests for you to move money: You’re asked to send money to a regulated platform, then send it to the fraudster.
• Frequent payments: You’re asked to pay more to unblock your funds, or to pay taxes directly to them on your profits.

Job market scams

Job scams are scams that often promise easy, high-paying remote work. The catch? They ask you to pay for things like training, commissions, or “deposits”. Always remember that real employers pay you, and you do not pay them.

Scammers often use messaging apps like Whatsapp or Telegram. Never sand money or personal information to unknown contacts.

Warning signs:

• Poorly written job ads.
• Being asked to pay money to unblock higher-paying tasks.
• Communication only via messaging apps/email without proper interview.
• Difficulty verifying the company on official job cites like LinkedIn.
• Being added to group chats with “other employees” who are often part of the scam.

Purchase scams

purchase scams involve fake or non-existent items advertised for sale. They often appear on marketplaces, social media, or through cloned websites with a slightly different URL. Common scam items include event tickets, electronics, and property rentals.

Warning signs:

• Fake cites and payment links: scammers send external links for “cheaper rates”.
• Suspicious reviews: no reviews, or reviews that seem too positive or fake.
• Early deposits: be wary of requests for upfront payments, especially without seeing the item or verifying the seller.
• “Too good to be true” deals: extremely low prices for high-demand items or sold-out events.
• Unusual payment methods: requests for bank transfers instead of payments via a secure platform.

Always check you’re buying from a verified website. And to protect your main card details, try using virtual single-use cards for online purchases.

Impersonation scams

Impersonation scams are when criminals pretend to be trusted organisations like banks, tax authorities, delivery services, banks etc. They pretend to be this to steal your money. They can use fake caller IDs or even know some of your personal details to appear legitimate.

Warning signs:

• Urgency or pressure: claiming your money is in danger or your account is compromised, demanding immediate action.
• Unexpected calls: unsolicited calls, especially if they ask for remote access to your device.
• Ignoring warnings: being told to ignore in-app warnings from your bank app. If this happens, stop and report it immediately.
• “Safe account” requests: being asked to move your money to a “safe account”. Banks will never ask you to do this.
• Loved ones asking you for money: always confirm with them directly (in-person, cause calls and video are fake-able with Artificial intelligence) if a friend or family member suddenly asks for funds.

Remember that the most secure way to contact your bank is through their own app with customer support. Banks will never call you without you arranging it first. If you get an unexpected call from your bank, hang up and report the call. If you are unsure, contact customer support through the bank app.

Phishing

Phishing is when criminals try to trick you into revealing personal information by pretending to be a trustworthy source (like your bank or an online store). They will use fake emails, texts, or calls, often to get your details or to trick you into downloading harmful software.

How to increase your safety:

• Never share one-time passcodes (OTPs). Your bank will never ask for this via call or chat.
• Monitor your activity. Use instant transaction notifications to spot anything unusual.
• Beware of strange links. Don’t click links in suspicious messages asking for personal info.
• Verify before clicking. If unsure about a link, contact the company directly through their official channels.

Romance scams

Romance scams are when fraudsters create a fake online identity to gain romantic interest and build trust with a victim. They sometimes even pretend to be celebrities or public figures to draw people in.

The scammer quickly creates the illusion of an intimate relationship to manipulate the victim into sending them money or sensitive financial information. They might do this through intense messaging (or ‘love bombing’), and making false promises.

Romance scams differ from other scams in that the fraudsters often talk to their victims for weeks or even months before asking for money or information. These types of scams happen most commonly on dating sites or social media platforms.

Red flags to look for:

1. The ‘wrong number’ hook: ‘Sent by mistake’ messages are often calculated openings designed to spark a seemingly organic connection.
2. Emotional grooming: scammers move fast, using ‘love bombing’ and promises of a shared future to build intense trust and exploit a desire for companionship.
3. Script of secrecy: scammers rely on isolation to keep their stories alive. They provide scripts to use with friends, family, and even your bank’s customer support, coaching you on exactly how to work around security questions.
4. The elaborate excuse: they’ll often avoid meeting in person. For example, they might say they work in remote or high-stakes environments such as oil rigs, military, or international modelling.
5. AI deception: seeing is no longer believing. Real-time video filters and voice cloning allows scammers to maintain their persona during calls.
6. The ask: it can take months to establish trust, but once they have, the scammer fabricates an urgent financial crisis (such as a medical emergency, travel expenses to meet, legal fees, or an investment opportunity).
7. Payment method: they usually request money via methods that are hard to trace, such as cryptocurrency, wire transfers, or gift cards.

Are you an accidental accomplice?

A money mule is someone who moves illegally obtained money for criminals, often without knowing it. They’re typically tricked by fake job offers or convincing stories, believing they’re helping a legitimate cause or company.

How to increase your safety:

• Never transfer money for others: don’t let anyone use your account to move funds.
• Avoid buying virtual currency or gift cards for others.
• Be sceptical of “easy money” offers with little effort.
• Never share your bank or personal info with anyone you don’t know and fully trust.

Remember: always do your due diligence. If you suspect someone you know is involved in this, contact the local law enforcement guidance.

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References

revolut learn section

ID: M202602131550 Status: MOC Tags: Revolut

revolut learn section

I was looking through the “Learn” section in the Revolut app and found a section about this topic.

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