October is Cybersecurity Awareness Month: Protect Yourself from Scams

As October rolls in, it brings with it Cybersecurity Awareness Month, a timely reminder for individuals to bolster their defenses against the ever-evolving landscape of scams. With technology advancing at a rapid pace, scammers are becoming increasingly sophisticated in their tactics, making it crucial for consumers to stay informed and vigilant. Eva Velasquez, president and CEO of the Identity Theft Resource Center, emphasizes the need for caution: “Scams have become so sophisticated now. Phishing emails, texts, spoofing caller ID, all of this technology gives scammers that edge.”

The Three S’s of Scam Prevention

In a world where scams are becoming more prevalent, knowing how to respond when you suspect a scam is vital. Alissa Abdullah, known as Dr. Jay and Mastercard’s deputy chief security officer, suggests a simple mantra to remember: “Stay suspicious, stop for a second (and think about it), and stay protected.” This three-step approach can help individuals navigate potential scams more effectively.

Understanding Scammers’ Tactics

Scammers often employ three primary tactics to manipulate their victims: fear, urgency, and money.

Fear

Scammers frequently use fear as a tool to instill panic. For instance, you might receive an email claiming that there’s an error in your tax return, warning that failure to act could lead to severe consequences. This tactic preys on individuals’ anxieties, pushing them to act without thinking.

Urgency

Creating a sense of urgency is another common strategy. Scammers often pressure victims to act immediately, which can lead to hasty decisions and the sharing of sensitive information, such as Social Security numbers. This rush can cloud judgment, making individuals more susceptible to fraud.

Money

Finally, scammers often lure victims with promises of financial gain. They might impersonate tax professionals or government agencies, claiming that you can receive a larger tax refund if you provide personal information or pay a fee. This bait can be particularly enticing, especially during tax season.

Common Scams to Watch Out For

Being aware of prevalent scams can significantly reduce your risk of falling victim. Here are some of the most common scams to be cautious of:

Robocalls

Robocalls are a frequent nuisance, particularly targeting vulnerable populations such as seniors and individuals with disabilities. James Lee, chief operating officer at the Identity Theft Resource Center, advises, “If you get a robocall out of the blue with a recorded message trying to get you to buy something, just hang up.” The same goes for suspicious texts; if you don’t recognize the number, it’s best to ignore it.

Romance Scams

Romance scams exploit emotional vulnerabilities, often targeting lonely individuals. Will Maxson, assistant director of the Division of Marketing Practices at the FTC, notes that these scams can unfold over extended periods, sometimes even years. Victims may be drawn in by a seemingly perfect partner who quickly isolates them from friends and family. Kate Kleinart, a victim of such a scam, advises vigilance when befriending attractive individuals online and suggests using reverse-image searches to verify their identities.

Job Scams

Job scams involve individuals posing as recruiters or companies to steal personal information. These scams often feature enticing job offers with high salaries for low-skilled work, particularly remote positions. Velasquez warns that legitimate employers typically only request basic information initially, such as skills and work experience.

Investment Scams

Investment scams, often marketed as get-rich-quick schemes, lure victims through social media and online ads. These scams frequently involve cryptocurrency and may include fabricated testimonials. The FTC recommends conducting thorough research before investing in any opportunity.

Quiz Scams

Quiz scams may appear harmless, asking seemingly innocuous questions about your interests. However, scammers can use the information you provide to answer security questions or hack into your accounts. To protect yourself, it’s advisable to avoid online quizzes and use random answers for security questions.

Marketplace Scams

When buying or selling items online, particularly on platforms like Facebook Marketplace, it’s essential to be cautious. The FTC advises checking buyer profiles, avoiding sharing verification codes, and researching sellers before making a purchase.

Best Practices for Scam Prevention

Don’t Answer Unknown Calls

If you receive a call from an unknown number, it’s best not to answer. Ben Hoffman, Head of Strategy and Consumer Products at Fifth Third Bank, emphasizes that banks typically don’t ask for sensitive information over the phone. If you suspect a call is legitimate, hang up and call the institution directly using a verified number.

Utilize Technology

Take advantage of available technology to protect yourself. Use password managers to create complex passwords, regularly check your credit report and bank statements, and enable multi-factor authentication on your accounts.

Seek Help When Needed

If you’re unsure about a potential scam, don’t hesitate to seek assistance. Organizations like the Identity Theft Protection Center and the AARP Fraud Watch Network offer resources to help individuals identify scams and understand their options if they fall victim.

Share Knowledge with Loved Ones

Educating those around you about scams can be incredibly beneficial. Whether it’s helping family members block unknown callers or sharing tips with friends, spreading awareness can empower others to protect themselves.

Report Scams

If you or someone you know has fallen victim to a scam, it’s crucial to report it. The FTC provides a platform for reporting scams, which can help authorities track and combat fraudulent activities.

Conclusion

As Cybersecurity Awareness Month unfolds, it serves as a vital reminder to stay informed and proactive in protecting yourself from scams. By understanding the tactics used by scammers, recognizing common scams, and implementing best practices for prevention, you can significantly reduce your risk of falling victim to fraud. Remember, staying vigilant and sharing knowledge with others can create a safer online environment for everyone.