Here are some of the several types of frauds attempting to profit from Russia’s invasion of Ukraine.

Fundraising

Scammers attempting to profit from the Ukraine situation frequently target the fundraising sector. “Scammers can exploit whatever is taking place and turn it into a chance to defraud people,” specialists say, using the coronavirus outbreak as an example.

Experts say genuine charities can still contact you even though you’ve signed up for the national Do Not Call List. “The problem is that you do not have the opportunity to know who is calling you once you get a call; you could be reached by a phony charity or a con artist posing as a representative of a respected group.”

According to an analyst, the most straightforward approach to avoid getting scammed by a bogus charity is to refuse to donate money during a phone solicitation. That doesn’t rule out the possibility of a legal charity succeeding. If the charity’s mission appeals to you, hang up and explore the charity’s website before donating.

If you want to help the people of Ukraine, experts recommend using Charity Navigator to find highly-rated charities. GlobalGiving, Save the Children, and the Center for Disaster Philanthropy is among them.

Of course, fraudulent fundraisers don’t only call, email, or text individuals. They also created fictitious charity websites. According to sources, thousands of Ukrainian-related domains were established quickly after the fighting began. Some of them could be legitimate fundraising efforts. Many are not.

Experts suggest a few charities to which people might want to donate:

• The particular account of the National Bank of Ukraine is used for secure funding for Ukraine’s military forces.
• Come Back Alive is a non-profit group supporting Ukraine’s armed forces since 2014.
• Razom for Ukraine is a non-profit organization that provides Ukraine with crucial medical supplies.
• Ukraine’s most popular publication, the Kyiv Independent, is still going strong.

Dating

According to experts, romantic frauds surged tremendously during the pandemic, which has always been a concern.
This doesn’t mean that you shouldn’t communicate with a Ukrainian on a dating service. It may be an actual individual attempting to connect. However, even if you think you know someone online, don’t give money to a stranger.

Cryptocurrency

Cryptocurrency scams have been rising for years, so it’s no surprise that news of crypto frauds in Ukraine is making the rounds. Another expert claims that she and her coworkers have witnessed con artists acting as Ukrainians in need of assistance, seeking cryptocurrency payment, and then pocketing the money.Fraudsters imitating crypto exchanges and purporting to be gathering bitcoin contributions for the citizens of Ukraine are yet another type of fraud she says she’s come across.

Kuna, Ukraine’s largest cryptocurrency exchange, accepts Bitcoin, Ethereum, Tether, Litecoin, Dogecoin, and a variety of other cryptocurrencies as donations. According to Weisman, the Ukrainian government has received millions of dollars in cryptocurrency donations.

Scammers, on the other hand, are unmistakably present. Con artists are posing as Ukrainian officials, according to an analyst, set up a fake cryptocurrency called Peaceful World, which they traded on the Uniswap platform in the early days of the war. Before the false coin was exposed as a hoax, it contributed more than $50 million.

“The need to make your donation in cryptocurrencies alone is a significant red signal for consumers as they examine the validity of a Ukrainian rescue effort,” argues another expert. Importantly, after a bitcoin transaction is completed, the sender has no recourse for a refund — these transactions are irreversible.”

Social networking sites

Scammers can locate you on social media using the invasion of Ukraine as a pretense. That comes as no surprise. They can, however, deceive you in unexpected ways. You already know to be suspicious of strange and unfamiliar emails or texts, especially ones that beg you to click a link, but it’s tricky on social media.

“Avert clicking on links from sites you haven’t verified.” “TikTok, especially, was frequently used during the war,” says an analyst. It would be best to not rely on social media, as it may not be dependable and may be simply an attempt to bait you into having to click on infected links,” added the analyst. Another expert advises on being cautious of links and QR codes to private Venmo accounts of Ukrainians in need.

Some genuine Ukrainians may be involved, but “Venmo theft is one of the largest hoaxes arising from the Russian invasion of Ukraine.” Hence, before sending money via Venmo to someone, positively identify the person, but it’s usually best not to give money.

Fifth Third Bank, situated in Cincinnati, has been accused by the Consumer Financial Protection Bureau of opening fraudulent accounts, transferring money into new accounts, and enlisting consumers in things they didn’t volunteer for.

These charges are identical to those made against Wells Fargo, which was forced by federal authorities to pay an additional $3 billion in February 2020 for creating phony bank and credit card accounts between 2002 and 2016. The bank admits to fabricating bank documents, improperly earning millions of dollars in interest and fees, abusing client data, and negatively impacting consumers’ credit scores. In addition, the bank was punished for misbehaving in its mortgage and auto lending divisions.

According to the CFPB, a government consumer watchdog organization, Fifth Third enacted similar misdemeanors by opening credit card and bank accounts without customers’ permission and initiating lines of credit on those accounts.

Since 2008, Fifth Third has allegedly used “cross-selling” to current clients by adding other goods without their knowledge to reach sales goals and enhance profit margins, akin to the Wells Fargo incident.

Fifth Third refuted that staff members were compensated for opening unauthorized accounts in a declaration. The bank had discovered that unauthorized activity accounted for 0.01 percent of funds opened between 2010 and 2016, totaling $30,000, which had already been returned to customers.

How Fake Accounts Can Harm You

Fake accounts, which banks create to increase revenues, can significantly impact consumers, particularly those who were ignorant of the situation or who had fees applied to their accounts. As a result, consumers risk losing both the capital and the interest they have earned.

If there is insufficient funds in your account, you’ll be late on payments, and your credit score will suffer.

“Fees that eat away at your deposits till you have none left” can result in closed accounts and bad reporting to your ChexSystems record, which is similar to a credit bureau for checks, according to an expert.

Because new credit accounts for 10% of your credit score and amounts outstanding account for 30%, fake bank accounts might damage your credit score. Another 35% originates from your monthly payments, such as on-time bill payments.

Getting to the bottom of the scam might take time, especially since most calls must be made during regular work hours.

How to Protect Yourself From Fake Accounts

Consumers should keep an eye on their savings and check bank balances regularly when using the internet to monitor their accounts.

Examine the fees levied to your account to see if they have increased. Keep a record for proof if you encounter a fraudulent account formed in your name or a new cost being charged, such as copying it out or capturing a screenshot.

According to an analyst, current account users should “intensify their efforts to ensure they’re aware of account activity” whenever an institution is the target of allegations.

“The reality is that even without such a consciousness-raising experience, we should be checking to see if anything possibly fraudulent has transpired involving our money regularly,” argues an analyst.

Banks these days have apps for checking balance and other things and email or text alerts that notify you when any transactions in your bank accounts or credit cards occur.

What Will You Do If Your Bank Has Betrayed Your Confidence?

Consumers who have been scammed should contact their bank for a refund, make sure they have proof, and report the fraud to police enforcement.

Customers of Wells Fargo benefited from numerous restitution schemes.

Call your state attorney general’s office if your bank refuses to cooperate or takes too long. Account-holders can also submit a complaint with the Consumer Financial Protection Bureau (CFPB).

Can You Rely on Your Bank?

You may want to keep your money with your bank if it immediately remedies the matter and discloses how the scam transpired and what the institution is doing to keep it from occurring again.

If you do not believe the bank enough to not conduct fraud again, moving to another bank may be your best chance for peace of mind.

Whether you establish a new account or not, keeping a close eye on your bank account and credit report is always a brilliant idea, according to LeFort. He explains that staying attentive involves being informed as soon as your data is compromised, so you can address any red flags before significant harm is done.

People in the UK have donated money after seeing images of those fleeing Ukraine.
Con artists are impersonating victims of the Ukraine conflict to defraud well-intentioned UK individuals.

The scam was “evil,” but not surprising considering the conflict’s profile. In the following weeks, the prevalence of such scams will expectedly rise.

Worldwide crises are bound to lead to a surge in these scams.

How do con artists operate?

As scammers strive to exploit the situation, he claimed three specific scams have begun to appear.

The first is a phony donation request. Fraudsters spam consumers with emails and SMS messages persuading them to donate money to war victims. The messages have a link to a fake charity website.

The messages might focus on the large number of people currently on “suckers lists” who have been duped in the past or are likely to be targeted by fraudsters.
The second scam involves scammers impersonating war victims and requesting money via emotional posts.

Finally, there is a variation of a popular scam where a person poses as a Ukrainian businessman attempting to transport money out of the nation and requiring the use of a bank account outside of Ukraine. In actuality, it’s a con artist attempting to defraud.

Separately, HMRC is warning people to be on the lookout for frauds with the deadline for self-assessment tax returns approaching.
Last year, the UK’s tax office received 570,000 allegations of scam attempts.

Texts, emails, and phone calls ensuring a “refund” or demanding unpaid tax are the most prevalent at this time of year, with victims already expecting contact about their self-assessment return.

With 3,995 reports in January compared to 425 in April 2020, phone calls have recently been more of a problem.

Be cautious of claims from HMRC and asks you to transfer money or provide personal information. Do not rush, and double-check on the government website’s dedicated page.

In the current environment, there are five key areas wherein fraudsters are succeeding:

• Treatments, cures, and immunizations
• Testing
• Masks, tools, and other items
• Telehealth
• Economic

Be informed of what’s going on in the world and think twice before making any transactions or disclosing personal information.

Treatments, cures, and immunizations

The COVID-19 pandemic is particularly dangerous because of the virus’s extreme contagiousness and the lack of a cure, vaccine, or effective therapy. Unfortunately, this lack of treatments and pharmaceutical preventative measures has given scammers appealing chances.

For years, the US Food and Drug Administration and other organizations have warned people about bogus cures and treatments for several health problems and minerals and vitamins that the organization does not authorize.

The emergence of the COVID-19 pandemic has only increased the odds for some of these con artists and con businesses to make a quick buck, regardless of the potential health or financial ramifications for their victims.

It’s not just about the money. When you fall for health fraud, your health is also at stake. So many scientists and companies are rushing to develop these essential compounds, anyone claiming that their product is the cure is selling a phony product for the time being.

The FDA has closely monitored brands and industries that purport to stop, cure, reduce, diagnose, or cure COVID-19 and has issued warning letters to companies marketing false COVID-19 prevention, treatment, mitigation, diagnosis, or cure goods.

The FDA granted a safety alert for the following items:

• CBD (cannabidiol) goods.
• Drugs with a homeopathic base.
• Herbal items, essential oils, and tinctures
• Silver colloidal.
• Dioxides of chlorine (aka bleach).
• Products for salt therapy.

You may look up names and items that the FDA has designated as fraudulent on its website, updated regularly. This reporting page also allows you to report potential frauds and hoaxes to the FDA.

It’s not always easy to spot a scam, but many counterfeit health products contain critical terminology that indicates they’re not all they’re built up to be. If you notice the following phrases on any coronavirus-related product, you should think carefully about purchasing it:

• This is an easy remedy.
• A scientific breakthrough has occurred.
• There’s no danger because you can get your money back if you don’t like it.
• “COVID-19 treatment” or “cure” are two words that come to mind.

Testing

Another significant difficulty with the COVID-19 epidemic is the scarcity of accurate diagnostics. Testing would make it easier to determine who has the disease, who’s had it, and who is still at risk of infection. However, testing has fallen short of the required standards, allowing both scammers and legitimate businesses to try to fill the void.

Calls for in-home testing to cope with the challenge of getting more individuals tested have opened the door for some scammers to sell fake tests. The problem has become even more complicated due to a lack of clarity regarding what is and is not allowed with in-home testing.

The FDA regulates diagnostic tools in the United States. The FDA has worked to assist respectable testing businesses in bringing reliable COVID-19 diagnostic tools to market, recognizing the public health issue. The CDC told enterprises that they were not permitted to do so after a series of amended regulations seemed to indicate that certain in-home medical companies may proceed with supplying COVID-19 testing devices to clients.

The FDA approved home sample option can be seen, but you should be aware of who’s selling the test and whether or not they have the proper authority to market such products. Consult the Food and Drug Administration, your healthcare professional, or your local public health authority.

As testing methods improve, scams involving new types of testing, such as saliva tests and blood tests to search for antibodies to the coronavirus, may become more common.

New tests will become accessible when our capacity to test for the coronavirus improves. In addition, FDA granted emergency permission for restricted saliva testing. Because these tests cannot yet be performed at home, be wary of spam emails, social media adverts, or phone calls offering in-home saliva or blood sample testing kits.

Masks, tools, and other items

When leaving the house for important business, the Centers for Disease Control and Prevention altered its earlier policy and suggested that all Americans wear a cotton face mask. Unfortunately, numerous people have been scrambling to find a suitable facial covering, providing even another chance for con artists ever since. In addition, scammers that sold shows digitally to consumers who have never received them have been reported to the Better Business Bureau.

Other masks and other personal protection equipment frauds have included supplied goods that don’t fit the description of what has been offered for sale and a smaller quantity of items than was requested. Fake products are also a concern, particularly for hospitals, which are now battling with legislative bodies for the more durable N95 masks that hospital workers must wear.

Overcharging is a problem as well. It’s certainly a seller’s market right now for all kinds of personal protective equipment, sanitizing wipes, and other cleaning products.

Proceed cautiously if you receive messages or observe social media postings promoting PPE, sanitizing equipment, or other things for sale. You can use BBB’s BadAd application to report overcharging or deception to the organization. On its COVID-19 website, the BBB also offers a wide range of other scam safety and reporting options.

Telehealth

The race to move regular health care to online and remote platforms has created chances for con artists to earn a fast buck. Ever since the COVID-19 pandemic, telehealth has exploded in popularity. However, this is where the consumers must be cautious, say experts.

One of the challenges of telehealth is maintaining the privacy and the security of health information. Communication platforms that are encrypted are safer than those that are not. One crucial aspect of this is identity verification. The experts advise the customers “to search for the trustworthy name right now” when it comes to the doctor you’re dealing with and what details you disclose online. Also, proceed cautiously if you see an advert or receive emails from doctors and healthcare providers you do not even know offering telehealth services.

Choose a well-known name, such as a local hospital, university medical center, or other well-established health care center, if you’re seeking a new doctor during this outbreak. If you need to find a new provider during this crisis, recognized telehealth firms that collaborate with health care professionals in your state can help.

Analysts also warn against sending sensitive data via email or other unprotected modes of contact. Your Medicare ID number and further private details should be kept safe. According to the FDA, you must never give away this data in return for a freebie.

Economic

This pandemic is producing more than just a global health disaster; it’s also wreaking havoc on the economy, and professional con artists are taking advantage of it. Financial scams have long been a problem in the healthcare industry, and many of them target the elderly, who are less likely to recognize fraud for what it is.

Experts warn that “frauds targeting the elderly are on the rise.” This upward tendency is inclined to maintain if the economy falters.

Scams come in several shapes and sizes, explain experts. For example, phishing emails that pretend to be from the WHO or the CDC and solicit personal or financial information have recently popped up. These are phishing emails, and you should delete them right away. “Consumers mustn’t click on links in emails that need immediate action,” says an expert.

Analysts advocate hanging up and calling the provider or insurer using the provider’s listed phone number if you’re approached by someone posing as a health care professional or your health insurer requesting personal information.

Given the gravity of the issue, con artists may use emotional appeals to persuade people to donate money to charity. Therefore, any unwanted phone calls should be avoided at all costs. Even if the organization appears natural and you want to contribute, disconnect and call them back before providing any financial or personal information. The same can be said for emailed donation appeals. Do not tap upon that email’s link. Instead, create a new browser window and go straight to the website.

As per the Department of Justice, certain illicit websites and apps are exploiting the COVID-19 outbreak to earn clicks and views, potentially exposing your device to attack. These con artists lure you to click on a link or download a programme by posting a “press and hold” article that claims to contain key info on the disease or outbreak. Then, when you’ve viewed the material, the fraudster can obtain access to your devices, seize possession of your data, and demand that you pay a ransom to get it back. This is a fresh take on cryptocurrency scams and blackmail efforts, which have been rising in recent years. So use caution when visiting websites and downloading apps and programs from the internet.

Anyone who asks for money in a prepaid card should be avoided at all costs. This is a sign to be aware of, as these people may return for more money, posing as a relative or friend in crisis who requires assistance.

Unrequested emails or texts and calls from the IRS or the US Department of the Treasury, according to the DOJ, might potentially be frauds. The IRS first contacts individuals by mail, not by phone or email. It would be helpful if you also double-checked that any Treasury checks you receive as part of the CARES Act stimulus package are genuine. Look for the Treasury’s new official seal, leaking ink, microprinting, watermark, and other indications indicating the United States government issued the check. Scammers have started mailing out fraudulent checks that, when deposited, provide them with the information they need to get access to your bank account.

According to the DOJ, any self-proclaimed businessman seeking you for funding in a COVID-19-related invention should be treated with caution. Similarly, be wary of loan proposals that seem to be part of a government stimulus initiative. Before giving out any confidential info, double-check the fine print and recognize who you’re working with. Any unwarranted calls or emails that tend to come from a public health group should be avoided. Also, consider it’s a scam if someone comes to your home advertising any service or product relating to COVID-19. Allow them no access, do not disclose information with them, and report the event to your local authorities.

Seniors, in particular, may be put at even greater risk as a result of the pandemic than they are present. This is because many seniors are likely to be more isolated than younger folks, and because they are more susceptible to the virus’s health impacts, many are concerned about their risk. As a result, they may be more sensitive to a con.

Maintain vigilance.

Being informed and cautious can help you protect yourself or a loved one against COVID-19-related scams. The following are some suggestions for avoiding scammers:

• Don’t accept calls from numbers you don’t recognize. If it’s a real call, the caller will send a text for you to return.
• If you got a call that looks to be genuine, hang up and call back to verify the company or individual who initiated the contact.
• Do not even click links in emails or send personal details to strangers over email.
• Be cautious if an email is tagged urgent or contains forceful language.
• Check the FDA’s list of fake items and businesses that have been forewarned about marketing fraudulent products before buying anything advertised on social media.
• Discuss what to look out for and what to do if they get a questionable email with adult children of elders who may be especially vulnerable to particular scams.
• Make use of your common sense. If something appears too enticing, it most likely is.

Be wary of scammers after your money.

Student loan repayment management can be challenging and may require expert help, it can be with navigating repayment plans, understanding the qualifications for student loan forgiveness programs, or understanding options for relief during financial distress. While there are services that genuinely help you through the process, there are also bad actors operating student loan scams.

Student loan repayment scammers pose as official organizations and ensure that they will help you with student loan debt. They often offer easy loan forgiveness or reduced monthly payment and charge upfront fees for these services.

These scammers contact you directly in the mail or through email with fake information; at times, they also advertise online. You may run into these companies when searching for help with student loan repayment, and they do a good job at appearing legitimate.

As a borrower, it then becomes difficult to determine the organization’s credibility. Being on par with what needs to be avoided and what to do if you suspect a scam can help you understand if the organization is your savior.

Avoid student loan scams by,

• Knowing your student loan servicer
• Not paying for help with student loan repayment
• Knowing that fast loan forgiveness does not exist
• Protecting your personal information

Knowing your student loan servicer

Student loan servicers collect payments and manage the debt on behalf of your lender. Depending on the number of student loans you have, and if you have a combination of federal and private student loans, you may have multiple servicers.

Scammers sometimes imitate the names and logos of reputable student loan servicers when approaching borrowers. Therefore, it’s a good idea to set up an online account with your servicer so you can watch your progress and choose how you want to be contacted.
Always double-check the legitimacy of return addresses and email addresses.

Not paying for help with student loan repayment.

It’s a significant red flag if a company asks for an upfront fee in exchange for student loan repayment assistance. According to the Federal Trade Commission, it is prohibited for organizations to charge you before assisting you with your student loan.

There’s nothing a third-party company can legitimately provide you that your student loan servicer doesn’t already provide for free or that you can’t do yourself online.
It’s usually a good idea to contact your student loan servicer first if a company contacts you, providing any service linked to your student loan. There are many repayment plans available for federal student loans, as well as loan forgiveness possibilities, but there is no need to pay for any of them.
Similarly, consolidating or repairing a federal student loan can help you get out of default, but be aware of companies that offer alternative choices or ask you to pay. If the program is real, your student loan servicer may be able to assist you with enrolling for free.

Knowing that fast loan forgiveness does not exist

Offers of quick and cheap debt relief may appear to be a lifeline for struggling student loan borrowers. However, if anything seems to be too good to be true, it seldom is.

There are various student loan forgiveness programs run by the federal government, including Public Service Loan Forgiveness and TEACH Grants. Still, there is no way to speed up your application or qualify sooner. Loan forgiveness is earned after you make a certain number of qualifying payments, and there does not exist a quick fix that will make your loans disappear.

Scammers may offer to challenge your claims, but getting your student loans forgiven is a long shot. Borrowers may be eligible for a student loan discharge in certain circumstances, such as if they attended a school that broke certain laws, as well as in cases of death, total and permanent disability, and bankruptcy. If you are eligible for these discharges, the best thing you can do is get help from your student loan servicer.

Protecting your personal information

It’s also a red signal if a corporation requests your login and password for your federal student loan (also known as an FSA ID) or private student loan website.
Scammers frequently claim that they require your login credentials or FSA ID in order to assist you, but no real firm would request this information.

You can lose control of your account if you share your FSA ID. Scammers can alter your personal information, transfer your payments to their account, and redirect your notices to prevent you from receiving delinquency warnings from your servicer. In addition, you may be held responsible for their acts and lies.

If you believe you’ve been a scam victim, report it to the Federal Trade Commission and your state attorney general. You can also notify them if a fraudster has contacted you, so they can place the company on their radar and take action if necessary.

“Since the tax system is very confusing the individuals aren’t comfortable when it’s about paying their taxes,” say experts. This makes it easier for fraudsters pretending to be IRS agents to dupe people into divulging personal and financial details.
Keep an eye out at these five red flags of Internal revenue service ( IRS) scams to ensure you never become a victim.

• A mail, voice call, or text message claiming to be from the IRS.
• Poor grammar, a harsh tone, or an unusual sentence construction.
• Police officers will be summoned according to threats.
• Payment demands for gift cards, prepaid cards, and wire transfers.
• Requires a reimbursement to be paid.

A mail, voice call, or text message claiming to be from the IRS

The IRS most often uses the United States Postal Service to reach individuals. “The IRS is out of date,” hence, first, you’ll get a letter,” argues an expert.

Because the IRS does not make contact over the phone, it may be better to end the call on anyone claiming to be an IRS agent. Also, don’t trust what your caller ID says. Scammers have mastered spoofing, a technique for making it appear like you are getting a call from the IRS or Washington, D.C.

You can also disregard any texts purporting to be from the IRS. Analysts say that “the IRS cannot text you.” Avoid dealing with anyone claiming to be from the IRS who phones or emails you. They may have already gained access to some of your personal information due to a security breach, and the longer you talk to them, the more likely they are to persuade or bully you into providing more. “They have more than enough confidential info in certain scenarios to threaten you into turning over the rest,” experts say.

Poor grammar, a harsh tone, or an unusual sentence construction

Poor English is another red flag of a scam if you find yourself on the phone or receiving an email from somebody claiming to be an IRS official. Some IRS scams originate from outside the United States, and foul language, frequent typos, or strange wording are red flags that the letter or email is not from the IRS.

Police officers will be summoned according to threats.

Scammers take advantage of the IRS’ fearsome reputation and pretend to be calling from the IRS. For this fear, many may believe an IRS impersonator who claims that if payments aren’t made over the phone, cops or immigration authorities will be summoned to arrest them.

Security experts and the IRS, on the other hand, say this is a classic symptom of a hoax.

Payment demands for gift cards, prepaid cards, and wire transfers.

A demand to purchase prepaid cards or gift cards and use them to make a tax payment is another telltale sign of a scam. Requests to send a money transfer are treated the same way.

If the IRS’s repeated postal notices go unanswered, people may receive collection calls from the agency. During those contacts, however, the agency does not expect instant payment. It also has no authority over how you pay your bill. Even though it could, the government would have no reason to wish to be compensated with iTunes or other retailer gift cards.

Requires a reimbursement to be paid.

Taxpayers who get an unanticipated direct deposit from the Treasury Department are less prevalent IRS scams. Then, posing as an IRS official, someone calls the individual to organize for the excess to be transferred to them.

“The IRS will not call or ask you for a refund; they, love letters,” reminds an expert. If the payment is accompanied by a contact from a fictitious IRS official asking for bank information or money back, taxpayers can be sure they’ve been duped. Call the IRS right away if you receive a refund that you didn’t expect. It could be a clue that someone has submitted a bogus tax return in your name.

More than 30 people in the Renfrewshire area have reported being visited or contacted by someone pretending to be from Police Scotland, according to the police.

New identification cards have been issued. These men were not genuine Police Scotland personnel, whoever they were. They stayed around the site for a long time and even displayed ID credentials that are suspected to be phony. Unfortunately, the scammers got £25,000 in this case, and people should be wary of this type of fraud.

If a member of the public receives such contact, they should inquire about the officer’s credentials and the department for which they work. They should always contact 101 and ask for proof if they are concerned.

Supt Campbell Wallace said they had started a countrywide deployment of new identification cards, which include an up-to-date image of the officer, as well as other essential information and several security features that make them exceedingly difficult to replicate. This initiative began in October 2021, and all police personnel will have to provide this identification when conducting genuine police work.

The firms were “systematically defrauding taxpayers” and claimed to supply PPE, which was in great demand when the pandemic hit. However, there existed no evidence that any of these companies had ever traded despite their registration to addresses in Droylsden, Greater Manchester.

Talking of CK Sales, the landlord of the property had never heard of the company, while the address for Lambden Smart Solutions was non-existent. CK Sales fabricated the lease documents and bills and sent them to nearly 14 local authorities. They claimed to operate and sell PPE in their areas and also applied for the Small Business Grant Scheme. While most claims identify as scams, the company still ended up receiving £80,000 from many local authorities.

Despite their lack of eligibility, the two companies got £50,000 each from the Bounce Back Loan Scheme. There was evidence that both the firms were part of a larger nexus which included two more firms shut down last year for similar misconduct. These companies have been defrauding taxpayers by abusing financial support schemes established to aid genuine business in the pandemic.

He allegedly induced Amrita Sebastian to pay money for a patent list regarded as “total fiction” by the court. Dexter met Ms. Sebastian on a dating app in 2015 and “revealed sensitive information and created trust,” according to prosecutors, and she considered him “reliable and trustworthy” after she told him she had money to invest.

In 2015, he duped her out of £40,000 by claiming to have purchased a patent catalog of biopharmaceutical drugs. He later boasted that he was approaching a £12 million licensing deal with 3M, which he claimed would require a £68,000 initial cost.

Dexter had “no-touch or involvement” with the multinational, according to the company. However, according to the court, despite her terrible condition, the defendant continued to contact Ms. Sebastian in Dubai for money in 2016. Later, police discovered a financial report on his desktop in which he purported to have £4 million in assets.

‘Continuously bragging’

A bogus licensing agreement was uncovered on a USB stick, which was made using a US legal papers website. In addition, Dexter had bragged about his “enormous wealth and possessing a private plane,” according to the court.

The prosecution said a former business partner regarded him as “consistently touting and trying to depict himself as a winner,” with most of his claims being “blatant lies.” Dexter, addressing in court, said: “I’m genuinely sorry, and I’ve been contemplating about it each day for the past seven years. “I’m not sure how I can rationalize what I did.”

When questioned, he stated that the funds were used for “normal day-to-day life” and to pay off a £35,000 debt.

Following a November trial, he acknowledged seven felony counts and was found to be guilty of tampering with evidence and possessing goods for use in fraud. Dexter “barely gave a thought” for Ms. Sebastian, said His Honour Justice Mousley QC.”Dishonesty is undoubtedly a part of your personality – it’s significant,” he continued. He’ll be imprisoned for at least half of his term.

Banks, credit unions, and the likes hold millions of dollars in assets and consequently have large targets behind them. Bank robbers don’t bother with guns and masks anymore. They have simply updated their processes. They have now resorted to digital tools and resources to impersonate customers and hack accounts.

Fraudsters are updating their ways, and it is challenging for banks and credit unions to be on par with the various tactics. But, there is one thing at our disposal: technology. Various robust options are now available to pull out potential frauds and secure customer accounts. Algorithms, AI, and biometrics have successfully saved millions of dollars, all the while making accessing funds convenient for the account holders.

Why People-Centric Systems are a problem:

Protecting data was easier before cloud applications. A firewall of sorts was enough to secure data from most threats. Things have changed now.

Companies have started migrating critical workloads and storage to the cloud, and the protection offered from the data center diminishes with the perimeter vanishing. Security measures had to update with millions of people accessing data from the cloud. The system has to keep the data from external threats and ensure the people accessing it are the ones they pose to be. People-centric systems hence pose a new challenge for financial institutions.

Call center staff must be provided proper education; they need to properly verify a person’s identity before diving into any sensitive account data. In addition, financial institutions are adopting new technology to pin problematic transactions or unauthorized access to accounts.

The Bond of Algorithms and AI

Automated fraud detection systems were dependent on algorithms earlier to make out potential problems. For example, unusual transactions or spending behavior triggered an alert and asked the customer to verify the account activity.

But the algorithm cannot adapt itself. Suppose a customer flies to a foreign country monthly and confirms all their purchases as legitimate; the algorithm will go on flagging those transactions until it has been modified to account for this customer behavior. Here is where artificial intelligence, or machine learning, comes in.
Instead of waiting on the algorithm to adjust, AI can alter the model with new data. With time, the system learns to predict based on purchase history. For instance, a large purchase internationally can easily pass through the system without any triggers if it matches the customer’s past purchase behavior.

There is yet too much to explore regarding the potential of machine learning and artificial intelligence to counter security threats.