Criminals have now resorted to psychological games to lure money out of people. Creating illusions of product scarcity or posing as an authority to “socially engineer” victims are just some of the tricks they have deployed.
Scammers use dating apps to get to the people and then forge emotional connections over the weeks. They take advantage of people’s biases and personality traits. The classic scams are still in place, and not much change has been seen in them, but criminals have become more sophisticated and now have access to various channels to get to their targets.
Take dating apps, for instance; the tricksters connect with people they match with and develop a relationship only to exploit their personality traits and make them transfer money later.
Purchase scams are the ones where shopping online doesn’t result in delivery; the products bought never reach you. Fraudsters here create a sense of urgency and threaten scarcity. They need the consumers to act quickly and not think it through. They often advertise it as a one-time offer, limited-edition, or force us into buying a product that has to be purchased instantly.
A person loses £980 on average to purchase scams. Reported scams increased by 17% in the last three months, while scams’ attempts increased 70% as 2021 ended.
Since people are likely to adhere to demands if they come from a position of authority, like the bank, the police, the NHS, scammers pose as someone in charge to inspire fear in their targets.
Scammers often come up with narratives that people are likely to take at face value if they believe it is from a reputable position. For example, they often suggest that their bank account has been compromised, they are late on dues, or a fine will be levied if they fail to pay the amount. The bank would never ask customers to share their PIN or security information or ask to transfer money to a “safe account.”
On the other hand, investment scams have cost a victim £15,788 in the final months of 2021. This is because scammers are aware that people want to grow their assets, and they are likely to fall for a high return opportunity without second thoughts. People are likely to go with an investment or savings provider they’d never heard of if they offered better returns than their existing provider.
So always question schemes that appear too good to be true, be suspicious.