What is a scam?
A scam is a form of fraud that has existed for centuries. It involves deceiving people in order to obtain money or another benefit. The internet has made scams even more common because criminals can reach much larger groups of potential victims. They use social engineering and emotional manipulation to make their schemes convincing.
The consequences can be financial and emotional. Victims may lose money or valuable property and may experience shame, disappointment, fear or guilt. Scammers target both companies and private individuals.
How to recognize a scam
The BBC reported that, in the United Kingdom alone, 45 million people fell victim to scams during the summer of 2021. There is no single formula for recognizing every scam: fraudsters constantly vary their tactics. Anyone can become a victim, so your safety depends on awareness, knowledge, the ability to recognize threats and vigilance when something feels wrong.
Warning signs that may indicate a scam
- If something seems too good to be true, it probably is. “Once-in-a-lifetime” deals, unexpected inheritances, prizes and easy cash are classic scam lures.
- You receive an unexpected email asking for money or personal data. Check the sender’s domain carefully: a single changed letter can distinguish a fraudulent message from correspondence from a bank, insurer or business partner.
- Someone calls claiming to work for a bank or other institution and asks you to disclose information or install software to “help” you.
- You receive an extraordinary investment opportunity.
- You receive a job offer requiring little time and few qualifications but promising unusually high earnings.
- You receive unexpected statements or a notice that the account number for an energy or gas bill has changed.
- A stranger speaks to you as if you already know each other. Be cautious: this may be an attempt to create false familiarity.
- A link in an email or text message should make you pause. Do not click unless you can verify the sender through a trusted channel.
Are scams and phishing the same thing?
Scams and phishing are related, but they are not identical. Phishing is a specific type of scam in which attackers use email, SMS or another communication channel to deliver deceptive content and persuade a person to take an unsafe action. Read more in Phishing: The Greatest Modern Threat on the Internet.
How to protect yourself against scams
Scams are a serious cyber threat because criminals can use inexpensive tools to reach millions of people. They exploit trust, naivety, fear, curiosity, empathy, the desire for profit, the need to be noticed and the hope of finding a good opportunity.
Use common sense and do not give unverified requests the benefit of the doubt. Do not believe promises of effortless wealth, and follow these rules:
- If a message is unusual, unlikely or openly suspicious, ignore it. Do not click links, reply or call back.
- Never share your password, PIN or access code.
- Before shopping online, confirm that the store exists and that the address in the browser is genuine.
- Slow down. Rushing is especially dangerous when making a payment or transfer.
- Before approving a bank transaction, check both the recipient and the amount.
- Before opening an unfamiliar file, check its extension and verify the sender or download site.
- Before entering a password, confirm that the form is hosted at the correct domain and that the connection is protected.
- Never transfer money to a “safe account” at the request of someone claiming to be from a bank or the police. That is a classic scam.
- Avoid public Wi-Fi for sensitive activity; use a trusted hotspot or a secure connection instead.
- Do not let strong emotions override your normal verification steps.
Check if your employees can recognize a scam
