Digital fraud has become a lucrative source of income for cybercriminals, both in e-commerce and in other online arenas. This means that it is critical that consumers educate themselves and be aware of the latest scams and fraud methods.
In a study carried out by INCIBE in June of this year, 92% of Spanish consumers admit that they do not have enough training on cyber risks. This is concerning because it means that these consumers may have been targeted and not be aware of this fact.
People are working remotely, shopping online, and engaging in digital commerce much more than before the pandemic. Not being sufficiently familiar with the ever-changing types of fraud online increases the likelihood of falling victim to a scam. Understanding how scammers operate and the characteristics of a strong password, as well as regularly checking your personal accounts, goes a long way in keeping you safe.
Just as cybercriminals have adapted to changing consumer habits, consumers also need to keep up with evolving fraud and theft trends. Therefore, it is essential to take into account some tips to be able to stay safe when making purchases online.
- Beware of “Nigerian” scams: Although they have been around for a long time, they are rapidly evolving and are still popular with scammers because they are so incredibly effective. The basic premise is that something is promised (a large amount of money, merchandise, services, etc.), but first a certain amount of money must be advanced.
The most recent variant is an email and SMS scam that asks consumers to pay a fee to access a package that has arrived at a courier office. Consumers are directed to a page where they enter their credit card details or deposit money into an account.
To protect themselves from these scams, consumers can check URL addresses of websites sent by email or SMS, contact the entity from which the message presumably comes to confirm its authenticity, and even consult the entity’s website or search the Internet for scam or fraud notices related to it. Unless the legitimacy of the request is verified, there is never anything to pay upfront. Keep in mind that if it sounds too good to be true, it’s almost always a lie.
- Use strong and unique passwords – Passwords are a weak point in the fight against cybercrime. LastPass Password Manager Data show that although 92% of users know that using a variation of the same password is risky, 65% often use the same password or variations of it anyway. For its part, the telecommunications operator Verizon indicates that 80% of data security breaches are related to passwords, while Eurostat indicates that 7% of Spaniards have been victims of identity theft.
Identity theft can have devastating consequences. This online fraud occurs when people inadvertently submit their personal data to scammers (usually following a hack attack). phishing) or have their data exposed when hackers access a company’s databases or systems.
To protect yourself against identity theft, it’s a good idea to use strong passwords and change them regularly, never share them with anyone, and don’t reuse them. They should also never respond to emails or text messages asking them to share personal information.
Your bank will never request this information via email or text message, and neither will any delivery service or other institution that legitimately needs your password, credit card number, bank account number, driver’s license number, identity, email or full name.
- Keep control of your personal information – Being vigilant and regularly reviewing your data (including regular checking of your bank accounts, card statements and credit history) can help detect any unauthorized activity early. Set the privacy of your social media accounts to the highest level and hide your friends lists. This will prevent some cybercriminal from cloning your account and asking your friends for money on your behalf under the excuse of an emergency. Implement two-factor authentication in all the services that offer it (which is already the majority, from your payment provider to your email service and social networks). Keep your computer and mobile phone software up to date, as these updates often include important security improvements.
Staying ahead of cyberthreats requires ongoing effort, both for businesses and consumers. Technology like biometrics and password managers can help, but ongoing awareness is the most effective way we can combat fraud.