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March 20, 2024
Don't Get Scammed: How to Protect Yourself From Next-Generation Cons
Scammers are getting smarter, and with the rise of artificial intelligence (AI), they have new tools at their disposal. But don’t worry, you can still protect yourself. Here are some essential tips to avoid falling victim to the latest scams:
The Urgency Trick
Scammers often try to create a sense of urgency to pressure you into making quick decisions. They might claim your account has been compromised, there’s a problem with your credit card, or you need to pay a ransom immediately. Shardul Desai, a former cybercrime prosecutor, advises: “Never trust someone who says a transaction must be completed right now.” Legitimate businesses won’t pressure you into immediate action over the phone.
Verifying Who You’re Talking To
Phone scams are getting more sophisticated. Scammers can now use AI to mimic voices, making it difficult to tell if you’re speaking to a real person. Desai recommends always confirming who you’re talking to. If someone asks you for a large sum of money or personal information, verify their identity by calling them back at a trusted number you know is correct, or contacting them through a different channel. Consider creating a family “password” that only real family members would know.
Don’t Trust Phone Numbers Online
Scammers can manipulate search results to display fake phone numbers for businesses like airlines. Always double-check that you have the right contact information. The best way to do this is to bookmark the official websites of your bank, travel agent, and other important sites, instead of searching for them online each time.
Multi-Factor Authentication (MFA) is Key
MFA adds an extra layer of security to your online accounts. However, scammers can use SIM swapping to hijack your phone number and intercept MFA codes. Desai suggests using an authentication app instead of having codes sent to your phone number. These apps generate codes on your device and don’t rely on your phone network.
Beware of Deepfakes
AI-generated videos and photos are becoming increasingly realistic. Be suspicious if someone on a video call asks for money or sensitive information, especially if it’s unexpected.
Beyond These Tips
- Avoid public USB charging stations: These can be used to steal your data.
- Don’t keep transactions secret: If someone tells you to keep an investment or transaction a secret from family, it’s likely a scam.
- Don’t engage with spam callers: Block spam calls and don’t answer unknown numbers. Scammers may use AI voice-cloning tools to sound more convincing.
- Use a mobile hotspot over public Wi-Fi: Public Wi-Fi networks are not secure.
- Watch out for credit card skimmers: These devices can steal your credit card information when you swipe your card.
- Report threats to law enforcement: If you’re threatened, contact the authorities immediately.
Stay vigilant! By following these tips and being cautious, you can significantly reduce your risk of falling victim to a scam.
Important Statistics:
- Canadians who reported owning crypto specifically to pay a ransom to a hacker in 2023 increased by 7% [Wealthsimple]
- Canadians lost an estimated $567 million to fraud in 2023, a 7% increase from 2022 [Lettera Bruno Law Group]
Don’t let the scammers win!
Scams are constantly evolving, but by following these tips and staying vigilant, you can significantly reduce your risk of falling victim. Remember, if something sounds too good to be true, it probably is. Take a moment to breathe, verify information, and never hesitate to reach out to a trusted source before acting.
