WHAT TYPES OF ONLINE SCAMS DO WE HAVE?

Online scams are dangerous.

Falling victim of Online Scams is terrible! I lost all my life’s savings to a Ponzi Scheme in 2020. This has taught me a lesson, and increased my sensitivity in the online space. A lot of people fall victim of Online Scams due to their ignorance. This is why I have written an article to guide you, and identify the different types of scams and their nature of operation.

Due to the innovative trend and cycles that have been introduced to this fast changing world, we have been opened up to threats and many vulnerabilities.


The internet is what I call the “No man’s Land”. The identity of anyone on the internet is what the INDIVIDUAL portrays himself as.


The internet is a game of codes, nodes, modes and symbols. The one who knows how to play this matrix well wins. If you’re simply a novice, you would keep falling victim to many threats and vulnerabilities. This is why INFORMATION is key.


Many of us prefer to lose our money by “INVESTING” it in so-called MONEY DOUBLING schemes. When it comes to paying money for knowledge, we back out and run away. I don’t blame you. We have been exposed to a negative mindset overtime.


Quite a number of people want to keep enjoying the freebies. This is the bait for scammers (I would get to this soon enough).


Most times, the reasons why we fall victim are self induced and self created. Your appetite is your bait.

So, What does the word “SCAM” mean?


It simply means a dishonest scheme; a fraud.


So, a scam is simply a fraud. It is the inhumane act of robbing people of their money and assets by enticing them through seemingly lucrative schemes.


Scam is simply using illegitimate means to amass wealth or assets by defrauding others using cunning means.


Scam is one of the classifications of theft.


There is armed robbery.

There is kidnapping.

There is looting. Etc…


Scam is a part of the various classifications of theft.


Before the internet came, people have been scammed. 

What are the things scammers need in order to rob you?



They need to know what you’re desperate about


Therefore, once they know this, you’re in big trouble. Scammers leverage on your needs and then cunningly entice you by robbing you of your money.

WHAT TYPES OF ONLINE SCAMS ARE THERE?

There are various types of scams/fraud.


1) Advance fee fraud.

2) Lottery, sweepstakes and competition scams.

3) Dating and romance scams.

4) Computer hacking.

5) Banking, credit card and online account scams.

6) Golden Opportunity and gambling scams.

7) Charity and Medical Scams.

Online scams


1) Advance fee scam: From the word “Advance fee”. It simply means that the scammer requests for upfront payment or personal information in return for goods, services, money or rewards that they never supply.


They come up with very genuine reasons why they need you to pay an upfront amount. They might tell you it’s for PROCESSING, etc…


These reasons would be so genuine and convincing. But it’s all lies.


Let me give you an example:
I came across a loan application on google play store. I downloaded it and applied for a loan. The loan was approved instantly. But I got a notification from them that before they would send the loan to me, I needed to pay $8 for the PROCESSING fee. I was a new customer, yet, they gave me a loan as high as $1000.


Trust me. I just knew it was all lies. 


How?

a) No credit thrift company or bank starts out by lending out huge amounts to new customers. I worked in a bank as a transactions service manager in 2015, this gave me the experience. You can’t get a loan as high as that INSTANTLY. You must prove that you’re genuine and trustworthy.

b) If the loan was approved, why do I need to pay for the PROCESSING FEE? For what? Are they processing it from WORLD BANK?

I was able to spot these things because I was calm enough.

This is called the Advance fee Scam.

You’re told to pay in advance for a product or service you would never see. When you see something like that, BEWARE.

Now, let me create a balance.

Don’t expect to get a product before paying for them, especially when it’s ONLINE. You would most likely pay before you receive your product especially if what you’re buying is digital in nature (an e-book, a course or training kit etc…).

However, intelligently probe before you enter a contract.

2) Lottery, sweepstakes and competition scams: This comes in the form of winning a lottery or bonanza of some sort. You would get an email, message or call that says you have won a lot of money or fantastic prizes in a lottery or sweepstakes competition YOU DID NOT ENTER.

You would then be told to pay a certain sum of money to claim and receive the prize.

3) Relationship or dating website scam: I won’t be explaining this much. But from the name, it is a type of scam where a fake profile is created on a dating website in order to dupe people of their money by pretending to FALL IN LOVE with them. This is one of the tools of a lot of internet fraudsters use.


4) Computer Hacking: This is a type of scam where your personal details are collected. This type of scam deploys the use of “Phishing sites or emails”.


Phishing emails are commonly used by scammers to trick you into giving them access to your computer. They ‘fish’ for your personal details by encouraging you to click on a link or attachment. If you click, malicious software will be installed and the hacker will have access to files and information stored on your computer. A phishing email often appears to come from an organization that you know and trust, like a bank or financial institution, asking you to enter your account password on a fake copy of the site’s login page. If you provide your account details, the scammer can hack into your account and take control of your profile.

Online scams

5) Banking, credit card and online account scams: Scammers send emails or text messages that appear to be from your bank, a financial institution or an online payment service. They usually claim that there is a problem with your account and request that you verify your details on a fake but convincing copy of the bank’s website.


Furthermore, this was very predominant around 2017 – 2019. Many people fell victim to this during that period. Money was withdrawn, etc…


In addition to this, some may even call you to send the OTP code you received on your phone. Once you do, they would have access to your account and sometimes your Social media accounts as well.

6) Golden opportunity and gambling scams: This was common in the year 2020. This is a type of scam that entices you to invest with them and earn an UNREALISTIC RETURNS ON INVESTMENTS within a short period of time.

Another scam promises to accurately predict the results of horse races, sports events, stock market movements or lotteries. 

Let me list out a few of them:-

  • 24 hours money doubling sites (double your tron, double your bitcoin, double your money etc. – They call it an investment scheme, but they are scams. They are majorly on TELEGRAM).
  • Investment platforms with no verifiable proof of the merchandise they invest in. (The likes of EFX, SMARTEARN etc…).

Recently, we have begun to see some fraudulent people calling themselves “BETNAIJA/NAIRA BET/SPORTY BET agents. They promise to help you bet with a newly discovered machine. Don’t fall for all those tricks. There are no such machines. How do you know the SCORE of a Match that hasn’t been played? They are all blatant lies.

While all these may seem convincing, in reality the scammer will take your money and you will never receive the promised returns. 

Online Scams

7) Charity and medical scams: This is common on Facebook and Instagram.
This is a type of scam that uses sympathy to override your emotions. Sometimes, they open a fake social media account using the name of a popular figure, they message people directly and collect money from them in the name of Charity.


They are unscrupulous and take advantage of people who want to donate to a good cause or find an answer to a health problem.


Conclusively, these are seven of the common online scams you can find. There are many ways you can be scammed, but if you understand how these 7 types work well, you would most likely be able to identify pending scams.

To know more about the online business world, check out this post

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