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How To Avoid Online Financial Scams – 5

Continuing my series on How To Avoid Online Financial Scams series as highlighted by the China Public Security Bureau earlier this year, the aim is to share the knowledge about online financial scams so that more people are aware of the scams and take necessary precautions.

7. Trojan Horse, Phishing Scams

A. Fictitious Platform Scam

Scammers use fictitious platform to trick public about upgrade incentive, 10086 mobile shopping mall cash exchange links, once the victims click on the links, a Trojan horse malware will be inserted into the victim's phone and retrieve banking account numbers, passwords and phone numbers.

B. Phishing Website Scam

Scammers use the reason that online banking need to upgrade, request the victim to register and log in to the phishing website, and obtain the victim's banking particulars such as bank account number, online banking password and mobile transactions' data.

8. Others New Illegal Cheating Scams

A. SMS Communication For School Scam

Scammers use the school communication network, broadcast some short messages which is infested with Trojan horse malware, once the victim click on the links, the mobile phone will be infected with the malware and any banking data in the phone will be retrieved.

B. Traffic Offense Notice Short Message Scam

Scammers use the fictitious website to send notification on traffic offense short message, this type of message is infected with Trojan Horse malware, once the victim click on the links, the victim either suffered loss on phone bill which is a lighter loss, or serious will be information on his banking details in the phone will be accessed and stolen electronically.

C. Electronic Cards Scam

Scammers use invitation e-cards to send to victims and once victims click on the e-cards, it will activate h spyware in the e-card and if the victim is using his phone to access the e-card, the spyware will be able to retrieve the necessary data such as bank account number, password, communication records and if the spyware is more advance, may just from the phone, obtain the rest of the victim's friends details.

D. Trojan Album Scam

Scammers impersonated as the mistress to instigate the victim to click on the album link and activate the spyware, which will retrieve the data required.

E. Finance Transaction Scam

Scammers use the Securities firms' names, through internet, phones, short messaging to spread the news about inside information and the trends of the stocks to gain the trust of the victims, after that convince the victims to use the platform set up by the scammers to trade, and scam the money from the victims.

F. Credit Cards Processing Scam

Scammers use the media to advertise for high value credit cards and once the victims contact them, they will require the victims to pay for introducers fees, processing fees and so on.

G. Loan Scam

Scammers use the group chat to send out messages that they can help those who require some urgent short term financing to secure low interest and clean loan facilities, once the victims are convinced, they will insist on the victim prepay the low interest and guarantee fees to scam the victims.

H. Sim Card Scam

Scammers send short messages claiming they are able to duplicate the sim cards and eve drop telephone conversation, some users for their own reason wish to have such service contact the scammer, and scammed by the scammers under the gist of cost of the cards, prepaid payment and so on.

I. Fictitious Sexual Service Scam

Scammers use internet to purportedly offering sexual services and provide a contact number to call, once the victim contacted them, scammers want the victim to pay first before providing house call service, once the money is remitted, the victim then realize he is scammed.

J. Providing Exam Questions/Papers Scam.

Scammer targets those students who are sitting for exam and who are eager to do well at all cost, they tell the exam candidates that they have the questions and answers to the examination the student will be sitting, once the initial payment is made, the students realize they have been scammed.

K. Accounts Theft, and Scam on Credibility Campaign

Scammer hacked into the business platform and broadcast they genuinely looking for part-timers who want to help online shop to gain credibility, can earn commission by promoting the online shop. Victims follow the instruction given by the scammer and purchase online and sooner realized they have been scammed.

L. Impersonating Secret Society In Extortion Scam.

Scammers obtain the target's particulars such as phone number, profession, NRIC and other personal data, scammer call the victim and acting as if they are calling from secret society being hired by someone to cause harm to victim unless the victim pay some money to avoid being harmed and ask the victim to remit money to the bank account given.

M. Fake WiFi at Public Place Scam.

Using phishing free WiFi at public place, once the victim login to the free WiFi, using the data downloading and uploading process, extract the user's particulars and data in the phone and various passwords and use that to blackmail the victims.

N. Encrypted Bank Card Scam

Scammer intentionally drop the encrypted bank card which has the label of the phone number to activate the card, if a person is greedy in getting a free card called the activation number for the card and deposit money into the scammer account.

O. Irregular Fund Movement Scam.

Scam steal the victim's login ID and password, and create an irregular fund movement situation, and after that impersonating customer service, ask the victim to provide his phone number to receive verification code to cheat.

P. First Transfer, Then Withdraw and After That Canceled Scam.

Scammer use the bank new regulation on fund transfer and the time gap between transfer and credit to account to set up a trap, first scammer transfer the money, then withdraw the cash, once obtain the cash, cancel the transfer.

Q. Change of SIM Card Scam

Scammer use hundreds short messaging and harassing phone calls to call victim's phone, to conceal the 10086 customer service's message to the phone number on the replaced SIM Card activation. After that, take a copy of the identity card showing the victim particular, to go to the customer service counter to request for a replacement card, this will cause the real phone number owner's phone becoming deactivated, the scammer use the number to get the one time short messaging from the bank to withdraw the money using the phone APP.

R. Change of Phone Number Notification Scam

Scammer uses illegal way to obtain the phone owner's communication records, then impersonating the phone owner to send short messages to the phone lists in the phone claiming he has recently changed contact number and use that to scam their target.

S. QR Code Clone Scam

Nowadays people like to use QR Code to make payment, especially when in the rush to buy food from the hawker stalls and scammer can use an APP to clone the user's details, normally when a person pays using QR Code, he has the tendency to hold up the phone upright and scammer can just stand within meters to use his phone to capture the same image and use it later.

If you have any questions or wish to share your experience on this topic, please leave your comments, questions and your experience in the feedback space below and I would be glad to get back to you and thank your feedback, comments and sharing of your experience.

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