Navigating Online Spaces: Protecting Yourself from Online Financial Scams
Scams originating on social media have grown to be the most prevalent financial scams in recent years and can range from fake merchants, romance scams to fraudsters who take over your social media profiles and con your friends out of money.
In some cases, scammers create advertisements using each social media platform’s own tools to target users based on age, interests, and past purchases. Younger users’ tech savvy skills can work against them and place them at risk by making them overly trusting of the tech they are using and more likely to respond to a stranger messaging them.
AFS is dedicated to student safety. This information aims to raise awareness about the dangers of online fraud and provide some essential tips for students to protect themselves online, recognizing the challenge of interpreting the intentions of others, especially when navigating online platforms in a second language or different cultural environment.
Even if you feel confident about your online presence, it is crucial you read this article and reach out to your host parents or Support volunteers if you have any questions or concerns.
Types of online financial scams
Phishing scams can come in the form of emails, posts or DMs and usually contain links which if clicked on can infect your device with malware or direct you to a fake website that captures your login credentials. A message from a stranger should be studied carefully, hover over links and examine the URL. Do not click on links that direct you to an unfamiliar or misspelled web address.
Smishing, a blend of "SMS" and "phishing," is a cyber-attack via text messages. Cybercriminals use deceptive texts to trick individuals into divulging personal or financial data, clicking on malicious links, or downloading harmful software. Like email phishing, these messages appear trustworthy, employing social engineering tactics to create urgency, curiosity, or fear. While many are cautious about email links, fewer recognize the risks of clicking links in text messages, making smishing a lucrative avenue for attackers seeking credentials, banking information, and private data.
Romance scammers, operating on dating platforms* or popular social media sites, create false identities to establish trust in relationships. After engaging in frequent communication, they fabricate stories, often involving distance due to work or military service, and eventually request money, claiming it's for urgent matters like plane tickets or emergency expenses. Scammers will most often ask for payments through gift cards, wire transfers or cryptocurrency.
Online shopping scams occur when scammers create fake online seller profiles or ads, utilizing either counterfeit websites or deceptive ads on legitimate retail platforms. Exploiting the anonymity of the internet, scammers employ sophisticated technology to mimic genuine online stores, often offering luxury items at remarkably low prices. While some victims may receive knockoff items, others might get nothing at all. A key indicator of a scam is the payment method, as scammers typically request money orders, pre-loaded cards, or wire transfers, making refunds unlikely. A newer trend involves scammers using social media to establish fake stores, disappearing after a few sales. To avoid falling victim, consumers are advised to research and read reviews before making online purchases.
*AFS participants are not permitted to enroll in online dating applications due to the great risk involved in their use.
Be on the lookout for these 6 Red Flags
You get an urgent message from a friend with an emergency request. Often, scammers take control of someone’s social accounts and message that person’s friends to say they urgently need money to get out of a difficult situation. Call your friend to find out if they were hacked before sending any money or assistance.
- Someone you’ve recently met online seems overly eager to establish a friendship or romantic connection. Romance scammers may also insist that they can’t meet you in person, usually with an elaborate excuse like “living or traveling outside the country, working on an oil rig, in the military, or working with an international organization.”
- Any request involving gift cards, wire transfers or cryptocurrency. Scammers may direct you to send them money in specific ways that make it more difficult for you to get it back.
- Products sold at huge discounts that sound too good to be true. Very low prices can lure shoppers to click on malicious links or visit bogus websites advertising fake goods.
- Typos or strange spellings in account names, bios, or website URLs. These are signs of fake social media accounts or websites, especially if they’re trying to impersonate well-known brands or people. Look out for poor grammar and obvious spelling mistakes in account profiles or messages you receive. Scammers don’t want to give you too much time to reconsider or consult with someone you trust. They’ll often use urgent, dramatic language, like “a once in a lifetime” investment opportunity that’s only available “right now,” or an emergency situation that can only be remedied by an immediate influx of money.
Remember
Protect yourself by limiting who can see your posts and profile information and be wary of unexpected messages, especially those seeking personal or account information. When uncertain about the legitimacy of a website or request, search for the name alongside terms like "scam" or "complaint." If possible, avoid using debit cards for online payments, they don’t offer the same level of consumer protections as credit cards. Additionally, cybersecurity experts recommend implementing multi-factor authentication for all accounts to deter hackers by elevating security measures.
At a time when online interactions play a significant role in our lives, understanding the risks and signs of online fraud is crucial. AFS encourages students to stay vigilant, be aware of potential threats, and, most importantly, reach out for help if needed. By fostering a culture of awareness and open communication, we can collectively work towards creating a safer online environment for everyone. Remember, your safety is a priority, and there is always support available from your host parents, support volunteers, and the AFS community.
Getting Help
If you or anyone you know, has been involved in any type of online fraud or exploitation, please talk to your host parents, and contact your local support volunteer(s) immediately. You can also contact AFS using the following contact information.
- In case of an emergency involving a participant call 1-800-AFS-INFO, press 9.
- Non-emergency concerns, email: hotline@afsusa.orgS Students are also advised to read: AFS
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