How to Avoid Internet Scams

Website: Merchants Group

Material Excerpted From: Merchants Group – Blog

With the rise of the internet and social media, scammers have an easier and faster time preying on people, and their methods of operation are slicker than ever. According to the Federal Trade Commission, social media is a “golden goose for scammers,” resulting in the highest amount of losses in reported scams. These scams are costly; in 2024, cybercrime is expected to cost an estimated $10.5 trillion!

In order to prevent being a victim of an internet scam, it’s important to understand what kind of online scams to be on the lookout for.

6 Common Online and Social Media Scams

1. Phishing

Phishing is still one of the most common cybercrimes, as it continues to be so effective. Phishers mimic someone trustworthy such as a friend or coworker, and they request that you share information or click a malicious link via email, social media, or a messaging app.

• Carefully review the message and look for misspelled names and poor grammar. Before clicking on a link, hover over it with your mouse cursor. In the bottom left-hand corner, you’ll see the full URL, which can help you determine if it’s a legitimate or scam website.
• Often, this comes in the form of “executive impersonation,” where an email is sent from what appears to be your company’s executive requesting urgent action, often dealing with finances.

2. Fake Antivirus Software

If you’re online and receive a pop-up saying that your computer is infected, it’s likely a scam. Use a legitimate, trusted antivirus software to protect your device.

3. Cryptocurrency Scams

If you are unfamiliar with cryptocurrency, it is a form of digital or virtual payment, often used “to be units of exchange for goods and services.” In order to access the goods or service, though, you need to exchange real currency for the cryptocurrency. Scams are very common in these exchanges.

• Any promises of guaranteed large returns or claims that your cryptocurrency will be multiplied are always scams.
• A sure sign of a cryptocurrency scam is if a caller, organization, or anyone else insists on cryptocurrency for payment or funds transfer.

4. Clickbait

Through clickbait, scammers make a link look enticing, which makes internet users want to click. When users click on the hyperlink, though, it often leads to malicious content.

5. https vs. http

When online shopping, always look for “https” (not “http”) and the padlock icon in the address bar to ensure there’s a secure connection between you and the website. Don’t rely on this alone, though; some scam websites use “https”

6. Requested payment via non-secure payment methods.

Some examples of non-secure payment methods include: bank or international funds transfers, money orders, wire, pre-loaded gift cards, or cryptocurrency. When making purchases online, only use secure payment options: credit card or PayPal, for example.

How to Avoid Online and Social Media Scams:

Follow and share these 5 safety best practices with others at your business to avoid internet scams:

1 – Create strong passwords. When creating a password:

• Avoid personal identifying information
• Combine uppercase and lowercase letters, numbers, and special characters
• Use different passwords for different accounts
• Make passwords long (16 characters!)
• Not sharing your password with anyone, especially someone you don’t know or trust

2 – Never share personal information online, such as your telephone number, address, bank account number, and Social Security number.

3 – Never click on a link from an unsolicited email, text message, or pop-up ad. If you receive an unsolicited email or text that asks for your account information or other personal information, delete it.

4 – When in doubt, trust your instincts. If something seems fishy, it likely is.

5 – Double-check links before clicking. Often, scammers will try to create a false sense of urgency to get you to act quickly. Don’t fall for this tactic!

You’ve got your online protection covered, but what about life’s unexpected turns?

Call your local Hometown Insurance Agent at 1-800-568-SAVE (7283) or contact us by email at service@hometowninsurance.com for helpful information.

We work for you!