Scams - Dangers and Measures To be Taken | CIOReview

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Scams- Dangers and Measures To Be Taken
CIOReview
Source CIOReview
Scams have been around for many years. It was
prevalent in olden days as well. Today, old
scams have reached the next level with the
blessings of modern technology that makes it
affordable and convenient for perpetrators for
targeting a significant number of victims. The
following is a rundown of some of the examples of
the latest scams fueled by modern
technology. 1. Caller ID Spoofing
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• Earlier, Caller ID was able to inform who was
  calling reliably. These days, scammers, using
  cheap technology, generally spoof the Caller ID,
  which shows a fake number or fake business
• appearing on the persons Caller ID display.
  Scammers might
• spoof their calling number for committing other
  hosts of scams.
• Phishing
• This is a widespread email and internet scam
  which occurs when a scammer tempts the user into
  divulging private account information. The
  scammer might ask the user to confirm their
  account information by posing as the users bank.
  If the user confirms it, the information is
  misused by scammers for making unauthorized
  charges or even committing the crime of identity
  theft. Phishers hold the ability to send hundreds
  of emails for pennies on the dollar. If even one
  user bites, the fraudsters make money.
• Fake Check Scams
• In this type of scam, the user receives a
  real-looking check, which is actually a fake
  one. The technology empowers the scammer to
  print thousands of counterfeit checks that look
  authentic at low prices. The user is instructed
  to deposit the check and wire some money to the
  scammer. The check bounces after it gets
  deposited however, the user cannot retrieve the
  money as the scammer has already received it.

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The scam, too, has diverse flavors. In some
scenarios, a person who posts an item for sale
online becomes the target of the scammer. The
scammer will buy the product and send a fake
check in high amount, telling the seller to send
back the overpayment. In another case, the
scammer can send a fake check as a phony prize-
winning and then instruct the user to wire back
some money for taxes. 4. Forged Cell Phone Text
Messages These days, scammers send forged text
messages to users cell phones. The message
might offer a product for a monthly fee, usually
9.99. On opting out and declining the product,
the user may find unauthorized charges on
his/her phone bill. The bottom line is that the
companies, as well as every individual, should
be aware of all the scams happening around them.
They should confirm twice before releasing any
private information. Measures Organizations
Should Take to Fight Scams Every business is
vulnerable to scams and scammers. Cybercriminals
adapt their methods as fast as cybersecurity
companies create new products and services. The
scam is a major way in which businesses lose
money. The media is completely filled with
stories about fraud against individuals, but
businesses
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are just as likely to be the victim of fraud.
These frauds can take several forms. Bankruptcy
Fraud This kind of scam includes hiding or
undervaluing assets, giving information out
about the company, or destroying the relevant
documents. This fraud happens only when a
borrower purposefully hides assets to avoid
paying a debt during a bankruptcy proceeding. It
also comprises giving false records or
information before or during the
bankruptcy. Mail and Wire Scams Both mail and
wire scams are federal offenses. Mail scam
happens when a person uses the U.S. Postal
Service (USPS), FedEx, United Parcel Service
(UPS), or electronic transmissions to create
false representations. Electronic communication,
such as internet, TV or radio, are used to make
false representations. These scams can also take
the form of sweepstakes and telemarketing
trials. Customer Fraud Customers or buyers can
deceive a business in several ways, including
writing fraud checks, using bad credit cards, and
shoplifting. Another way includes the returning
of items not
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purchased to get a refund, rather known as return
fraud, or recording a false claim for an
accident or injury on the property. Identity
Theft Identity theft is known as stealing
individual or business information, which is
usually electronic but not exclusive. This can
comprise tax information and credit card fraud.
Workers can steal credit card or other private
information when serving with a customer. The
theft of identity information is a planned use
of another persons personal and private
information to attain financial benefits. Almost
all businesses can eventually targets for fraud.
Fortunately, awareness goes a much greater way
in helping the companies pick up on the
potential characteristics of scam and fraud and
understand better how to fight back. News
source 4 Most Dangerous Scams That Everyone
Should Beware of What Measures Should
Organizations Take to Fight Scams?