General Knowledge

Impersonation Scams are on the Rise!

By March 22, 2023 May 31st, 2023 No Comments

Impersonation scams refer to the illicit use of identifiable aspects of an individual, brand, or entity.

Defined, an imposter impersonates someone else to gain an illegal advantage. The impulse is commonly encountered in the theft of confidential data or the sale of counterfeit goods. Impersonation schemes defraud tens of thousands of individuals each year. Fraudsters utilize a false impression of legitimacy to take money or confidential material from individuals.

Criminals use a technique known as social engineering to manipulate and deceive you into transferring funds or disclosing personal and financial information. However, only individuals are not their target audience. Impersonators are also interested in business, and they’ve been recorded using the identities of government institutions and famous worldwide corporations to hide their illicit activities behind an appearance of authority.

Let us now look at the most widespread kinds of impersonation fraud

  • Fake Mobile Applications: Pertains to programs that are designed to resemble the genuine application. Customers paying for the application and discovering nothing from downloading it are among the most typical scams associated with it. In another type of fraud, your phone is overloaded with hundreds of advertisements, and the scammer receives income from the commercials displayed on your phone. Finally, the most hazardous applications are the ones that include malware and viruses that allow fraudsters to access your phone’s sensitive data.
  • Fake Social Media Accounts: You may have come across impostor or puppet accounts on social media networks. These fraudulent accounts impersonate celebs, influencers, corporations, or even ordinary people. Facebook just took measures on 1.6 billion bogus accounts in the first half of 2022. Such accounts are highly dangerous since fraudsters swindle the followers of the original page.
  • Phishing Emails: Phishing emails and SMS frequently present a tale in an attempt to persuade you to click on a link or open an attachment. You may get an unsolicited email or text message which appears to be from an organization you recognize or acknowledge, such as a bank, credit card, or utility provider. It might also be from an online payment website or app. While legitimate businesses may contact you via email, they will not send you an email or text with a link to the updation of payment details.
  • Typo-Squatting: Fraudsters develop bogus websites that appear and seem just like your desired website, so you don’t know you’ve arrived somewhere else. These sites may exist to offer goods and services which compete with those sold on the original website you meant to visit, but they’re most typically designed to acquire your personally identifying information, such as credit card credentials. After was founded, for example, hundreds of identical domain names with deliberate errors were acquired, which soon hosted false websites meant to deceive customers.
  • Cyber-squatting: The term applies to the unlawful registrations and usage of Internet domain names which are alike or identical to trademarks, corporate names, or personal names. When the internet first became popular, some unethical people filed the names of well-known corporations as domain names to sell the domains back to the firms once they awoke. However, possibilities for cybersquatters are fast dwindling as most firms have now recognized the need to secure domain names.
  • Ransomware: A sort of malware which blocks users from obtaining important data and then demands payment in exchange for access to be restored. Ransomware is generally distributed through phishing attempts. Mostly ransomware is distributed as attachments in spam emails, downloaded from malicious URLs via mal-advertisements, or dumped onto unprotected systems via exploit kits.

How to spot and prevent impersonation fraud

  • Do not just bump into things: Introspect. Refrain from responding quickly: When the caller puts you under time constraints, hang up as well as contact the organization directly. Don’t give in to their intimidation tactics.
  • Refrain from giving personal and financial details to suspicious callers.
  • Never disclose any strange caller with your temporary access code, SIN number, PIN, debit/credit card number, or bank details. Your bank will never request such details from you.
  • Disconnect or discontinue the call: Anyone reputable would never approach you unexpectedly and demand money or data. Please disconnect. It’s a hoax.
  • Do not even rely on caller ID. Fraudsters understand how to fabricate caller IDs so that they appear to be from a genuine phone number.
  • Avoid paying anybody who requests money using a gift card, wire transfer, or cryptocurrency. Only crooks urge you to pay in this manner.
  • Don’t click on any attachments: In most circumstances, opening a phishing email or SMS is safe. The trick, though, is to avoid downloading any attachments. Ransomware, such as viruses, bugs, or spyware, may be included in attachments.
  • Pay special diligence to the spellings of web URLs or websites that appear trustworthy but might be replicas of the online company you’re searching for.
  • Use multi-factor authentication to safeguard your accounts. Several accounts provide additional protection by having two or more passwords to log in. This is referred to as multi-factor authentication.

The Bottom Line

In the past few years, cyber scammers have seriously stepped up their game. In today’s era, scammers have more and more ways and mean to gain access to our information. It’s happening to businesses, it’s happening to millions of consumers across Canada, and it happens every day. Cybercriminals are not only smart and cagy but are also very, very busy. Currently, 75 percent of scams are happening online and via text messages. And that texter can be just about anyone. They might be pretending to be your friend or boss or even pretending to be your local theatre company. Do not engage in unsolicited texts coz as soon as you respond, they know you are there, so you are an act of target. Always try to follow the prevention steps mentioned in the blog, and never hesitate to say no to something that you concisely doubt. Aside from the measures listed above, if you have any questions about mortgage financing, please contact our experienced team of professionals at Pegasus Mortgage Lending Center Inc. We will always be happy to assist you in locating the most appropriate lenders across Canada and USA for your home.

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