Cybercrime is constantly evolving but there are tactics and scams that have proven to be evergreen because they remain a lucrative strategy.

While the details of the scam may evolve such as the target, the specific wording and tactics used, the core of many scams remain the same. This makes it easier to spot these scams and protect yourself and this time of year is when you should most on guard. The end and beginning of the year are often when scammers are most active and see the most significant success in their scams.

“As you prepare for the exciting New Year, remember that your goals, ambitions, and resolutions present an opportunity for scammers. They capitalise on the uncertainty and pressure that often accompany new beginnings, and prey on your hopes and concerns,” says Athaly Khan, Head of Fraud Risk Management at Standard Bank.

With the promise of a new year some may be looking at putting money away or new job opportunities. Students are looking for loans and many are counting cents until payday. All of these present an opportunity for a scammers and Khan has outlined some of the most common scams doing the rounds at moment. Looking at the list, these scams tend to be fruitful throughout the year so be vigilant at all times.

1000X your money in 24 hours!

The promise of a massive windfall on the back of a solid investment in a short amount of time is one that rarely, if ever, turns out to be real. Scammers will often cold email targets promising high returns for a minimal input. Generally, the offer will be available for a limited time, urging the target to action before time runs out. As you might expect, the investment is not sound and scammers will make off with the investment and potentially more before the target realises it.

Signs it may be an investment scam: Unsolicited investment offers, promises of guaranteed, exponential returns, promise of no risk, urgency, no investment or financial license, asking for deposits into a private account.

Job hunters

With South Africa’s unemployment at 32.1 percent as of November, it’s little wonder that scammers are using the lure of jobs to attract targets. These fake jobs are often shared on social media where they can slip through the cracks and get past moderation.

These jobs are often portrayed as being for government positions and urge applicants to pay a fee to be considered for the job. There are of course other job schemes including pyramid schemes which are often called multilevel marketing or direct sales schemes. While some of these are legit – if difficult to make money in – there are also many scammers using this model.

Signs it may be a job scam: The job posting is on a social media page not affiliated with the company, the job requires payment, the job promises passive income and high earnings.

Snake Oil

Sometimes scammers will provide you with a physical product that makes some momentous claim. Unfortunately, most of the time these claims are rubbish, as is the product that was purchased. This scam is as old as time but every year there is some new product claiming it will make you healthier, stop harmful radiation or otherwise. There are no freely available miracle cures or weight loss solutions and hunting for them could lead to serious harm.

Signs it may be a scam product: The product makes claims that are too good to be true, the product includes disclaimers that directly contradict the claims of what it can definitely do, the product claims to be the first of its kind, the product features fake endorsements that cannot be found elsewhere.

Loan shark

Januworry means financial stress for many South Africans and scammers are aware of that. This is especially worrisome considering that students may be looking for loans to fund their university fees.

Scammers often pose as lenders offering unbelievable interest rates and terms, so long as the target pays an upfront fee. These scammers also ply their trade on other borrowers and can even try to extract personal information from them in hopes of executing other crimes.

When borrowing money always work with an accredited financial services provider that is registered with the National Credit Regulator. When trying to secure a student loan make sure the institution is aware of the lender and has worked with them before.

Signs it may be a loan scam: Promises of lower than normal interest rates, urgency, need to pay an upfront fee, no credit check, no or fake NCR number, urged to share information not necessary to secure credit.

Scammers are constantly changing their methods but the tricks they use, such as preying on emotions or making you believe this offer is gone the moment you hang up, are tried and tested.

If you exercise a bit of scepticism when you receive a call about an investment or some other scam, you can prevent a whole lot of hurt. Even better, if a scammer claims to be from a company, hang up and call that company directly, at least then if you are tempted to take up a loan or invest some money, you’re doing it with a company that is trusted and accountable.

[Image – Raúl Nájera on Unsplash]