What are Scams? And How do they Occur?

Category: Business

Scams, we all have heard about them and the worst experiences of how people have suffered a huge loss due to those scams. First, SCAMs are used to take advantage of you, by acquiring your data, important information such as social security numbers, date of birth, bank credentials and access to your personal devices via phone, emails, links, texts, social media, etc. to in return get money or something of value. With the advancement of technology, scammers find it a little easier than before to get hold of your details. However, due to the same technological advancement, there are various ways you can plot them at the right time and report them to prevent a loss. GCG Asia Scam Finder is a Malaysia based scam detector that is helping people in Singapore to spot scams and report them in the right manner via web browser. To know more you can checkout GCG Asia scam finder videos. Scams occur in various forms and we are going to explain how each one can cause you a huge loss: Telephone Scams In these types of scams, you tend to get phone calls from real individuals, robots or automated voice calls, text messages where fake promises are made. The scammers try to steal your information by offering attractive offers, schemes, product reviews, investments, or great deals where you can't deny. If you do not give in, you might also receive threat calls or messages from an official identity which is hard to ignore. Banking Scams Banking scams happen in the form of overpayment alerts, unsolicited cheque frauds, verification of credit card, pin requests, automated withdrawals notifications where you might wonder what happened with your bank details. These attempts are made to acquire your banking details and can land you in huge trouble with your finances. Investment Scams Investment scams promise risk-free investments with high returns. Whether you are a beginner or have been investing for many years, you might still fall for these scams. The various invest scams include affinity fraud, advance fees, high yield invest programs, ponzi schemes, pre-IPO scams, and more. Lottery or Offer Scams Who wouldn’t want to win a big lottery. Only once in a lifetime events can be possible of a real lottery winning. However, scams such as you’ve won a prize and you would have to pay the transfer charges or enter any kind of details or contest via texts, calls, robotic calls, etc. they are lottery or attractive offers that you can’t help but check out for once. But beware, that one curious click might take away the treasure you have been holding for years. Phishing Attacks Phishing attacks are like emails which invoke a sense of loss of security. It can be a message from your bank, or personal inbox, to cause a data breach and prompt messages such as “was that you?”. These can also be in the form of comment links on your website that can cause a huge threat to your bank details linked with your payment gateways. These are one of the most dangerous kinds of scams that look very genuine but can cause a long-run damage recovery. Scams can hurt your finances and mental peace for a long time but prevention is always a better option. Always seek professional help when you observe these signs to avoid falling into a trap.