Email scams surge: investment frauds take center stage
December 8, 2023
In a concerning trend, email scams have risen by 4% this past quarter, surpassing phone calls as the primary conduit for fraudulent activities. This shift is attributed to the increasing reliance on digital communication, exploiting email systems’ ability to be both individually tailored and sent out in bulk.
Notably, investment scams have emerged as the most impactful, constituting a staggering 66% of total reported losses in the September quarter. Crypto scams, Ponzi schemes, imposter bonds, and fake initial public offerings are among the common tactics employed by fraudsters.
To combat these scams, experts advise a three-step approach:
Refrain from giving money or personal information if uncertain. Question the legitimacy of messages or calls, especially those claiming to be from trusted organisations. Avoid clicking on links; instead, verify through official channels. Act swiftly to report any suspicious activity to your bank and seek assistance from IDCARE, while reporting to ReportCyber and Scamwatch.
Remaining vigilant and following these precautions is crucial to safeguard against the evolving landscape of email scams and financial fraud.