Have you ever wondered why social media is filed with so many online fraud and internet fraudsters. Online fraud has increase about some 70% within the past three years. And the truth is its not going to slow down over the next couple of years.
Lets try and define some terms before we continue with this article. The terms, Social Media, Online Fraud, Internet Fraudsters as used in this post.
WHAT IS SOCIAL MEDIA
Social media is a small part of the internet used to interact with each other. They specifically design to keep people in touch, share ideas, communicate and make new friends. Social media is a community of internet users that have access to text, voice call, video call, share files(audios, docs and videos).
Good examples of social media are Facebook, Twitter, WhatsApp, Instagram, GooglePlus, Baidu, Telegram etc.
WHAT IS ONLINE FRAUD
Also known as Internet fraud, online fraud is any act of stealing that is done on the internet. This might be stealing of identity, hacking of personal account and even credit/debit card fraud. CLICK HERE to read this article that explains in details what Online Frauds means and its types.
in recent years with the popularity of cryptocurrency, crypto fraud have become one of the most popular online fraud. People have set up fake investment websites(crypto and none crypto investment sites) to steal millions of dollars. The popular internet fraud and perhaps most lucrative is the Ponzi Schemes.
WHO IS AN INTERNET FRAUDSTER
An internet fraudster is someone who has nearly perfected the act of stealing money from someone else via the internet. Using someone else’s profile, they act the part, play the role and subtly steal money from you.
Sometimes they request for personal details/credentials. Credentials like Social Security Number(SSN), Debit Card, Date Of Birth, Billing Address etc. We have put to some reasons why people fall for online fraud. CLICK HERE to read about it and avoid falling victim to these internet fraudsters.
WHY ONLINE FRAUD IS ON THE RISE
There are lots of reasons why internet fraud is on the rise. Please check the summary below
- It Is Very Lucrative
- It’s a Source of Easy Money
- Quick Money making process
- Difficulty tracking the Fraudsters
- The Internet
1. It is Very Lucrative:
We hate to break it to you but one of the best business online is the internet fraud. For a fact people who are into internet fraud makes more money that persons who own and run business. This is perhaps one of the reasons why more people are looking that way.
2. Its Source Of Easy Money:
This is very true with regards to internet frauds. How about getting money that you literally didn’t work for. Yes the money is easy as it is not worked for. Some lucky internet fraudsters gets their break within hours. Most times the carelessness of most people makes it even easier.
3. Quick Money Making Process:
Due to the fact that sometimes it takes less than a month to get their first major hit is another push why people jump into internet fraud. Remember that internet fraudster prey on the carelessness of their victims and one mistake can cost you more damage than you imagine.
4. Difficulty Tracking The Fraudsters:
As the internet is fast evolving this is helping the fraudster hide their identity. Sometimes tracking an internet fraudster takes months as they have to be traced for a long time. This is another reason why more persons are looking at this business.
Technology is good but it has also thrown a large umbrella that covers these guys. WhatsApp supports a Back to Back encryption. Which means that no third party can have access to anything. Telegram and the likes also have these measures and these makes it even difficult to get these guys.
6. The Internet:
The Internet is a world of its own and it works on its own terms. Been a house to lots of people, someone can easily impersonate someone else. So we strongly advice you keep your personal information outside of social media.
The above are some of the major reaosns why internet frauds will continues to grow. If you are an online investor or interested in online investment, CLICK HERE to read this article on how to spot a fraud investment website(crypto).
Online fraud might seem like the real deal but it does have its downside and this will be discussed in our next article. For a fact, Internet fraud have more disadvantage than there is advantage. This article is aimed at helping the readers understand why internet frauds is on the rise and how they can keep safe Don’t forget to share this article to help others stay safe while surfing the internet.