Home Financial Institute Online Frauds: What It Means And Its Types

Online Frauds: What It Means And Its Types

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Many people have been a victim of internet fraudsters. Some have lost thousands of dollars to online fraudsters. Others have lost important documents and files. Many persons have in one way or another come across internet frauds.

What most people are yet to understand is how it actually works. Where they can easily see these guys and the various types of Online fraud. Well this article is centered on helping you understand just the above.

What Is Online Frauds

Online frauds is same as internet frauds and it can be refer to as any attempt to steal or mislead someone via the internet or online. With the advancement of technology, online frauds or internet frauds are becoming more rampant.

Even on social media platforms there are many of these fraud schemes. Facebook, Twitter, Instagram and Google have had to make a review of its advert policy in effort to minimize online and internet frauds.

The truth still remains that online frauds can not be completely eliminated. It is left for individuals to be on guide and not fall victim for these schemes. This article will give you insight on some online frauds its left for you to know these schemes and keep far from them.

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  1. Online Investment Schemes.
  2. Social Media Schemes
  3. Personal Identity Theft.
  4. The Online Credit/Debit Card Theft.
  5. Quick Loan Fraud.
  6. Free Insurance Frauds.
  7. Online Vacation Fraud Scheme.
  8. Internet Dating Fraud Scheme.
  9. Online Charity Fraud Scheme.
  10. Promotion and Advert Fraud

The above are lists of online or internet frauds. Some of these schemes are difficult to detect at first glance but you can spot them if you are careful enough. We’ll be giving a brief explanation on each of the frauds strategy above.

1. Online Investment Schemes

Sometimes while surfing social media network like Facebook groups and Telegram, you come across investment sites that offers mouth watering return of investment. Now this schemes are usually promoted by individuals with fake IDs. To stay on the safe side if the offer is too god to be true please don’t invest. You might just be added to the long list of their victims.

2. Social Media Scheme

Facebook, Twitter and Telegram is booming with lots of persons who pretends to help you but actually wants to defraud you of your money. They first pretend to be friends and then they offer you some kind of services that requires payment.

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While they won’t actually do anything to help you, they just take your money and leave. Best way to avoid this scheme is to accept only request from persons you know on social media. Don’t accepts persons from groups you don’t know. Stay on the safe side by been cautious today.

3. Personal Identity Theft

Impersonation is the act of acting like someone else. If you are victim of this you could be in a whole lot of trouble. For example, someone might pretend to be you and secure loans from banks and you end up paying the loan. To avoid been a victim of personal identity theft you have to adhere to the following instructions.

  1. Don’t enter your credit/debit card details into website that are not secure.
  2. Stop giving out personal information to strangers online.
  3. Keep your home address, billing address and date of birth private.
  4. Avoid sharing personal information that might jeopardize your safety.
  5. Government issued IDs should not be sent to someone you met online. For United State citizens, keep your Social Security Number secure(SSN).
  6. Make changes to your bank account details if you notice any abnormal behavior.
4. The Online Credit/Debit Card Theft

With many international online money transfer coming up daily, using your credit/debit card to send money could not be easier. You can just be at home and receive a debit alert from your bank for a transaction you know nothing about. To avoid this you need to keep your credit/debit card details secure. The most important part of your debit card are

  1. The Serial number of your credit/debit card
  2. The Expiry date of the debit card
  3. And the CCV or CVV of the card(Usually a three digit number located at the back of the card. Some cards have four digits and are located at the front of the card).
  4. Date of birth associated with the card
  5. Billing address associated with the debit card
5. Quick Loan Fraud

Everyone needs a loan at some point. It might be to buy a car, to finance a home or even to buy a new home. But don’t be too desperate to fall for websites or schemes that won’t actually grant you any loan but end up taking your money.

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No valid and legit loan agency will ask for any money before granting you a loan. You usually pay interest associated with a loan and this is done monthly or at the end of the loan tenor. Take to your heels if any online loan agency ask for a deposit before your get your loan sent to your bank account.

6. Free Insurance Fraud

You need your car, home or some of your stuff to be insured and an agency is offering you free insurance. Well that is likely a fraud and you should walk with caution. Insurance companies make money from the services they render to you. Hence their services is not usually free. It is best to check with your bank to know legit insurance companies. Some banks even offer insurance services or are link with legit insurance companies.

7. Online Vacation Fraud Scheme

Want to go to a vacation and someone online is offering you some cheap offer. Note that going for a vacation includes booking for reservations, paying for flight and some other related stuffs. You don’t expect this to be rushed and come cheap. So you should make your research thoroughly before you pay for a vacation.

Most Vacation company have websites. check the website and ask questions and know who have used that company before you throw in your money. If someone is offering you a vacation services and have no company or website then that is the first sign of fraud.

8. Internet Dating Fraud Scheme

This is perhaps the most popular type of fraud and surprisingly it pays the most. Reason is because people usually fall for this scheme time and again. Do you have an internet lover that keeps promising to come and visit you. Maybe he works in the Army or working offshore at an oil company. These are all signs of fraudsters and you avoid these types of persons.

9. Online Charity Fraud Scheme

The world is global village today many thanks to the internet. Now you can reach people from anywhere in the world. Charity work is one part of life that should not be ignored. But surprisingly  most persons are now using it to steal from people. You see persons who pretends to represent the homeless only to get grants from companies, banks and even raise public funds for personal use.

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While you should not stop donating to charity it is also important to make sure your money is been sent to the right persons. People have downloaded pictures from the internet and use them to convince people.

To detect a fraud charity scheme ask the person to visit the charity home and make video call that will last for at least 2 minutes. The children of the children home should say Hi and even the head person should also say Hello in the video.

10. Promotion And Advert Fraud

This is mostly used by fake digital and internet marketers. They claim to have huge audience and will run advert for you. But they are only using someone else profile to deceive and make money off you. To stay on the safe side, only run ads with persons that is known. Persons that have website and good social media presence. Their social media account should be active, like Twitter, Instagram, Facebook. Mntrends also runs promotion for anyone you can use the CONTACT US page to send us a message for a quick deal.

The list of online frauds or internet frauds is a long one. But we hope the details above helps you to stay safe when dealing with anyone online. This article is written based on personal experience and research from gathered from local internet users. Surf the internet but stay safe as you do.


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