Banking online is becoming easier than ever, and so it's no surprise that people are choosing to go digital. Inevitably with this move towards digital banking, threats and security risks take on new challenging forms.
Keeping your money safe online, doesn’t come as second nature as keeping your physical cash protected from thieves. You don’t leave your wallet out on the street, do you? Staying safe online? Well that’s a little different. Scammers are sneaky. Real sneaky.
So how do you spot these tricksters? And what are the main types of scams? Chill, we’ve got you covered. We’ve detailed the top 3 most commonly used scams and how you can tell them apart from the real deal.
1. Phishing
Unfortunately, nothing to do with those cute scaly things. Phishing scams have been common on the Internet since day 1. With a phishing scam, you’re usually sent an email or message from what seems like your bank that looks mighty personal and mighty important. They’ll be asking for you to verify your identity by giving sensitive account information, often threatening account closure or even worse, suspicious activity on your card! (Funny right?) The fraudster is trying to make you give up info such as your PIN code, card number, passwords etc - stuff you really don’t want to be disclosing online.
More often than not, there are a few signs that sure smell phishy:
Poor spelling / grammar - Yes, many scammers can’t spell. Your bank? They definitely can.
A super salty tone - Aggressive warnings that your account will be locked/closed and generally being pretty cringe with their exclamations.
Crazy freebies or winnings - A classic. These scams usually involve a ‘competition’ that requires you to enter sensitive info to receive an “award”. Yeah, SURE.
Clickbait emails - If the subject of the email seems to claim something high-key ridiculous that’s too good to be true, it most likely is.
In all these scenarios, the most important thing is to read through every email address and message super carefully. With some it’s pretty obvious that the scammers are amateurs, but some fraudsters seriously know their stuff. If you are still unsure whether an email or notification is the real deal, contact the company the email claims to be delivered from. Not only are you double checking for your own clarity, you’re also alerting the bank that there is someone out there trying to scam their customers and that it's time to get investigating.
2. Data Theft
Data theft is the act of stealing information stored on corporate databases, devices, and servers. If done successfully, cybercriminals can acquire sensitive customer data such as addresses, credit card details, names, insurance info and so on - big yikes. Someone can access your bank account without your permission (say what?) make purchases and commit even more fraud. While it may not be your fault that a breach like this happens (these people are criminal professionals) doing things such as regularly changing passwords or using an antivirus program will definitely help defend against any sort of theft of information online.
3. Social Media scams
These scams are similar to the act of phishing, but instead of emails these sneaky scammers use what we love most, social media. If anybody messages you claiming to be from a company on a platform such as Facebook Messenger, WhatsApp or Twitter, no joke, leave them on read. These scammers are so extra, they try to associate with a brand or claim by pushing a fake promotion. They’ll then make you click on a fake link that you can then share with your squad - you don't want to be that person.
It only takes two seconds to do a quick Google search, and from there you can find out whether the ‘scam’ is real or not. There are also lots of review pages and websites dedicated to exposing certain scammers and their sneaky methods. A quick read through those and you’ll be putting yourself in a position of being able to call out the trickery and stay safe.
Top tips to keep your Rise account safe
Never share your Rise account information with anybody, including passwords and PIN codes.
Instant notifications: Stay alerted and on top of things in real time with push-notifications. You definitely didn’t just buy those Fila sneakers.
Touch ID and Face ID: By enabling these, you can make sure that you’re the only person that can login to your Rise account.
Freezing / Locking your card: If you believe that any suspicious activity is taking place,you can immediately freeze your card with a single tap and even turn it back on again when the coast is clear.
3D Secure: Add an extra layer of protection to your online purchases with Mastercard 3D Secure - an advanced two factor authentication step.
There you have it - our top tips to help keep you safe online. Don’t let the scammers mess up your financial journey. Learn more about how to handle your cash like a boss with Rise Academy.