With the rise in e-commerce shopping, there has also been an increase in online scams and fraud cases. Cybercriminals and scammers are taking advantage of the situation and have been utilizing more sophisticated tactics and technologies.
In avoiding online scams, prudence in conducting online transactions can go a long way in fraud prevention. A recent survey showed that many Filipinos still practice poor password security habits and aren’t exercising the necessary precautions when banking online.
The study presented the following insights:
- 53% use separate passwords to access different accounts
- 18% have between two and five passwords that they reuse across accounts
- 14% use the same password across all accounts
- 15% use a password manager--which many consider to be the best practice
- 29% are at risk with their password recall security habits
- 32% abandoned an online purchase because they couldn’t remember their login credentials
- 30% were unable to check their account balance
Given these numbers, you should know if there are any changes that need to happen to your password security practices.
Different types of online scams
Scams often involve a combination of different fraud tactics, such as mimicking a trusted website to gain access to your bank details through a link. Familiarize yourself with the different types of scams you might encounter online, so you can immediately identify if you’re being targeted by a fraudster.
Phishing. This is among the most common online scams. It is the illegal act of stealing private data and sensitive information, like debit and credit card details, through the use of platforms like email and online messages. Phishing activities often involve the fraudster impersonating a financial institution or organization that you trust. It can be in the form of an alert or a prompt that your account is encountering some technical problem and you need to click a link or button to verify or fix it.
Phishing- This is among the most common online scams. It is the illegal act of stealing private data and sensitive information, like debit and credit card details, through the use of platforms like email and online messages. Phishing activities often involve the fraudster impersonating a financial institution or organization that you trust. It can be in the form of an alert or a prompt that your account is encountering some technical problem and you need to click a link or button to verify or fix it.
Spoofing- This is a fraud tactic that works alongside phishing, as it uses a fake website or communication channels made to appear like the real website or contact of a trusted organization to get your personal information. The goal of the fraudster is to get the victim to click a link or enter sensitive info.
Shopping scams- These involve sellers who never deliver on their end of the deal. These scammers pretend to transact like any normal merchant until you’ve transferred payment, and then they disappear, ignore, or block you. With no leads, the victim can no longer chase after their stolen money.
Advance-fee scams- These are the same as Nigerian scams or romance scams, which are usually executed through email platforms asking for your assistance. It requires you to transfer money to get a share from a larger sum of money. The target sends over money without any legitimate guarantee of returns, and is left with nothing.
Be wary of online scams by spotting them right away. Online and SMS scams are growing in prevalence and the best way to avoid them is by not engaging them.
If an email or text message talks about an opportunity to win or claim a prize by clicking a link, visiting a page, or exchanging sensitive information, such as usernames, bank account numbers, or passwords–do not click anything and do not respond. Instead, report the cellphone number or email account to the proper authorities.
It is important to note that these online scams appear in different forms, so it always helps to be cautious and exercise scrutiny before clicking any links or sharing any information. Head over to Metrobank’s Fight Fraud page for more about cybersecurity practices that you can proactively do to prevent fraud.
Password security: three tips to protect yourself online
Among the different ways to avoid getting scammed online, ensuring that you have a secure password already provides you with an increased layer of protection. That being said, here are three ways to improve password strength and security:
Use a password manager to avoid getting your online accounts hacked- On top of coming up with a password that uses a combination of at least eight different characters or passphrases, using a password manager for your desktop and mobile devices can make life easier for you while keeping your accounts secure.
Write your credentials down on a sheet of paper- Password managers are not for everyone. The caveat with this, however, is that this sheet of paper or notebook must be well-kept and hidden from the public eye. This is not advisable for people who travel a lot. So, if you can’t keep the paper in a secure and safe place, you’ll have to think of other options. Also, do not save your passwords in unprotected word office software, because once someone gains access to your online accounts or electronic gadgets, it’s more prone to theft.
Don’t recycle or reuse passwords across accounts- As the recent survey showed, cybercriminals are aware of their advantages. Reusing passwords across platforms only makes it easier for cybercriminals to hack into your online accounts.
Defend yourself from fraudsters
Strengthen your password protection and make the necessary changes to your online habits. Shop safely by ensuring that the connection is secure and read a website’s privacy policies and terms of use, so you are fully aware of granting access to any sensitive data.
Metrobank’s Fraud Defense provides you with an in-depth look at online scams and how it works. Alongside better password security habits, this enables you to take the necessary steps to prevent getting scammed online.
For more information on how to fight fraud and protect yourself from scams, visit Metrobank’s Fight Fraud page. You can also visit http://www.scamproof.ph/, which serves as an educational platform that consolidates information on how to prevent falling victim to the different forms of fraud and scams, whether online or offline.
Don’t hesitate to message us for any questions or inquiries on improving our fight against fraud.