Be Careful of Financial Fraud that Often Happens

Be careful of Financial Fraud that often happens - There are numerous scamming methods that are used in direct and digital money swindling cases throughout Indonesia. Especially due to how modern the technology is right now, scamming methods have become more and more elaborate.

According to Teguh Arifiadi, an acting director of Informatics Apps Management, in cekrekening.id socialization with the department of communication and informatics of East Java Provincethere are two hundred thousand accounts reported that are involved in online scamming throughout 2021.

In response to that, the public must have to be more careful and be familiar with the methods of these frauds. Taken from the department of communication and informatics and Kompas.com, these are some online scamming methods that often happen.

Also Read: Myths Around Finance, True No, Yes?

Online Scamming Methods That Often Happen

1. Phishing

Phishing is a scamming method that is done by communicating with the victim, oftenly by using their email. This method is utilized to get the victim’s personal data. Not to mention that an email is usually linked to some money applications, like banks for example.

Therefore, you have to keep your email secret so that none can get into your email or spread your personal information.

Other than Phishing through email, they can also do it through telephone or voice and messages (smishing).

2. Pharming

A Fraud done by using a fake web that was designed identical to the real website. The method is done by directing the victim to the fake web by using an entry domain system (DNS) that will be saved automatically in cache upon clicking. This way, the scammer will be able to hack the victim’s devices by installing malware.

3. Sniffing

This method is a very elaborate crime. In general, the perpetrator taps on the victim’s network device to collect information through that network.

This kind of thing usually happens when one uses or gains access to public wifi. Due to that, we have to be careful while using public wifi and avoid doing any transaction at that time.

4. Money mule

In this case, the perpetrator doesn’t aim for the victim’s personal data. Instead, the perpetrator asks the victim to receive money into their account. Then, they will ask the victim to transfer the money to another account. 

As a reward, the perpetrator will give a sum of money for their collaboration. This money mule method is often used in money laundering. Money laundering is one of crimes that can inflict the victim as well since they are an accomplice.

5. Social engineering

The perpetrator uses manipulation in this method. They manipulate the victim’s psyche to give them their important information unconsciously. This information includes OTP code, password, and more.

In practice, the perpetrator will do it by initiating small talks with general topics and using social relations. Then unconsciously, their target will give them their important information.

How to Avoid A Financial Fraud

Use a Strong and Save Password

When making a new account, many tend to use an easy to remember password. Some even use the same password for all of their accounts. But, this kind of thing is unsafe. You should change your accounts’ password regularly, at least once every three months to ensure the safety of your accounts.

Create a password with a strong combination. Don't use the same numbers or your date of birth, okay? (https://ausoma.org/)

2. Not Giving OTP Code

You must already know that OTP code is a form of digital security system. In which case it is inadvisable to give it to anyone.

OTP code usually is sent through messages or email from a third party like a bank or other applications. And it is, of course, a secret in nature.

3. Make Sure to Log Out After Doing Transaction

When you are done doing an online transaction, make sure you don’t forget to log out of the apps you just used. This measure should be done to avoid digital infiltration. You also have to make sure that your data is being kept secret, like a pin, OTP codes, passwords, CVV numbers, and many more.

4. Don’t be Tempted by Any Prize or Discount

The most often scamming method is one that involves an offer of prize or discount from verified accounts. They send messages, WhatsApp, email, and make a call directly to offer their prize and big discounts to you.

You have to be careful when accepting such an offer. Don’t be tempted and be caught in their trap. Investigate the truth by contacting the real call center.

5. Use a Safe Network

Like what has been discussed above, one of the scamming methods is using the internet network. Because of that, you have to be careful when using public or free WIFI.

Also Read: Tips to Avoid overthinking Financial Problem

So, those are some scamming methods and how to avoid them. If you are caught in one of them, call the call center immediately to report your case to solve it. You must report to authorities as well, like the police, Bank Indonesia, OJK, and other institutes.

For a safe and trustable financial application, you can use Whiz. There are many interesting features that you can use. You don’t need to worry as well because there is protection from any fraud. Moreover, Whiz also uses a world class encryption and authentication system.

So, what are you waiting for? Feel the ease for your finances by using Whiz!