How often do we hear someone saying, ‘I got scammed’ or ‘I lost my money in a scam’? Undoubtedly, scams have become increasingly common in recent times, with scammers employing sophisticated, deceitful methods to trap individuals and steal their money.
Phishing, investment frauds, online shopping scams, money mule scams, business email compromise (BEC), charity fraud, prize scams, etc., are among the common types of financial scams. Such activities are a key cause of increasing cybercrimes.
Notably, financial crimes, leading to scams, surged during the COVID-19 period. Amidst threatening health risks, individuals and organizations failed to identify potential scam attempts, as a result of which scammers successfully trapped people and stole their money. Nevertheless, the graphs for such scams never went down in the post-COVID era.
Here are some eye-opening financial scam statistics to consider and make you understand why appropriate awareness and prevention strategies are crucial.
Scammers are continuously evolving with advanced strategies and procedures to scam individuals and organizations. Under such circumstances, staying aware and cautious can be helpful. Financial scams like phishing and BEC can target both individuals and organizations, hence adopting appropriate preventive strategies is essential.
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