Advertisements that promise you that you can earn a lot of money with little to no effort.
Get rich overnight!
The only reason ads like this even exist is because there are still people who fall for them.
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Let us start with some definitions:
What is Scam?
Scam is a deliberate attempt to trick someone into giving away their money or personal information.
Scammers often use tactics such as phishing emails, false investment opportunities, and fake charities to convince people to hand over their money.
They may also try to get access to sensitive information such as credit card numbers, bank account details, and passwords.
The goal of scam is usually to make money quickly and easily through deceit and exploitation of the victims' trust or lack of knowledge.
How do I identify scam?
Scam can sometime be tricky to spot while others are pretty obvious.
However, there are some hints that you should look out for:
Poorly designed websites or emails: Scammers may create fake websites or emails that look unprofessional, contain spelling or grammar errors, and have strange or mismatched web addresses.
Pressure to act fast: Scammers may try to create a sense of urgency and pressure people to act quickly without thinking.
Requests for personal information: Legitimate organizations generally do not ask for personal information such as passwords or credit card numbers through email or over the phone.
Guaranteed returns or profits: No investment opportunity is guaranteed, and promises of easy money or high returns with little or no risk are likely to be scams.
Unsolicited offers: Scammers often contact people out of the blue with offers that seem too good to be true.
Obvious Scam. May hints from above apply.
How does anyone ever fall for this?
Now, of course, you might be wondering, "How the hell does anyone ever fall for that?"
There are actually a bunch of reasons why people still believe scammers
Greed: The most obvious answer. Scammers use the promise of easy money or large returns to appeal to people's greed.
Trust: Scammers often target people who are vulnerable, elderly, or isolated, and may use fake or stolen identities to build trust and credibility. Which goes hand in hand with the next reason ->
Familiarity: Scammers impersonate friends, family members, or trusted organizations to take advantage of people's familiarity and trust.
Urgency: Scammers create a sense of urgency to get people to act quickly without fully thinking through the situation.
Its all 'bout the money!
Deep Fakes on YouTube. Still present and often posted/streamed on hijacked accounts.
Especially when it comes to money, some peoples' brains seem to shut down or something, only seeing all the money they will never get...
Finance scams are popular for several reasons:
High rewards: Scammers often promise high returns with little or no risk, making the prospect of easy money appealing to many people.
Lack of regulation: The financial sector can be complex and loosely regulated, making it easier for scammers to operate without detection.
Trust in authority figures: Scammers often pose as financial experts or authorities, and people may be more likely to trust them and follow their advice.
Lack of financial literacy: Many people do not understand financial concepts like the stock market, making them more susceptible to scams that use technical jargon or obscure financial products.
What can be done against it?
Since we can not turn off peoples greed for money, the only thing that can be done is to educate!
Be wary of unsolicited emails, phone calls, or letters that ask for personal information or money.
No investment opportunity is guaranteed, and promises of high returns with low risk are often scams.
Research the person or organization making the offer, and verify their credentials and contact information.
It's important to be cautious and not let emotions or urgency cloud one's judgement.
Always be skeptical of unsolicited offers, and take the time to verify the legitimacy of an opportunity before giving out any personal information or money.
There was a time when I was still an amateur in stuff related to finance investment especially in crypto, i fell so many times to their tricks cause I was ignorant about somethings and the rate of return promised by those scammers sounds pleasing to the ear. I wasn't cautions enough to detect which one was right and which one wasn't.
These scammers come up with different tactics everyday and if you aren't careful enough, you would fall prey to their traps.
I used same pattern to detect fake sites who offers such fraudulent activities. I barely pay attention to it especially when I detect that it involves you using money with any background work, you get rich quicker.
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