Glossary
OTP code - A one-time pin code usually sent to your phone by SMS that is used to permit logins to accounts or to make transactions. Official and highly confidential accounts such as bank and email accounts usually implement this as a second form of authorisation.
Scams & Hacks
Digital transformation has been accelerated due to the unprecedented Covid-19 pandemic. Workers and students alike have been working and attending classes online since the nation lockdown was imposed unexpectedly in March 2020. Thus, with many services being moved online, businesses too have been forced into this new platform to minimise losses in profit or customer base.
In their haste, businesses may compromise their security, and make themselves vulnerable to online attacks (or hacks). In fact, online frauds are more common now than ever and are projected to surpass the previous records according to this article. Fortunately, with an understanding of the nature and cause of these attacks, one can protect their privacy and data.
What digital scams or hacks are there?
1. Phishing
(BRIEF)
An attempt to trick you into giving the scammer your login credentials to let them hijack your accounts so as to make transactions or trick your contacts into disclosing their login credentials with your account.
(DETAILED)
An email or a message from an unknown source asking you to log in to the fake website for a deceivingly valid purpose (e.g. asking you to change your password so that your account is not hacked). The scammer will record anything you give on the website, particularly your login credentials to log in to your account. However, the scammer may also employ another method: impersonating your friend or family member and asking for an OTP code, claiming that it is to help them recover their account. However, this OTP code is actually yours and is not meant to be shared with others.
Once the scammer has your OTP code, they can access your account and hijack it by changing your password and recovery information, disabling you from accessing your account again. Moreover, your login credentials will be recorded and the scammer will use them to log in to your other related accounts. These affected accounts could be your bank account, social media account or even emails. It is common to link multiple accounts together, such as your Facebook account with your email. If the scammer gains access to your email, then your Facebook account is also likely to be compromised. On the other hand, if you link your debit/credit card to shopping platforms like Shopee, they can make transactions right away if they manage to log in to Shopee.
2. Fake software
Commonly disguised as the download button or ads in unsecured websites where the pirated apps or free movies are usually found in. The virus will start stealing your data once the fake software is run and eventually your device will be overworked and damaged. If it is ransomware, it will lock your device and ask for money to unlock it.
3. Grandparent scams
A call telling you that they are your grandchild and need you to transfer some money for an emergency to their bank accounts. The scammer, in some cases, may know details of your grandchild such as their name, school, address, and more.
4. Romance scams
Some cases will be similar to grandparent scams where the scammer is posing as your spouse to scam your money. But more often than not, scammers of this kind are usually patient enough to spend time to gain your trust and make you fall in love or befriend them through messaging you on social media. Once they have secured your trust, they may ask for “proof of love or friendship”. They may ask for your help by asking for money to pay for flight tickets, medical expenses, or even the customs fee.
Digital scams evolve with time and it’s patently impossible to know every single digital scam out there. However, hope is not lost as without a victim, there wouldn’t be a scam. We can protect ourselves from such scams by being informed and cautious. We will learn more about the preventions of digital scams in the next article.