Riaright arrowBlogright arrow

The Latest Web and Smartphone Scams Lurking Out There

x platformfacebooklinkedin
Tech

The Latest Web and Smartphone Scams Lurking Out There

April 5, 20225 min read
An illustration depicts a phishing attack. A person in black, with a hood and no visible face, uses a fishing rod to dangle a hook holding a message in front of a person at a desk. The message displayed on a smartphone reads, "Enter personal information to access your account.

There have been swindlers and hustlers since the dawn of civilization. As times change, so do the methods fraudsters use to separate you from your money. Are you up to date on the latest online or phone-based scams criminals are using? Below are the tricks that are trending in 2022 and how you can avoid them.

SIM card swapping

Your smartphone’s SIM, or subscriber identity module, card is what makes your phone uniquely your own. It is a memory chip that stores the information on your phone.

A SIM card is intimately associated with technology, but there is nothing high-tech about SIM card swapping. The swindler applies age-old methods to convince your phone operator that he’s you and needs to replace your SIM card, claiming it has been lost or stolen. He then inserts the new SIM card, which has your phone number and information associated with it, into a phone he controls. The scammer then uses your identity to log in to your accounts and reset your passwords.

What can you do to protect yourself from SIM card swapping?

  • Immediately report phone theft or loss to your mobile phone operator to avoid having your identity taken over.
  • Don’t reply to calls, emails, or text messages that request personal information. Access to your personal information makes it easier for criminals to pretend they’re you. If you get a request for personal information, call the company directly or access its legitimate website to verify.
  • Limit the personal information you share. The more personal information an identity thief has access to, the easier it is to answer security questions and access your accounts.
  • Set up a PIN or password on your mobile telephone account to protect you from unauthorized changes. Contact your operator to find out how.
  • Consider using multi-factor authentication (MFA), an authentication app, or a security key.

One-Time Password (OTP) Bots

One-Time Passwords are a type of multi-factor authentication used to authorize specific, usually financial, transactions by receipt of a password to the mobile phone registered to your account. You then enter the OTP into the app or website that requires it to verify your identity. For financial transactions, an OTP acts as a security key to your account.

A scammer who has obtained a person’s bank account number and password from a data breach or hack may still have to get past multi-factor authentication to access the account. In the past, criminals would use the victim’s account and password information to have an OTP code sent to the victim’s phone, but then have to call the victim and convince him to provide the OTP code sent in order to have full access to the account. Thanks to the emergence of OTP bots, however, criminals can now program many, automated calls and coordinate them with the sending of an OTP code. With that additional information, the crook can make an online purchase or transfer money from your bank account.

If someone asks you to share a one-time password over the phone, you are being targeted for FRAUD. Hang up and report the incident to your bank.

Crypto scams: how scammers are exploiting the cryptocurrency craze

With all the hype around cryptocurrencies, some people may feel they are missing out on an investment opportunity. That fear of missing out gives scammers a chance to exploit human weakness for financial gain. Cryptocurrency scams take many different forms, but usually involve fake prizes, contests, giveaways, or early “investment” opportunities. The fraudster might direct a victim to a fake website, or contact them to convince them to send money, share login information or make an investment. Crypto exchange accounts have also been the target of OTP fraud.

How to spot smishing or SMS scams

Most people are careful to avoid phishing – links that download malicious software fraudsters send via email or direct the victim to a fake website – but fewer are on the lookout for smishing. The term is a mix of SMS (short message service) and phishing and it’s when a phishing attempt is made but via a text message sent to the victim’s phone. The technique has been around for a while but is growing in popularity depending on your location.

A smishing message will try to look like it’s coming from a credible source, like your bank or a government institution, but the purpose is to download malware or get you to enter personal information on a fake website.

Watch out for QR code scams

Can you be scammed by a QR code? Yes. QR codes became very popular during the pandemic as a way to access information like a restaurant menu or make a payment. However, beware of digital and physical QR codes that have been tampered with. Legitimate codes can be replaced with malicious ones that can download malware to your phone or direct the victim to a fake website.

Charity scams: how do you know that a charity is real?

Scammers are masters at manipulating human emotions, and emergencies provide the perfect opportunity to take advantage of people who want to help. Before donating, do you know what to look out for?

  • First, think before you click on an attachment or link to donate online. Empathy is one of the noblest human emotions and many worthy charities need our donations, but take a few moments to research a bit before you donate to make sure your money is going to those who truly need it, and not to criminals.
  • Check appeals for emergency relief efforts on sites such as BBB Wise Giving Alliance, Charity Navigator, or CharityWatch for more information about legitimate organizations. Go to the charity’s website directly by typing the address into your browser, without using a link, to make sure you’re not being directed to a fake website.
  • Pay by credit card so that funds don’t leave your account immediately. Debit cards draw money instantly, directly from your bank account, offering little recourse if there’s a problem.

Check out the Tech section of The Ria Blog for more articles on the latest technological advances and trends.

For more info: comms@riamoneytransfer.com

The information on or through this site is provided for general informational purposes only and should not be relied on as a substitute for specific advice about laws, regulations, taxes, finances, immigration or travel. For specific advice, contact a licensed attorney, financial advisor or other professional. We disclaim all liability and responsibility arising from any reliance placed on this site. We do not warrant the accuracy or usefulness of this information. This site may contain links to other sites and information provided by third parties for your convenience. We do not endorse nor make any guarantees with respect to these sites, their accessibility, the information they contain or the way they treat any information you provide to them.

About the author

Blog post author profile image

Arthur Guzzo

Related posts

Data Privacy: What You Should Know and How to Protect Yourself

Data Privacy: What You Should Know and How to Protect Yourself

As digital interactions grow, so do concerns about data privacy and how our information is collected, used, and shared. As consumers, we share a significant amount of personal data with companies that provide us with services every day. This includes details like our location, our spending habits and even our heart rate. With so much […]

March 24, 2025

Everyday Financial Literacy Tips that You Can Follow

Everyday Financial Literacy Tips that You Can Follow

Money touches every aspect of our lives— from the way we plan our daily expenses to the dreams we hope to achieve in the future. Yet, many people feel overwhelmed when it comes to managing their finances. The good news is that you can master and effectively use various financial skills and concepts by gaining […]

March 19, 2025

Romance scams: what are they and how to avoid them?

Romance scams: what are they and how to avoid them?

Let’s start with this friendly reminder: anyone can fall victim to an online scam. While technology has evolved incredibly fast and made our lives easier in countless ways, so have scams. Fraudsters are getting more and more creative in using web applications, exploring cybersecurity flaws, and seizing any open opportunity to scam more netizens. Using […]

February 7, 2025

Empowering Global Growth: Optimizing Conversion with CRO and Marketing Technology Stack

Empowering Global Growth: Optimizing Conversion with CRO and Marketing Technology Stack

Growth in the money transfer business is more than just a numbers game—it’s about building stronger connections and empowering communities. Much like Conversion Rate Optimization (CRO) enhances user experience and business results, in our industry we focus on refining every interaction to ensure that sending money worldwide is both easy and secure for customers. So, […]

October 16, 2024