Scambags & Fraudsters Are Here To Stay

Scambags & Fraudsters Are Here To Stay

Much as I tried my darn best to resist from having SCAMS & FRAUDS as our piece for today, I just CAN'T resist it after coming across the ChannelNews Asia piece today, I realized that indeed, it's NOT redundant to say that Scambags & Fraudsters Are Here To Stay,  Even in the city-state of Singapore where its laws are known to be one of the toughest, the statistics are screaming loud enough⏳⏳⏳

Despite the pandemic enveloping us all, its total number of scam and cybercrime cases rose by more than 25% year-on-year.  And out of the total cases scams accounted for a hefty 94%.  And the TOP FIVE SCAMS types were PHISHING scams, JOB scams, e-Commerce scams. investment scams and FAKE FRIEND CALL scams [as per official data by the Singapore Police Force]💜💛💚

And not to our surprise, those TOP FIVE SCAMS made up more than 80% of the TOP 10 SCAM types in Singapore alone.  Now, hold your breath, guess what comes into the equation next?  And the $64 question now is:  WHY DO SCAMMERS USE ROMANCE AS PART OF THEIR MODUS OPERANDI?  Security Expert Mr Gallagher opined that in most cases, the lure is trying to draw someone into a flirtatious or romantic relationship because that affects their ability to think critically about the whole situation.  In the shortest world, when ROMANCE creeps in, it throws a 'monkey wrench in our normal thinking and judgment💎💎💎

And topping today's list of TOP SCAMS is the 'PIG BUTCHERING SCAM' a.k.a. ROMANCE SCAM which has become one of the most popular tactics those fraudsters steal cryptocurrency.  After a fraudster gains the TRUST, the scammer encourages the victim to invest in cryptocurrency trading.  The scammer then guarantees the victim will make money [either via an 'INSIDER TIP' or the investor's knowledge📌📌📌

In the U.K. alone, there are more than 150 FAKE firms with 'known ties' to China, targeting people online, 'breaking their hearts' and in the end, emptying their bank accounts.  Sadly, everything starts when a woman meets a man online.  They flirt.  After a few weeks, they being 'IMAGINING' their future together.  Fast forward months later, one of them ends up as 'heart broken' after getting defrauded with all his/her monies.  TO BE FOREWARNED IS TO BE FOREARMED.  SCAMBAGS & FRAUDSTERS are here to stay, sadly✅✅✅