In 2024, the internet is more integral to our daily lives than ever before. From online shopping and banking to social networking and remote work, the convenience of the digital age is undeniable. However, with this convenience comes the ever-present threat of online scams. Cybercriminals are becoming increasingly sophisticated, making it more important than ever to stay vigilant and informed. Here’s how you can protect yourself from online scams in 2024.

Photo, Mika Baumeister.

1. Understand the Latest Scams

The first step in avoiding online scams is to be aware of the latest threats. Scammers are constantly evolving their tactics, so it’s essential to keep up with the newest schemes. Some of the most common scams in 2024 include:

Phishing Emails and Texts: Scammers often impersonate legitimate organizations, such as banks or government agencies, to trick you into revealing personal information. These messages may contain links to fake websites designed to steal your data.

Fake Online Stores: With the rise of e-commerce, fake online stores have become more prevalent. These websites often offer products at unbelievably low prices but fail to deliver anything once payment is made.

Cryptocurrency Scams: As cryptocurrency continues to gain popularity, so do scams related to it. These scams often involve fake investment opportunities or phishing attempts aimed at stealing your digital assets.

Tech Support Scams: Cybercriminals may contact you pretending to be from a well-known tech company, claiming that your computer has been compromised. They’ll then ask for remote access or payment to “fix” the problem, which doesn’t actually exist.

2. Recognize Red Flags

Learning to recognize the warning signs of a scam can save you from falling victim. Here are some common red flags:

Unsolicited Contact: Be cautious of any unsolicited messages or calls, especially if they ask for personal information or payments. Legitimate companies will rarely ask for sensitive information in this manner.

Too Good to Be True Offers: If an offer seems too good to be true, it probably is. Scammers often lure victims with promises of huge returns on investments or incredibly low prices on products.

Pressure to Act Quickly: Scammers frequently use high-pressure tactics to rush you into making a decision without thinking. They might claim that you’ll miss out on a great deal or face legal consequences if you don’t act immediately.

Unusual Payment Methods: Be wary if you’re asked to pay with gift cards, cryptocurrency, or wire transfers. These payment methods are difficult to trace and often used by scammers to avoid detection.

3. Strengthen Your Digital Security

Taking proactive steps to secure your online presence is crucial in protecting yourself from scams. Here’s how you can enhance your digital security:

Use Strong, Unique Passwords: Create strong passwords for all your online accounts, and avoid reusing the same password across multiple sites. Consider using a password manager to keep track of your passwords securely.

Enable Two-Factor Authentication (2FA): Wherever possible, enable 2FA on your accounts. This adds an extra layer of security by requiring a second form of verification, such as a code sent to your phone, in addition to your password.

Update Software Regularly: Ensure that your operating systems, apps, and antivirus software are up to date. Cybercriminals often exploit vulnerabilities in outdated software to gain access to your information.

Be Cautious with Public Wi-Fi: Avoid accessing sensitive information, such as banking details, over public Wi-Fi networks. If you must use public Wi-Fi, consider using a virtual private network (VPN) to encrypt your internet connection.

Photo, Michał Kubalczyk.

4. Educate Yourself and Others

Staying informed about online scams is an ongoing process. Make it a habit to read up on the latest cybersecurity news and share this knowledge with friends and family. The more people are aware of the dangers, the harder it becomes for scammers to succeed.

Consider following reputable cybersecurity blogs, attending online safety workshops, or subscribing to alerts from organizations like the Federal Trade Commission (FTC) or the Cybersecurity and Infrastructure Security Agency (CISA). Knowledge is one of the most powerful tools in the fight against online scams.

5. Report Scams

If you come across a scam, report it immediately. Reporting scams helps authorities track down cybercriminals and warn others about the threat. In the U.S., you can report scams to the FTC, and many social media platforms and websites have their own reporting mechanisms.

6. Be Wary of Social Engineering Tactics

Social engineering is a manipulation technique that cybercriminals use to trick people into giving up confidential information. Unlike traditional hacking, social engineering relies on human interaction and psychological manipulation. Here’s how to guard against these tactics:

Verify Identities: If someone contacts you claiming to be from a legitimate organization, verify their identity by calling the organization directly using a known and trusted phone number. Don’t rely on the contact information provided by the suspicious caller or email sender.

Limit Personal Information Online: Scammers often gather personal details from social media profiles to make their attacks more convincing. Avoid oversharing on social media and review your privacy settings regularly to control who can see your information.

Be Skeptical of Unusual Requests: If someone asks for sensitive information or unusual favors (like sending money), be skeptical. Even if the request appears to come from someone you know, confirm it through another communication channel, as their account may have been compromised.

7. Stay Informed About Your Financial Accounts

Regularly monitoring your financial accounts can help you quickly detect and respond to any unauthorized transactions. Here’s how you can stay on top of your finances to prevent becoming a victim of online fraud:

Set Up Account Alerts: Many banks and financial institutions offer alerts for unusual account activity. Set up these alerts to receive notifications about large transactions, low balances, or login attempts from unrecognized devices.

Regularly Check Statements: Review your bank and credit card statements regularly for any unfamiliar charges. Even small, unauthorized transactions could indicate that your account has been compromised.

Use Credit Over Debit: Whenever possible, use a credit card instead of a debit card for online purchases. Credit cards offer better protection against fraud, and unauthorized charges are often easier to dispute.

8. Be Cautious with Online Reviews and Recommendations

Online reviews and recommendations play a big role in influencing purchasing decisions, but they can also be manipulated by scammers. Fake reviews are often used to promote fraudulent products, services, or websites. Here’s how to navigate online reviews safely:

Look for Verified Purchases: On platforms like Amazon, look for the “Verified Purchase” tag to ensure that the reviewer actually bought the product. Fake reviews are less likely to have this designation.

Be Suspicious of Overly Positive Reviews: If a product or service has an overwhelming number of five-star reviews with generic praise, it might be a sign of review manipulation. Look for reviews that provide specific details about the product’s use and performance.

Check Multiple Sources: Don’t rely solely on reviews from one website. Cross-reference reviews from multiple sources, such as independent review sites, blogs, or social media discussions, to get a more accurate picture.

9. Protect Your Personal Information on Social Media

Social media platforms are a prime target for scammers looking to gather personal information or spread malicious content. Protecting your personal information on these platforms is crucial:

Review Privacy Settings: Regularly check and update your privacy settings to control who can see your posts and personal information. Limit access to your profile to friends and trusted contacts only.

Be Mindful of What You Share: Avoid sharing sensitive information, such as your home address, phone number, or travel plans. Scammers can use this information for identity theft or to target you with specific scams.

Report Suspicious Accounts: If you encounter a suspicious account or receive a friend request from someone you don’t recognize, report the account to the platform. Scammers often create fake profiles to impersonate others or spread phishing links.

10. Verify Financial Transactions with LEI Numbers

As online financial transactions become more common, ensuring that you’re dealing with legitimate entities is crucial. One way to verify the authenticity of businesses and financial institutions is by checking their Legal Entity Identifier (LEI) number.

What is an LEI Number? A Legal Entity Identifier (LEI) is a unique 20-character alphanumeric code used to identify legally distinct entities that participate in financial transactions. It helps regulators and businesses confirm the identity of a financial entity, ensuring transparency and reducing the risk of fraud.

Why LEI Matters: Before engaging in significant financial transactions or investments, especially with new or unfamiliar companies, ask for their LEI number. You can then run a quick background check by verifying the LEI number definition through the Global LEI Index, which provides detailed information about the legal entity, including its ownership structure and registered office.

Avoiding Fraud: Scammers may attempt to impersonate legitimate businesses to gain your trust. Verify the company’s LEI number and run a quick background check, this will ensure that you’re dealing with a real, legally registered entity, adding an extra layer of security to your financial transactions.

Conclusion

Online scams are a growing threat, but by staying informed and taking proactive steps to protect yourself, you can significantly reduce your risk of falling victim. In 2024, make it your resolution to be more vigilant online. Remember, if something feels off, it’s always better to err on the side of caution. By understanding the latest scams, recognizing red flags, strengthening your digital security, educating yourself and others, and reporting scams, you can navigate the digital world safely and confidently.