Marcus Taylor's daughter had just started college when the email arrived from what appeared to be her university's financial aid office. With its official letterhead and urgent tone, it claimed there had been an error in her scholarship disbursement that needed immediate attention to avoid cancellation.
The timing seemed plausible—Marcus knew his daughter was already dealing with last-minute housing changes and textbook charges. The portal appeared identical to the school's website, including the security certificates. When the website requested bank information to "reverse the incorrect withdrawal," Marcus complied, relieved to be fixing the problem quickly.
Over the next 48 hours, the scammers drained his accounts in small increments, ultimately stealing $14,000 in savings meant for his daughter's education. The bank declined to reimburse him, citing his voluntary submission of credentials. With the FBI reporting that scams are growing in frequency and complexity, it’s fair to wonder: Could you or a loved one be next?
Think You Can ID Scams? The Data Suggests Differently
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DISCOVER
72% of consumers feel confident that they can spot scams, yet nearly 42% report falling victim to scams—a number that’s on the rise, according to a report by the FBI.
Most of us assume we’d be able to spot a scam. But a recent study by Trend Micro, a global IT security leader, suggests we may be overconfident in our ability to identify scams. 72% of consumers feel confident that they can spot scams, yet nearly 42% report falling victim to scams—a number that’s on the rise, according to a report by the FBI. The 71% of consumers surveyed concerned that a family member may become a victim to scammers reveals an uncomfortable truth: we’re not as good at identifying scams as we think we are.
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The Trouble with Identifying Scams
Online scams may pose a significant security risk to you and your loved ones, but raising your Scam IQ can go a long way toward protecting yourself. Be warned: scam techniques can appear extremely legit. Here are three of the most common forms of scams and what to look out for.
Knowledge is Power
Awareness of scams is the first step in protecting yourself from scammers. Second, be proactive. When surveyed, 96% of respondents would take action to stop scammers. Trend Micro, winner of AV-Test's “Best Android Security” Award for three consecutive years, offers solutions that protects your sensitive data, from personal information to browser location. In addition to the Trend Micro Mobile Security app, the brand recently launched a scam and spam blocking app called Trend Micro ScamCheck. TM ScamCheck addresses the growing need to identify and report AI-generated scams and spam content including deepfakes. This all-in-one defense against scams offers the following features:
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What You Can Do to Protect Yourself
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By StoryStudio on December 20, 2024
Sponsored by Trend Micro
This is a big problem. Scams not only upend lives, they can wipe out savings and cause years of confusion, red tape or litigation. The Federal Trade Commission reports that over 2.6 million consumers reported losing money to scams in 2023, with total losses exceeding $10 billion, indicating a significant number of people who are impacted by scams each year; translating to about 1 in 10 Americans who are losing money to scams annually.
Phishing. Phishing scams are deceptive attempts to steal sensitive information by impersonating legitimate organizations through fake emails, websites, or messages. For example, an email claiming to be from your bank warns of "suspicious activity" and asks you to "verify your account" by clicking a link and entering your login credentials. The link leads to a fake website that steals your information.
Romance Scams or Catfishing. Romance scams feature fraudsters who create fake online profiles to build emotional relationships and manipulate victims into sending money or emotional capital.
Shopping/Marketplace Scams. Shopping/Marketplace scams occur when fraudulent online stores or marketplace listings take payment for products that either never arrive or are counterfeit. For example, a website advertises high-end electronics at suspiciously low prices. After payment, either no product arrives or you receive counterfeit goods. The website disappears shortly after, making it impossible to get a refund.
Filtering spam texts
Blocking unwanted calls
Detecting AI scams
Browsing online safely
The most impactful feature of the app is the ability to upload a screenshot of a potential scam. The app reviews and in seconds provides an analysis if you can trust the content uploaded, or not.
We like to believe we would be able to identify scams when they occur, but the truth is, with advancements in AI, scams continue to grow in frequency and complexity. Keeping your data, personal identity, and transactions safe starts with awareness and ends with Trend Micro. Voted a Top Product by AV-TEST, the Trend Micro Mobile Security app is one part of the global cybersecurity company’s full suite of cybersecurity services. From a secure connectivity to protection for up to five devices simultaneously, Trend Micro offers peace of mind.
You may be able to spot most scams, but why risk it when total protection is here? Learn more at www.trendmicro.com. Download Trend Micro ScamCheck today on the App Store or Google Play Store.
Trend Micro Podcast
From the biggest cybersecurity threats to how consumers/users keep up with them, hear from Lynette Owens, VP of Consumer Marketing and Education, on tools to keep you and your loved ones safe in the cyber world.
Some scammers use elements from multiple scam types to deepen the complexity of the grift. A popular scam combining both phishing and marketplace scams occurs when a scammer hacks a Facebook account and then uses it to sell fake items. The scammer will post something like “Moving my uncle into a nursing home and need to raise money.” Then, the real person’s Facebook friends send money to someone who they think is their friend for items that don’t exist.
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