Fraud is happening more than ever, which means it’s crucial to stay informed and be vigilant. Knowing common terms and tactics that scammers use empowers you to recognize red flags and avoid falling victim to deceitful schemes.
Keeping educated on the latest fraudulent practices, can protect your personal and financial well-being, ensuring that you don't endure the hardship and stress that often accompany being scammed.
Staying informed is your first line of defense, and CSE is here to help with our…
SCAMTIONARY: A DICTIONARY FOR SCAM TERMS
Here are 15 Fraud Terms You Should Know:
- Advance-Fee Fraud: A scam where the victim is promised a significant sum of money, but must pay a small fee upfront. The scammer collects the fee and disappears without delivering the promised funds.
- Bait and Switch: A deceptive marketing practice where customers are lured in with the promise of a great deal on a product that is unavailable or of inferior quality, then redirected to a more expensive item.
- Catfishing: The act of creating a fake identity on social media or dating sites to deceive people into a romantic relationship, usually for financial gain.
- Identity Theft: A type of fraud where someone wrongfully obtains and uses another person’s personal data, typically for financial gain
- Juice Jacking: When a scammer loads malware onto public USB charging stations
- Malware: Malicious Software used to commit cybercrime
- Pharming: Redirecting users from legitimate websites to fake ones
- Phishing: A scam where scammers pose as legitimate entities to trick individuals into sharing financial or sensitive information such as usernames, passwords, and credit card details via email or fake websites.
- Pyramid Scheme: An illegal investment scam based on a hierarchical setup of network marketing. Participants recruit others into the scheme, with the expectation of profits derived primarily from the recruiting of others rather than the sale of products or services
- Ransomware: Malicious software that encrypts a victim’s data, with the attacker demanding payment (ransom) for the decryption key.
- Skimming: The illegal copying of information from the magnetic stripe or chip of a credit or debit card, typically done by using devices such as a skimmer or shimmer.
- Smishing: Phishing via text message
- Spoofing: When a scammer disguises a communication to make it seem like it is coming from a trusted source. This can happen with emails, phone calls, websites, and more.
- Spyware: A type of malware scammers use to gather data from electronic devices
- Vishing: Phishing via phone; when a scammer makes deceptive phone calls
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