Inside the WhatsApp Scam: How to Spot and Avoid Financial Fraud

WhatsApp scams are fraudulent activities that take place on the WhatsApp messaging platform. Launched in November 2009, Whatsapp has become the most popular messaging and communication website that can help people communicate from one corner of the world to another. However, scammers have taken advantage of such a procuring network by tricking individuals into giving out sensitive information, which includes personal or financial information, clicking on malicious links, or downloading harmful software that extracts your information for deceptive purposes.

WhatsApp scams have been widespread, and as the interface gains 2 billion active users globally, it becomes easier for a scammer to deceive their potential victim and run away with significant resources. However, it is imperative to secure your data and spot potential risks while communicating on the interface. You can spot various fraudulent techniques used by scammers and avoid them with the help of tips mentioned further.

How can you spot financial fraud enacted by scammers on WhatsApp?

There are several techniques used by scammers to perform financial frauds; listed below are some of the most common that an individual can spot:

• If you receive a message from someone you don’t know or trust offering you a deal or a job offer that seems too good to be true, it’s likely to be a scam.
• If you receive an unsolicited link sent on WhatsApp that describes that you have won a contest and that to collect your prize you have to enter personal information, this should be treated as suspicious.

• If you receive an offer from a potential expert to invest in a particular entity, but they try to create a sense of urgency to pressure you into making a quick decision. Be cautious of messages that demand immediate action or offer a limited-time offer.

• If you receive a message with a link attached and the promoter asks for personal information like your bank account details, credit card numbers, or social security number, as if you have won a lottery, you should claim it. Never share this information with someone you don’t know or trust.

• If you receive an investment opportunity that proclaims high returns with little to no risk, it may be apprehensive. Every investment opportunity or financial market entails some amount of risk that should be tackled carefully.

Steps to avoid financial fraud performed by scammers on WhatsApp:

There are various techniques used by scammers to entice victims and give out sensitive information. Listed below are steps you can take to avoid financial fraud on WhatsApp:

• Refrain from acknowledging any offer from an unknown source that claims to provide magnifying services in return for providing them with your personal information to associate with them.
• Avoid giving out personal information such as your social security number, credit card details, ID, or passwords to an unknown person who poses to be familiar with you, i.e., a friend or family member on WhatsApp.

• Refrain from acknowledging a lottery win or cash prize in which you have not participated or have not even heard about it beforehand.

• Avoid investment opportunities provided on WhatsApp by a potential market promoter that claim magnifying returns with little to no risk. Legitimate professionals would never associate with you through such means.

• Avoid an offer letter sent to you via WhatsApp that has spelling and grammatical errors. A legitimate employer would never send you an offer letter with such an imprudent mistake, not even on WhatsApp.

Steps to prevent yourself from financial frauds performed by scammers on WhatsApp:

There are several precautionary measures through which you can safeguard yourself from financial fraud; mentioned below are some of the common tips one should adhere to:

• Do not give out sensitive information, including your social security number, debit or credit card details, or other financial information, to an unknown person or someone you don’t know in person.

•  Enable two-factor authorization on your device and also on the interface. This software helps you by sending alerts if a hacker or scammer tries to hack into your account. Also, it permits you to strengthen the security policy of your account.

• If you receive a message from a person or organisation claiming to be a financial institution or company, independently verify their identity. Use official contact details from trusted sources, such as their official website or customer service number, to confirm their authorization.

• Do not interact with unsolicited individuals or entities that claim to provide magnifying services and demand for an upfront payment. Scammers use this technique often to steal victims personal and even financial information.

• Always use a strong and unique identity and password for your accounts, including financial accounts, and also for your devices on which you operate WhatsApp.

Conclusion

WhatsApp scams have been surging substantially. One of the main reasons for the expansion of these scams is technology. Due to the increase in modern and cutting-edge technology, scammers have abided by it and have created several malware softwares that extract sensitive information from a victim and use it further for deceptive purposes. Moreover, if you find any inconvenience with the interface or have faced any difficulty accessing it, associate with the customer care or representative of the application to make ends meet for settlement.