Protect Yourself from Phishing Scams on Social Media
As the world becomes increasingly digital, so do the tactics of scammers looking to defraud unsuspecting victims. In a recent report by the police, it was revealed that victims lost at least $162,000 to phishing scams involving social media advertisements since Sept 1, with at least 173 cases reported.
How the Scams Work
- Victims encounter advertisements or sponsored posts promoting heavily discounted items on popular social media platforms such as Instagram, Facebook, and TikTok.
- These items range from personal accessories and electronics to food items and cleaning supplies.
- Upon clicking on the link embedded in these posts, victims are directed to a phishing site that prompts them to enter their card details and one-time passwords for payment.
- Victims only realize they have been scammed when unauthorized transactions appear on their cards or when the items they ordered are never delivered.
Protect Yourself
To safeguard yourself from falling victim to such scams, consider taking the following precautions:
- Set up transaction limits for internet banking transactions.
- Enable multi-factor authentication for your banks and e-wallets.
- Verify the legitimacy of the merchant listed in the advertisement or post before making any purchases.
- Report any suspicious advertisements to the respective social media platforms for investigation.
It is crucial to stay vigilant and cautious when engaging with online advertisements to avoid falling prey to scammers.
Prevalence of Scams in Singapore
In a worrying trend, the police reported a record 46,563 scam cases in 2023, marking a significant 46.8% increase from the 31,728 cases reported in 2022. While the total amount lost to scammers in 2023 slightly decreased to $651.8 million from $660.7 million in 2022, the rise in the number of reported cases is cause for concern.
It is evident that scams, particularly those involving social media platforms, continue to pose a threat to individuals’ financial well-being. By staying informed and adopting protective measures, individuals can reduce their vulnerability to such fraudulent activities.
Remember, when it comes to online interactions, caution is key. Stay safe, stay informed, and protect your finances from falling into the hands of scammers.