Unmasking The Scams That Can Cost You Everything


Dive into the aftermath of an eye-opening X/Twitter Live session hosted by Termii, where the spotlight was on "Unmasking Scams that can cost you everything." Join us as we revisit insights shared by Abayomi Semudara, a tech content creator, and Dolapo Akinbisola, Country Manager at Smart Comply, shedding light on the diverse range of online scams and crucial preventive measures. From social engineering to business email compromise, this recap unveils the tactics scammers employ and equips you with the knowledge to safeguard against digital threats.


Types of Scams:

The session kicked off with a deep dive into the various online scams that lurk in the shadows of the internet. Social engineering scams took center stage, emphasizing the risks associated with sharing personal information on social media platforms. The speakers highlighted instances where scammers exploit these details to craft convincing calls, resulting in substantial financial losses.

1. Business Email Compromise (BEC): emerged as another prevalent threat, with scammers using deceptive emails that closely mimic legitimate organizations. The complexity of distinguishing fraudulent messages from genuine ones poses a significant challenge for recipients.


The discussion also delved into the impersonation of technical support representatives, a tactic where scammers gain trust by posing as legitimate support personnel, ultimately extracting sensitive information from unsuspecting victims.

2. Romance scams:  a manipulative technique involving the creation of fictitious social media profiles to extort money from individuals, were explored. The emotional exploitation depicted in movies was emphasized as a real and unfortunate reality, with scammers preying on victims' emotions for personal gain.


Social Engineering and Wi-Fi Vulnerability:

The session progressed to unraveling social engineering techniques, where scammers often impersonate government agencies, exploiting the fear of legal consequences to manipulate individuals into providing sensitive information or making payments.

A cautionary note was sounded regarding the vulnerability of public Wi-Fi, urging users to avoid accessing sensitive information on such networks. The speakers advised the use of VPNs and adherence to cybersecurity best practices for added protection.


Malware Attacks and Baiting Techniques:

The discussion then shifted to the realm of organizational cybersecurity, shedding light on malware attacks resulting from careless online behavior within organizations. The importance of avoiding the reuse of username and password combinations across multiple accounts was stressed, with a call to promptly change passwords after a data breach.

Baiting techniques, enticing individuals to click on links for supposed rewards, were identified as common methods for extracting sensitive information. Proactive measures, including exercising caution, implementing two-factor authentication (2FA), and scrutinizing links, were emphasized for both individuals and organizations.


Proactive Measures and What to Do If You Become a Victim:

The speakers provided valuable insights into proactive measures individuals and organizations could adopt to protect themselves from fraud. Key points included:

  1. Exercising caution in sharing personal information
  2. Implementing 2FA, and scrutinizing links before clicking.
  3. For individuals, recognizing red flags and refraining from clicking on dubious links were highlighted, while organizations were advised to focus on employee awareness, education, and robust cybersecurity measures.

In the unfortunate event of falling victim to fraud, the speakers outlined steps to take, such as contacting the bank immediately, requesting a Post No Debit (PND) on the account, reporting the incident to the police, and changing passwords across all accounts.

Credit Source: The Keyword

Storing Passwords Securely in the Digital Age:

The blog post then delved into the critical topic of securely storing passwords in the digital age. Emphasizing the importance of trusting chosen solutions, alternative password management tools such as Apple's Keychain Access and Google's password manager were discussed. The need to evaluate compliance with relevant data protection regulations when selecting a password manager was highlighted.

Termii Go: Your Ally in Fraud Prevention:

The recap concluded with an essential ally in the fight against fraud – Termii Go. This innovative product offers a free 2FA feature for enhanced security, empowering users to safeguard their digital accounts with an extra layer of protection. The Termii Go app, serving as an authenticator, can be applied across various apps, from financial to social media and productivity apps.

Credit Source: TermiiGo Mobile App

In the ever-evolving landscape of online security, arming yourself with knowledge is the first line of defense. This recap equips you with the insights and tools to safeguard your digital existence and outsmart the lurking threats that could cost you everything.

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