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"Show Me the Money... Later?" Unpacking Advance-Fee Scams



It seems the UK is dealing with a significant uptick in advance-fee scams. In case you've forgotten, these are the scams where bad guys ask you to pay a small fee to unlock a much more significant sum. Sounds fishy, right?


Well, according to the UK's National Reporting Centre for Fraud and Cyber Crime, Action Fraud, people in the UK are losing hefty amounts of their hard-earned cash to these scams.


The shocking numbers 🤯🤯🤯

Action Fraud reported that a whopping £10.5 million was lost to these con artists between September 2020 and September 2021. In just one year, more than £10 million went straight into the pockets of these digital tricksters. The average victim was duped out of about £4,000. Ouch!


The scam breakdown 💀💀💀

You might be wondering, “How do these advance-fee scams work?” So let's break it down. The scammer often pretends to be someone they're not - like a banker or a government official. They'll then spin a tale about a large sum of money that's just waiting for you, but there's a catch. You have to pay a small fee to release it. The kicker? The big payout doesn't exist. It's a classic bait-and-switch.


The warning signs 🚩🚩🚩

Now that we know how these scams operate, let's talk about the red flags. Be suspicious of unsolicited emails or calls promising you a windfall. If it sounds too good to be true, it probably is. Another big giveaway is the request for payment in advance. Remember, legitimate organisations don't operate like that.



So, how do you avoid falling victim to these scams? Start by being skeptical of unsolicited contact. And always remember: never pay anything upfront for a promised larger payout. If you're unsure, get a second opinion. Talk to someone you trust before making any decisions.


Remember, folks, in this digital age staying vigilant and informed is your best defence against scams. And if you've been scammed, don't be embarrassed. Reach out to your local authorities and report it. Let's put a stop to these digital tricksters!


 

GoldPhish educates end-users on the cyber threat and helps build more secure organisations with awareness training and simulated phishing


Get in touch for more information: info@goldphish.com


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