Tech giant Meta wants its users to be scam-free this holiday season and that’s why it’s focusing on an anti-scam awareness initiative.
The company says scammers are running at large, doing everything possible to lure victims into falling into their traps. This can arise in the form of emails, impersonations, phishing texts, and more. At first, the message might appear legitimate but in reality, it's far from that. Scammers are doing well to disguise themselves to attain their own goals.
Meta highlights a list of scams that users need to look out for. This could prevent scammers from setting out offers for those in America, India, and the United Kingdom. Meanwhile, fake coupons and gift cards are another common way to hide behind covers so users give out personal details without knowing.
Another instance spoke about the firm stopping scams in which fraudsters trick individuals into making payments for non-existent holiday decor that comes at shockingly low prices.
Meta says it wants its users to be well alert ahead of time as this is the best period for them to act. They might also find growth in phishing emails, text messages, and more. These arise from addresses and numbers that pretend they’re from a brand or a certain financial institution.
The tech giant also shared how consumers shouldn’t give out personal information and also need to be aware of payments done online. This way, scammers get what they want without any reversal clause attached.
The new warning comes during the end of 2024 which happened to be a period where the most scams and fraud events arose. As per one recent research by PYMNTSIntelligence, the share related to scams and fraud rose by 56% while financial losses went up 121% during this time period.
Today, scams are making up to 23% of all fraud transactions while those linked to product and service scams had the greatest number of losses. Such scams manipulate others into authorizing fake transactions. Most of the situations involve compromised credentials and those tricked into revealing account data which continues to surge.
The rise in digital payment scams also displays the altering strategies linked to fraudsters at large. They are now making the most of security loopholes that humans make instead of actually targeting tech flaws in the digital payment system.
Read next: US Senate Passes New Take It Down Act That Protects AI-Generated Revenge Porn Victims
The company says scammers are running at large, doing everything possible to lure victims into falling into their traps. This can arise in the form of emails, impersonations, phishing texts, and more. At first, the message might appear legitimate but in reality, it's far from that. Scammers are doing well to disguise themselves to attain their own goals.
Meta highlights a list of scams that users need to look out for. This could prevent scammers from setting out offers for those in America, India, and the United Kingdom. Meanwhile, fake coupons and gift cards are another common way to hide behind covers so users give out personal details without knowing.
Another instance spoke about the firm stopping scams in which fraudsters trick individuals into making payments for non-existent holiday decor that comes at shockingly low prices.
Meta says it wants its users to be well alert ahead of time as this is the best period for them to act. They might also find growth in phishing emails, text messages, and more. These arise from addresses and numbers that pretend they’re from a brand or a certain financial institution.
The tech giant also shared how consumers shouldn’t give out personal information and also need to be aware of payments done online. This way, scammers get what they want without any reversal clause attached.
The new warning comes during the end of 2024 which happened to be a period where the most scams and fraud events arose. As per one recent research by PYMNTSIntelligence, the share related to scams and fraud rose by 56% while financial losses went up 121% during this time period.
Today, scams are making up to 23% of all fraud transactions while those linked to product and service scams had the greatest number of losses. Such scams manipulate others into authorizing fake transactions. Most of the situations involve compromised credentials and those tricked into revealing account data which continues to surge.
The rise in digital payment scams also displays the altering strategies linked to fraudsters at large. They are now making the most of security loopholes that humans make instead of actually targeting tech flaws in the digital payment system.
Read next: US Senate Passes New Take It Down Act That Protects AI-Generated Revenge Porn Victims
