Imagine this:
One day you’re looking at your hard-earned savings in the bank. The nextday, your bank accounts are emptied, and you’re on the brink of financialruin. That, in our opinion, is more horrifying than anything Halloweencan cook up.
But here’s the thing: this isn’t a nightmare. It was actually the realityfor many Singaporeans last year. As a nation, we lost more than$660 million to scams– almost$30 million more than in 2021.
Now, you might think that the majority of them affect the older, lesstech-savvy population, but you’d be wrong. Turns out younger Singaporeans,often fuelled by overconfidence, are equally susceptible to scams.
It kind of works this way:
The more often you use tech, the more exposed you are to scams involvingtech, and the more likely you become a target. And here’s the kicker: Scammersare always updating their methods to appear more convincing; their arsenalof tricks only grows bigger each year.
This means that even the most tech-savvy among us can fall prey to intricatelyplanned cyberattacks. Big yikes.
At GovTech, we believe that prevention is better than cure. With thatin mind, here are 4 tips to keep in mind.
Be wary of who you trust
Perhaps the most widespread of all scams is the ‘phishing scam’.
And yes, that’s a reference to ‘fishing.’ Hackers and scammers use waysto ‘fish’ for sensitive personal data, such as passwords, OTPs and usernames.
How do they do that? Using messages that impersonate the appearance andtone of communications from trusted service providers, government agenciesor banks. This could be in the form of emails, calls, text messages, oreven direct messages on social media.
But perhaps more alarmingly, these days scammers also try to use someelement of urgency to make you hand over your information quickly. Thisis commonly done using fear or greed.
Fear:They might say that they’re from the bank,investigating money being transferred out of your account. They might callyou over the phone to ask for login details.
Greed:They might say that you won an enticing prize,but to confirm your identity, you might need to give them sensitive detailssuch as your NRIC and bank account number.
Expert Tip:To counteract phishing, always scrutinisethe message, or link to make sure it’s from a legitimate source. Red flagsinclude subtle misspellings or discrepancies, or if it comes from a newand unknown number.
When it comes to scam calls, tell-tale signs are often calls from an unknownnumber with the +65, or overseas prefix or automated voice messages.
When in doubt, an extra layer of precaution would be to contact the organisationdirectly through a verified channel to confirm the message’s legitimacy.
Third-party apps are not a party
In September 2023, a woman lost over $110,000 after downloading a third-partyapp that she thought was for purchasing a $28durian tour ticket.
In yet another durian-related situation, a woman lost $50,000 of lifesavings, also afterdownloading a third-party app.
Of course, it’s not just durians. During the mid-autumn festival, over27 people lost $325,000 within just the span of a month – as a result ofdownloadingmalware disguised as a way to make payment.
What are these third-party apps? They are apps that are not found on officialapp stores, such as the iOS App Store or Android’s Google Play Store.
While it’s true that there are plenty of useful unofficial apps out there,here’s the problem from a cybersecurity perspective: Safety.
Without going through the stringent checks of official app stores, there’sno way of telling that the new app you just downloaded contains malwarethat will steal your passwords, and banking credentials or allow hackersto operate your phone remotely.
The threat is very real.
Expert Tip:Avoid third-party apps. Do not installapps from dubious sources, no matter how good the deal is! If you haveto make sure, search for online reviews, and don’t give the app permissionsthat aren’t needed for its function. But really, avoid third-party appsat all costs.
Two-Factor Authentication – Just enable it
Yes, Two-factor authentication (2FA) may add an extra step to your loginprocess, requiring a few more seconds to receive and input a one-time password(OTP).
But this minor inconvenience is a small price to pay for the significantlyincreased security that 2FA offers.
Now, we’re not saying that 2FA is a magical solution that makes you invulnerableto attacks. In recent years, cyberattacks have found ways to circumventthem.
For example, SMS-based 2FA can be susceptible to SIM swapping attacks,where hackers trick telcos into transferring your phone number to theirown device.
Authenticator apps are more secure but are not completely foolproof either;there have been instances wheremalware installed on Android phoneshasintercepted these codes. Even biometric methods like fingerprint and facialrecognition have had their own security breaches.
However, it’s crucial to recognise that despite these flaws, 2FA stilladds a robust second layer of security that makes it far more difficultfor cybercriminals to access your accounts.
You can think about it as a form of deterrence. Just as invaders are lesslikely to target a country with a strong military, hackers will think twicebefore targeting someone with 2FA activated. Unless, of course, they havea compelling reason to.
In the vast majority of cases, that added layer of complexity is enoughto discourage would-be attackers, sending them in search of easier targets.
Tip 4: Beware of the long con
In 2023, finding a romantic partner online is very much the norm. Slidinginto DMs is second nature to many Gen Z and millennials. So is buildingrelationships and becoming emotionally vulnerable to people they meet online.
And that beckons the question: How long does it take for you to let yourguard down against a prospective partner on social media? One month? Two?Here’s the thing. These days, love scammers are willing to wait a coupleof months before making their move to take your money.
Take for example the‘pig butchering scam.’Theterm originates in Mainland China, as sha zhu pan. Literal translation:Pig butchering platter. The idea is that scammers take time to flatterand fatten you up, before delivering a decisive blow..to your finances.
In one encounter reported by journalists at theStraits Timesrecently,scammers were willing to wait up tothree monthsbeforeasking their would-be victims for money. Reasons given by scammers wereoften:
that they needed money urgently, having fallen on hard times
that they needed money as proof of love and affection (a major red flag)
there was some enticing investment and business opportunity
Knowing that love scammers are willing to play the long game should makeyou extra cautious of everyone you meet on the internet; particularly ifyou haven’t met them in the flesh.
Expert Tips:
No matter how much you think you trust someone online, never share yourbanking or credit card information.
Use video calls to confirm their identity, and be sceptical if they alwayshave excuses for not showing their face. Also, consider usingreverse image searchtocheck if their photos are stolen or used in other scams.
Talk to friends and family about this new person in your life. They canprovide a less emotionally involved perspective and may see red flags thatyou don’t.
While unfortunate events do happen, be extra cautious if the person you’veonly known online suddenly experiences a string of calamities requiringfinancial help.
No matter what reasons they give, never send money to someone you’ve onlymet online. Once you start, they’ll likely invent new emergencies to getmore from you.
