January is the prime period for scammers to target many South Africans who are financially strained, and are looking for alternative ways to make extra money, after splurging their bonuses during the festive holidays.
Clinical psychologist Dr Khosi Jiyane explained that the psyche of a scammer is often tied with a poverty background and necessity.
There are also fraudsters who derive a psychological or emotional rush from scamming other people.
“This drives cybercriminals to find more sophisticated ways to scam people, especially during times when financial stress is high,” said Jiyane.
A recent report by Kaspersky on cyber threats landscape revealed that phishing attacks that use social engineering tactics rose by 29% last year.
These attacks often take the form of fake job offers, where fraudsters create fake job listings promising high-paying opportunities with minimal effort.
Jiyane said victims are required to pay upfront fees for "training materials" or "administrative costs”, and are inevitably swindled out of their money.
“Scammers may also make promises of quick returns through online investments scams to lure individuals into fake cryptocurrency or stock market schemes, only to disappear with their money.
“They may also pose as legitimate lenders offering easy-access loans to those struggling financially, including those with bad credit profiles. Victims often pay ‘processing fees’ upfront and receive nothing in return,” said Jiyane.
Jiyane highlighted that fraudsters have thriving criminal careers as they use advanced technology, and manage to deceive even the most cautious individuals.
These people use AI-driven tools like voice cloning and spear-phishing emails to manipulate victims into revealing sensitive information, or making hefty financial transactions.
“But while scammers are becoming more sophisticated, consumers can take steps to protect themselves.
“Certain habits, such as reusing passwords, clicking on unknown links, or sharing personal information without verifying the source, significantly increase susceptibility to scams,” said Jiyane.
Chief marketing officer at Momentum Insure, Shweshwe Tlhapane, urged consumers to be alert of falling victim to scams.
If an opportunity or offer seems too good to be true, consumers are advised to “verify the legitimacy of job listings, investment opportunities and lenders before taking any kind of action”.
Tlhapane urged South Africans to strengthen their cyber hygiene by regularly changing passwords, using strong and unique passwords, and enabling two-factor authentication to secure your accounts.
“It is also important to avoid desperation decisions. Financial stress can lead to impulsive actions, which is why it’s crucial to take time to critically evaluate opportunities before you commit to anything.
“The best defence against scams is awareness; and by understanding how these scammers operate and being mindful of our actions, we can outsmart scammers and protect what matters most,” said Tlhapane.
The Star