Fraud and Scam Awareness

In today's digital age, fraud and scams are becoming increasingly sophisticated, posing significant risks to individuals and organizations. Protecting yourself from these threats requires vigilance, knowledge, and the right tools. We aim to educate and inform you about various types of scams and fraud, so you can stay safe and protect your assets.

Types of Fraud and Scams:

  1. Phishing Scams

Phishing scams involve fraudsters posing as legitimate organizations (such as banks or service providers) through emails, text messages, or phone calls to trick individuals into providing sensitive information such as passwords, credit card numbers, or social security details.

How to Protect Yourself:

- Do not click on suspicious links in emails or messages. 

- Verify the sender by contacting the organization directly. 

- Be cautious when asked for personal or financial information online.

  1. Online Shopping Scams

Online shopping scams often involve fake websites or sellers offering too-good-to-be-true deals. Once payment is made, the product is never delivered, or what is delivered is of subpar quality.

How to Protect Yourself:

- Shop only from trusted and well-known websites. 

- Look for secure payment gateways (indicated by “https://” in the URL). 

- Read reviews and check the website's credibility before purchasing.

  1. Investment Scams

Investment scams promise high returns with little or no risk. These scams often involve fake investment opportunities, such as cryptocurrency schemes or Ponzi schemes, that lure victims with promises of quick profits.

How to Protect Yourself:

- Research thoroughly before making any investment. 

- Be wary of “get rich quick” schemes. 

- Consult a financial advisor before committing to unfamiliar investment opportunities.

  1. Identity Theft

Identity theft occurs when a scammer steals your personal information to commit fraud, such as opening credit accounts in your name, making unauthorized purchases, or filing fake tax returns.

How to Protect Yourself:

- Shred sensitive documents before disposing of them. 

- Use strong, unique passwords for your online accounts. 

- Monitor your bank statements for suspicious activity.

  1. Social Engineering Scams

In social engineering scams, fraudsters manipulate individuals into divulging confidential information by exploiting trust or fear. They often pretend to be authority figures, co-workers, or family members in need of urgent assistance.

How to Protect Yourself:

- Always verify the identity of the person requesting sensitive information. 

- Avoid sharing confidential information over the phone or email unless necessary. 

- Trust your instincts—if something feels off, it likely is.

HOW TO REPORT FRAUD AND SCAMS:

If you suspect you’ve been a victim of fraud or a scam, take immediate action:

  1. Contact Your Financial Institution:

If your banking information has been compromised, contact your bank immediately to freeze accounts and reverse unauthorized transactions.

  1. Report to the Authorities:

Report any fraud or scam to authorities and organizations like the Economic and Financial Crime Commission (EFCC), Department of State Services (DSS), Federal Bureau of Investigation (FBI) via their Internet Fraud Complaint Centre, Nigerian Police Force and the Independent Corrupt Practices Commission (ICPC). This not only helps you but also protects others from falling victim.

  1. Change Your Passwords and Secure Your Accounts:

 If your personal information has been compromised, update your passwords, and enable two-factor authentication (2FA) for your accounts.

STAY INFORMED, STAY SAFE

By being aware of common scams and adopting security best practices, you can significantly reduce the risk of falling victim to fraud. Stay informed, and if you ever feel uncertain about a situation, seek advice from trusted sources before proceeding.