One of the social menaces that are currently on the increase in our society today is internet theft or fraud. So many youngsters from the different parts of the world, especially in Africa have taken to this unhealthy practice of swindling people of their hard-earned money all in the bid to live a flamboyant lifestyle.
These fraudsters who are popularly known as ‘’yahoo boys’’ have taken to different innovative means or strategies of exploiting their victims. In other words, they work tirelessly to initiate new strategies just to successfully extort the money of others.
Regarding this article, I shall be revealing the 5 latest strategies these internet fraudsters are using to swindle people of their money. See them below.
1. BVN or ATM distress phone calls.
This is usually done to ignite fear in people in other to falsely obtain their confidential bank details to defraud them. In this pattern, an acclaimed bank representative will call to ask for sensitive bank information; like your BVN, ATM card details and transaction codes with the disguise of helping you solve a bank problem. Phone calls of this sort aim to frighten you to expose this information so they can extort your money. When this kind of call comes your way, it becomes pivotal not to yield, but to summon the attention of your bank to it.
2. Social media impersonation.
Most of these fraudsters impersonate others, most likely white people to pretentiously defraud others. This is usually done by using a falsified social media account to ask for financial assistance from others or to sign fake business deals thereby hiding their real personality.
3. Cryptocurrency fraud.
This is usually achieved by initiating fake cryptocurrencies blockchains or websites to defraud others. They create fake websites that promise to sell cryptocurrencies like Bitcoin, Ethereum, Litecoin and others if you deposit a certain amount. The idea is to collect your money and not fulfil their side of the transaction by not giving you what you paid for.
4. Fake job websites.
Just as the name implies, “job websites”, these fraudsters tend to annex the economic vulnerability of others to create fake websites that promise to give you a job or connect you to the right people for your skill once you can provide your bank information. For instance, they will request your BVN, ATM details and transaction code, etcetera. It is important to understand that an authentic job website will not ask you for the above information, all they do is alert you to a job opportunity and sometimes, provide a link to signing up for those jobs.
5. Initiation of Ponzi schemes.
This is one trick that has been successfully used by many to swindle others of their money in the last decade. Ponzi schemes are initiated blockchains that are based on building a network of people to deposit a certain amount of money that promises to increase once you bring a referral or downline. Although, some legit online businesses use this pattern to grow their networks and productivity, however; a large number of others, especially those with no physical marketing product or office create chains just to extort the money of vulnerable people. The way this system work is to earn the trust of people, thereby accumulating wealth through huge referral and membership and end up closing the platform unannounced with people’s investments.