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Individual fraud

Individual fraud

It refers to personal fraud related to advance fee payment for some bogus plan or fake merchant, holiday club, insurance broker, land banking, Ponzi scheme, timeshare investment, shopping/auction or other pyramid schemes. 

If you face any such problem, you should be aware that it is not a victimless crime, and the money or psychological pain suffered can have a long-term impact. The experience can be traumatic, and it may take a long time for you to sort out the mess created by such experiences. 

How To Protect Yourself?

  • To evade it, you should protect your personal information. For example, take precautions when shopping or using a dating app. 

  • Do not provide all information to a stranger; when you know you have not provided the information, you can be on guard. 

  • Beware of social media messages. Beware of what you share and know what you should never tell on these sites. You should not post any personal details on such platforms. 

  • Many who have been approached to get easy money-making jobs are persuaded to become money or phone mules where one creates a criminal record, leading to a bad credit rating. 

Always pay attention when filling in registration forms or giving details to buy products or services from a website. You should know you are at risk of losing information and should always carry extra checks. 

If you suspect such fraud, contact your bank and the card issuer to request to decline the transaction. Also, inform the regulatory authorities.

Date Published: Sep 12, 2023

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.

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