The recent unfortunate instance of a scam that left a number of people defrauded of their investments continues to spark much discussion on social media, as well as in community gatherings. While the fraudsters disappeared without a trace, the victims are left lamenting their dubious investment decisions and their naiveté in falling prey to the lofty promises of the scammers.
These cases of embezzlement and other types of fraud are being reported from time to time in the wider region and indeed across the world. Invariably, the victims are ordinary people seeking quick returns, while blissful about the real intentions of the corrupt individuals or entities behind such scams.
Defrauding people of their money over the internet is not a new issue. Rather, it falls under the category of electronic fraud or financial cybercrime. It encompasses a range of illegal activities aimed at stealing people's money through fraudulent means, including phishing, where fake emails and websites ask you to enter your banking information. These platforms are often fake and designed to scam people of their funds.
Fraud also occurs through the misuse of payment cards (credit or debit cards), notably by copying card data and using it later without the owner's knowledge. Likewise, fraud can be perpetrated through fake shopping websites, where products are offered at attractive prices and after payment is paid, nothing is shipped.
Legally, stealing money by any means is prohibited and criminalised, as such activities fall under the category of unlawful consumption of people's money, punishable by imprisonment and fines in most countries. Accordingly, greater awareness and caution are imperative before engaging with suspicious sites, online entities and get-rich-quick type offers. Additionally, it's important to avoid sharing banking information online and to verify the credibility of websites before purchasing from them, or investing in their products or services.
In a recent real-life example reported in Oman, investors lost their funds when they unwittingly participated in a fake investment scheme. Modelled as a multilevel marketing scheme, the investors were incentivised to bring on board new customers for better earnings. As their earnings grew, they ploughed in more funds into the scheme hoping to cash in on the promise of greater rewards. But the fraudsters behind the scheme simply transferred the accumulated funds to an overseas account, leaving their victims high and dry.
Today, many people fall victim to scams often because they share their banking information, which enables fraudsters to access their accounts and transfer funds. Those who suspect that their banking or card information is compromise should immediately change their passwords and take other precautions. At the same time, it is imperative that victims report the crimes to the relevant authorities.
Local authorities continue to issue advisories to the general public urging them to stay away from unlicensed online stores and companies. Customers are also encouraged to use approved platforms for payment, while strictly avoiding suspicious ones.
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