Categories of Fraud

Unfortunately, people who are victims of financial fraud are often alone in their pain. They are embarrassed, ashamed, or feel that their actions are not up to par because they could not accept that they know these simple matters and yet become their prey.

Moreover, the investigation and prosecution phases of the justice process are typically slow and ineffective. This fact alone made the victims think that law enforcement is too busy or does not care to take their case. It made them feel angrier and shameful. It causes mental illnesses that can soon lead to causing physical dilemmas, and sadly, to suicide—notably when there is financial loss involved.

Money can become evil; yes, that is why people deceive others to gain one. Despite it being wicked, it is still part of people’s necessities that help provide for human’s daily needs. This main reason drives several individuals crazy because they do not have the cash to offer themselves and their family’s needs.

However, fraud has a wide range of consequences, and there are many resources available to help people recover their losses.

One of the most significant signs that a person might be the victim of a scam is to call from a fraudulent company. Although the phone call may seem legitimate, it is usually a ruse to steal personal information. Thankfully, there are ways to tell if a call is fake and not worth the money.

Once a message from a fraudster looks genuine and offers a superb service that sounds impossible to happen, it would be best to hang up and report it immediately.

Is that the sole thing an individual can do to avoid being the victim?

Of course, not.

Doubling and securing one’s account or device with a fido2 biometric authentication or any Digital Signature is necessary. It will be difficult for scammers to hack one’s social media account, bank account, or even their gadget through this action. Moreover, having even superficial knowledge regarding the various categories of fraud is also a requirement for every individual.

Apprehension is a powerful thing; thus, people need to gain it.

If you want to secure private authentication for the future, see the infographic below created and designed by Login ID as they highlight the different categories of fraud: