August 31, 2024

If it’s too good to be true, it might be a scam! It’s one of the most standard expressions to define the prevailing marketing scams. 

Considering how easily we get things done in the comfort of our homes is alluring for scammers. They invade and take unappreciated advantage of people’s online data and their expertise in misusing that data. We sat down with Faisal Abidi, Co-founder of RNF Technologies, who has been in the tech industry for the past 12+ years, to shed light on the different strategies and schemes used by scammers to exploit people. 

During our conversation with Faisal Abidi, who is also associated with Phonato Studios, RNF’s product development arm, he highlighted mass marketing scams – a growing trend in which the scammers target individuals of different age groups using other mass communication methods, such as social media platforms, text messages, and emails. They offer them appealing schemes, discounts, and anything that could attract them and fall into their trap. 

Faisal Abidi Discusses Various Mass Marketing Scam Schemes

As mass marketing scams affect many people and take away millions of dollars, Faisal Abidi shares the most common schemes and strategies of scammers to trick people into spending their money. He says these scam schemes can be of three types: advance-fee scam schemes, financial account schemes, and investment opportunity scam schemes.  

  • Advance-Fee Scam Scheme

As the name suggests, scammers lure people into making advance payments in exchange for lotteries, gifts, high-value items, or job opportunities. Some online auctions or retailers trick people into buying and paying for things that never reach their doorstep. 

One type of advance fee scam is inheritance schemes in which individuals can gain the property and monetary benefits of an individual who died without any heirs, all this by paying an advance fee to the scammers. 

A romance scheme is a current strategy adopted by scammers, trying to make the victim believe that they are interested in the person. They make them fall in love with them, and once the victim trusts the scammer, they will ask for money for something urgent or emergency, and when the victims pay that money out of love and care, the scammers disappear.    

  • Financial Account Scheme

Faisal Abidi of Phonato Studios underlines that in financial account schemes, scammers try to gain the account or card details of the victims and then operate the accounts as per their wishes or desires. Phishing and vishing are the two common strategies for gaining the victim’s financial information. 

In phishing, scammers ask for account details with the help of emails or websites that appear legitimate but are fraudulent and interested in gaining the users’ personal data. 

In vishing, the scammers ask for the account details, but instead of email or websites, they prefer calling the victim, giving them some likely reasons for extracting their bank details. The victim can witness unnecessary transactions or even lose access to their accounts when done. 

  • Investment Opportunity Scam Scheme

With the increase in stock investments and cryptocurrency, scammers offer quick profits to victims by investing in a particular stock or coin. Scammers make it all look so legitimate that it becomes difficult to differentiate between genuine and fraudulent investment opportunities. But, again, remember one thing– too good to believe, don’t believe! 

Scammers approach the victims on the phone or by email to disclose to them recent investment schemes that could double or triple their investment in a few days, and they will ask the people to make a quick investment before the offer ends. One of the most common investment scams is Ponzi schemes, and these schemes compel multiple would-be investors and use a share of the latest investors’ funds to pay existing investors to improve the scheme’s rightfulness. 

Faisal Abidi of RNF Technologies highlights that to stay safe from these scammers, make sure to-

  • Keep your personal information safe and secure. 
  • Think twice before sharing financial information with anyone. 
  • Do the needed research well before investing. 
  • Make a payment only after you’re sure about the company of the offers. 

Phonato Studios’ Faisal Abidi suggests the users not to grab everything that comes easy as an opportunity as sometimes it’s better to let go than suffer afterward.  

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