When you think about people getting ripped off, do you picture a sweet grandma falling for a scammer’s tricks over the phone? Well, get ready to be shocked. The amount of cash teens lost to online scams shot up by a whopping 2,500% from 2017 to 2022. In 2022, youngsters under 20 lost an unbelievable $210 million!
The first thing we gotta do to protect our kids is teach ’em about the warning signs. That’s why I’m here to fill you in on the scams and hacks aimed at our youngsters.
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Sextortion scams growing at an alarming rate
Sextortion scams shot up by a whopping 20% from October 2022 to March 2023, and guess what? Scammers aren’t just going after adults anymore; now they’ve got their sights set on teenage boys.
Scammers set up bogus social media and gaming profiles, pretending to be a cool young chick. They strike up conversations with teenage boys, share some pictures, and then push for nude pics or videos in exchange.
If the victim sends one, the scammers want money and say they’ll expose the embarrassing photo or video to everyone the victim knows if they don’t pay up.
The thought of being exposed freaks kids out big time, and lots of them scramble to cough up the cash. Don’t put off discussing this with your children. Tell them you’re there to lend a hand if something like this goes down.
Scamming through gaming platforms
Roblox and Fortnite are super popular with kids and cyber crooks alike. They each have their own virtual money system that needs a credit card and some personal info linked to your account.
Watch out for apps and websites offering in-game currency for clicking on fake ads. But here’s the kicker: those ads are loaded with malware that helps scammers break into your account.
Be careful of phony websites that say they sell in-game money. A bunch of them look legit enough to trick both kids and grown-ups.
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Influencer scams on the rise
Teens nowadays see becoming a social media influencer as a possible career choice. I mean, who wouldn’t want to get paid just for posting stuff online?
In an influencer scam, scammers pretend to be legit brands and slide into teens’ DMs, tempting them with cash or freebies. They’ll shoot a message saying they’re huge fans of the victim’s account and that they’re a perfect fit for their brand — but only if they buy some stuff first to kick things off. It’s all a big ol’ scam.
Safe navigation is important
The online world can be pretty scary, and I want your whole family to stay safe while navigating it. Here are some tips to help keep your kids protected from scammers:
Keep chatting with your kids about the risks online. Make sure they understand they can always come to you if something seems sketchy. Also, set up a password manager on family devices and turn on two-factor authentication for the apps they use often.
Make sure your kids’ social media profiles are locked down tight. The less info scammers can get their hands on, the better. Also, set up your teen’s phone to reject calls from unknown numbers or just send them straight to voicemail.
When playing games with in-game cash, opt for a reloadable gift card instead of whipping out your credit card. Bonus: It puts a cap on how much they can spend.
Crypto scams reached new heights
According to blockchain analytics firm Chainalysis, payments from crypto ransom attacks almost doubled, hitting a whopping $1 billion in 2023. Scammers going after big targets like hospitals, schools, and government offices pocketed $1.1 billion last year, a jump from $567 million in 2022. However, losses from other crypto crimes like scams and hacks actually dropped in 2023, as per Chainalysis.
Bitcoin, the big daddy of cryptocurrencies, has shot up by 60% since the end of September, reaching $43,134. The excitement stems from the anticipation of a new U.S. bitcoin ETF and signals that central banks worldwide might start cutting interest rates.
“An increasing number of new players were attracted by the potential for high profits and lower barriers to entry,” Chainalysis said. According to Chainalysis, “big game hunting” has taken over as the main strategy in recent years. The majority of ransom revenue now comes from payments of $1 million or higher.
Also Read: Biggest cybersecurity threats the world could face in 2024
AI scams not far behind
Fashioning deepfakes of celebrities in explicit videos has been an issue, mainly on deepfake video platforms. It’s relatively simple for consumers to steer clear of these scams. However, according to Grobman, the problem becomes more devious with deepfake audio tricks. He mentioned that numerous deepfake audio scams lurk in posts on social media, raising particular concern given the upcoming 2024 U.S. Presidential election.
The boom in AI progress has made it easier for cybercriminals to produce misleading content, resulting in an uptick in scams that exploit manipulated audio and video. These schemes vary from voice cloning to imitate loved ones asking for money to tweaking genuine videos with altered audio, making it tough for consumers to figure out what’s real in the digital world.
McAfee has rolled out Project Mockingbird to catch AI-generated deepfakes that use audio to deceive consumers with fake news and other schemes. To tackle the rising menace of AI-generated scams, McAfee developed Project Mockingbird, featuring its AI-powered Deepfake Audio Detection technology.
Introduced at CES 2024, the major tech trade show in Las Vegas, this groundbreaking technology aims to protect consumers from cybercriminals using manipulated, AI-generated audio to carry out scams and manipulate public perception.
“McAfee has been all about protecting consumers from the threats that impact their digital lives. We’ve done that forever, traditionally, around detecting malware and preventing people from going to dangerous websites,” Steve Grobman, CTO of McAfee, said. “Clearly, with generative AI, we’re starting to see a very rapid pivot to cybercriminals, bad actors, using generative AI to build a wide range of scams.”
