The usage of Internet has facilitated a smooth movement of money transfer between friends, family and businesses. Nonetheless, people should be wary of the frequent online scams and cyber fraud associated with this.
Nowadays, with the increasing technology resulting in a sense of online security, people blindly trust any and all online services that assist with their money transaction process. This carelessness often causes them to be scammed or robbed. The other day, an article was published on a popular social media website, advertising a new app called ‘PayAssist’. Despite it looking a promising and verified app, it turned out to be a hoax that had cleverly succeeded in taking the money of no less than a thousand users. While web applications associated with platforms like meta and such are trustworthy and aimed at to provide the people with safe and secure payment options, the same isn’t guaranteed for the other platforms.
Moreover, netizens often fall prey to fake calls which clam to be from a reputed company or institution. These so called institutions often demand bank details and personal information with a promise of supplying a quality consumer services. These details can cause tremendous damage to a persons bank account and destroy its privacy. Additionally, the most common fraud of all is the one related to businesses where their target victims are ignorant and inexperienced businessmen desperate to climb the corporate ladder. For instance, being a beginner at business, fresh out of college, a man from UK was persuaded into investing in startup which was obviously not legitimate and didn’t exist. Nonetheless, he gave a huge chunk of his investments hoping for a bright future ahead.
To conclude, even though the convenience of online money payments and transactions have numerous advantages, I would argue, with the development of technology, numerous malpractices are causing significant financial issues to everyone.