Are Scams Increasing During the Pandemic?

The internet has undeniably experienced a surge in usage, particularly during the pandemic, with platforms like Facebook leading the way. As a result, traditional methods of conducting scams, such as dialing random numbers and sending spam emails, have seen a decline and have been replaced by more targeted approaches. However, the tide does not seem to be in favor of those seeking to protect themselves from such fraudulent activities.

Escalating Scam Activity

The last scam call I received was in 2021, and the last text I got was in 2023, both of which were random messages. However, it's a different story for many others. Over the course of a single day, you are likely to encounter more scam attempts than I have over the years since 2021. So, why is this happening?

Scammers have found new avenues to target their victims. With the increased exposure and connectivity of social media platforms, they are now easily able to target individuals who are completely exposed and active online. This makes it crucial to reassess our online presence and take steps to protect ourselves from these fraudulent activities.

Protecting Yourself Against Scams

There are simple steps you can take to avoid being a victim of online scams. For instance, ceasing to use certain platforms and changing your phone number and email address to new ones that are not shared online can significantly reduce your risk. These actions may seem like a hassle, but they can save you from potential financial and emotional distress.

Unfortunately, many individuals overlook these basic measures. Instead, they continue to engage with online platforms that offer a higher risk. It’s akin to searching for yourself on USPhonebook, which scammers are likely to do. Performing such a search might reveal sensitive information, thus making you a prime target.

Root Causes of Scam Prevalence

Avoiding online scams requires not only technical measures but also a shift in mindset. The factors contributing to the rise in scam activity are multifaceted. Two key reasons are greed and lack of financial literacy. Many people, particularly those feeling isolated and lonely, are more susceptible to online dating scams, and there is a proliferation of misinformation about pandemics and vaccinations.

Moreover, an increasing number of citizens are not well-versed in financial concepts such as compound interest rates, risk, and reward. This lack of understanding often leaves them vulnerable to scams. It's a call for systemic changes, such as incorporating financial literacy education into national television and school curriculums. Public education could equip individuals with the tools to make informed decisions and avoid falling victim to fraudulent scams.

The Need for Financial Education

In 2024, it is concerning to witness the widespread phenomenon of being willingly misled. From television evangelists to populist politicians, and even criminal scammers, many are exploiting the lack of financial education. It is imperative to address this issue by providing education on propaganda techniques and the importance of financial literacy.

The continued rise in scam activity underscores the urgent need for educational initiatives. Banks and financial institutions often complain about repeated deliberate misrepresentations by scam victims, highlighting the critical nature of personal finance education. By fostering a better understanding of financial concepts, we can equip individuals to navigate the complex world of online scams and protect themselves more effectively.