As more of our information is stored digitally (both publicly and privately), scammers have more data to try and manipulate us with.
That’s the basis of social engineering scams, where fraudsters use a unique combination of human psychology and technology to take advantage of people.
What are the different types of social engineering scams, and how can you protect yourself from them? We sat down with Aaron Ramsumair, Senior Security Specialist at Cambrian, to learn more about this type of fraud:
“A social engineering scam is when someone manipulates you into divulging sensitive information or taking harmful actions by exploiting trust and emotions,” says Aaron.
“It can lead to data breaches, financial loss, or compromised computer/phone/device security.”
Scammers use your information to access your financial accounts or trick you into sending money.
Some of the most common tactics include:
Scenario 1: You receive an email from what appears to be your financial institution. The message addresses you by your first name and references other personal information about you, which leads you to believe it’s legitimate. However, the scammer has gathered that information from your social media profiles and is using it to trick you into revealing your account information.
Scenario 2: You get a phone call from someone who claims to be a family member in distress and needs money ASAP. They even sound like the person! In reality, the scammer is using AI technology to clone their voice and mentioning details about your personal life to make it seem more credible.
Once a fraudster has obtained your personal information, they use tactics like:
What can you do to avoid these scams? Make note of our 8 social engineering scam safety tips!
“It’s important to be mindful about what you post online, because information on the internet stays around for a long time,” says Aaron.
When using social media, make note of these dos and don’ts:
Cyber insurance helps cover costs that result from a data leak or identity theft.
“Anyone can be affected by a data breach, so you must be on the defence. It’s a relatively inexpensive type of insurance, too,” says Aaron.
“Consider storing your passwords or other critical information in a safe place in case of a data breach. It can be as simple as a printed export of your passwords kept in a locked box,” says Aaron.
“Be cautious before you share your main email with a website or business. Instead, use aliases or ‘junk’ accounts.”
“Essentially, an alias will redirect messages to your main email without revealing it to the sender. This protects your email address from those who may use it maliciously.”
Schedule automatic backups, either on a hard drive or using cloud storage. It’s just another way to safeguard your information in case of a breach!
“You can pay a monthly fee to use a service that will automatically back up all the files on your computer,” says Aaron.
A password manager stores the credentials to all your online accounts. Since you don’t have to remember them yourself, you’ll be less likely to re-use passwords, a practice that can lead to problems if one password is leaked.
With a password manager, it’s easy to create unique and complex passwords for all your accounts. That way, even if a scammer steals one of your passwords, they won’t be able to use it to access other accounts.
With transaction alerts, you’ll find out right away when money is being moved out of your account. This feature will automatically notify you via text, email, or both when transactions occur.
Here’s how to set up transaction alerts on your Cambrian account!
Knowledge is one of your strongest defences against scammers. We’re here to help you protect yourself with the latest information on scams and fraud.
By visiting our Cybersecurity Centre, you’ll learn how to protect yourself from social engineering scams and more. Check back often to read our latest posts on fraud trends, cybersecurity tips, and more!
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