Here's why so many people are losing money in online scams

economictimes.indiatimes.com:

digital fraud news. Individuals, both young professionals and retirees, are falling victim to cybercriminals, losing significant sums of money. The promise of quick financial gains has lured many into the web of deception.

Cybersecurity, a vital aspect of Information Technology, plays a pivotal role in safeguarding personal data. Despite significant investments by tech firms in security measures such as fingerprint and facial recognition, criminals are evolving their tactics.

How fraudsters dupe people:
Social engineering, a sinister strategy employed by online crooks, involves manipulating individuals through curiosity, fear, or urgency. A notable example is the MSEDCL scam, where users were threatened with electricity cutoff unless an immediate payment was made.

Another recent scam targeted IT workers with seemingly innocuous tasks for financial gain. Victims, initially earning money, fell into the trap when asked to deposit small fees to continue the tasks. The scam exploited the rise of remote work, enticing techies seeking side gigs during their spare time.

While many companies now prioritize cybersecurity awareness in employee training, there's a concerning shift.

Training has transitioned from genuine awareness sessions to mandatory, mundane tasks. This shift fosters ignorance rather than understanding of social engineering techniques. Consequently, skilled corporate employees are losing substantial amounts to online fraudsters.