How To Stay Safe From Online Scams With Stocks?

The principle of fraud is quite simple, but thanks to manipulative techniques used by attackers, many trusting individuals can fall for it. Advertisements can be found across all social media platforms. I have noticed the most of them on Instagram and Facebook. Once you register for this fraud, you can expect a phone call.

On the other end, there is usually a well-spoken person with very good native language skills. This is done to avoid raising suspicion with their accent. The attacker on the phone will try to explain how their “investment” works, how much money you will earn from it, and they will attempt to gather information about your current financial situation.

Access to Your Computer and Banking

Here we come to a bigger problem. The first thing the attacker will request from you is remote access to your computer using an application. This application will generate a multi-digit code that the person on the other end of the phone will ask you for. If you provide them with the code, they will have the ability to remotely connect to your computer and perform the same operations as you. Initially, they will remotely show you an investment application on your computer and demonstrate a potential deposit and withdrawal. I don’t need to emphasize that they are showing you fictional deposits and withdrawals. The application is only meant to appear fully functional.

If they gain your trust and you express interest in the investment, they will want to log in to your bank account with you to process a money transfer (usually international using SEPA payment).

And if by any chance you have reached this point, hang up the phone and terminate the remote connection. Immediately! The attacker would go through your payment limits to make adjustments and initiate a bank transfer. At that moment, you would lose your money.

Always avoid the following practices with anyone:

• Never grant remote access to your computer under any circumstances. Any legitimate merchant or investment advisor does not need access to your computer.
• Under no circumstances should you open internet banking when another person is connected to your computer. Whatever you see, the connected person sees as well. Whatever you can control, the person on the other end of the connection can also control.
• Always be cautious when someone offers you unrealistic percentages. 10% or more per month is essentially nonsensical or an extremely risky matter with a high potential for losing all of your savings. Personally, I have been investing for several years, and I can confirm that achieving a return of 10% or more is indeed possible, and relatively easy. But it is on an annual basis, not monthly.
• Never, under any circumstances, disclose any codes that arrive on your phone. In the vast majority of cases, these are two-factor authentication codes. Without these codes, attackers are often powerless. If you disclose such a code to someone, it is equivalent to giving strangers keys to your apartment on the street.

Who can you turn to in case of uncertainty?

If you happen to fall into the trap of such a fraud, always call your bank before making any payments. They will advise you and most likely explain that it is a scam. If that doesn’t convince you, ask for the name of the company, the caller’s name, and verify the details online. If you conduct sufficient research, you will usually find that no such entity exists. Are you still hesitant and have someone in your surroundings who works in IT or finance, let them check this investment. Both IT professionals and financial advisors can usually identify such fraud immediately and alert you to the problem.

In this case, more than anywhere else, it holds true that the bank is a friend, not an enemy. Ask your bank if anything like this is legitimate. There are people working there who encounter these scams every day.

How To Stay Safe From Online Scams With Stocks?

Conclusion

In conclusion, I would just like to add that the ČEZ group is not the only company that has become a hostage in these scams. Similar frauds revolve around companies like Agrofert, Tesla, or even Elon Musk himself, and others. Essentially, any large company with the potential to inspire trust in people can be targeted.

Always conduct your own research before sending any amount of money. Being skeptical is a benefit, not a weakness, in today’s world. Keep that in mind and adhere to the rules mentioned above. If you remember them, the attacker will not have a chance to manipulate you or take your money.

And one final note, if you have elderly parents at home who could easily become targets of these attacks, show them and explain how these scams and the people behind them operate. Seniors are often the easiest targets for these fraudsters, and you certainly don’t want to see your parents lose their lifelong savings.