The Federal Trade Commission (FTC) issued a press release stating that Americans have been scammed out of nearly a quarter of a billion dollars in the first half of 2024. In the first six months of this year, there have been over 20,000 reported cases with loss upwards of $220 million. The government agency confirmed that there were only 5,000 cases last year. And just five years ago, this type of scam did not even exist. However, this year may end up much worse. As if the trend remains, Americans will likely close 2024 with task scam damages worth half a billion dollars. The number is likely even more significant as the FTC believes a vast majority of those types of scams never get reported.
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What exactly is a task scam?
Task scams, also known as job scams, consist of random individuals being approached by fraudsters who ask them to perform small tasks in exchange for monetary gains in the form of crypto or gift cards. The scammers usually reach out to potential victims via WhatsApp, Skype, Viber, or social media. Unemployed or folks needing a side hustle often fall for task scams. As they believe it may generate a stream of income. They present the tasks as lucrative and very easy to complete. The victims are usually instructed to open an account on a platform and/or install an app.
How Task Scams Work
The tasks usually consist of small requests such as leaving online reviews or comments on social media. The fraudsters often ask people to hit like buttons and help them support a product or service. The more tasks the workers complete, the more “money” they see appear on their platform wallet. Seeing their online wallet grow with funds often encourages the victims… but those funds actually do not exist.
Financial Traps Set by Fraudsters
Often, fraudsters would set rules that only a certain amount of money can be wired to the employee. To get to that amount, the employee has to top up the wallet by sending crypto funds or a wire to his account. The fraudster might also request monetary support as an excuse to maintain the platform. Or even offer an investment opportunity to the unsuspecting victim.
Once the employee agrees with the request of the fraudster and sends the money, the victim realizes that it was all a sham. The money in the wallet was never real as the app/platform was fake. And the wired funds are in the hands of hackers likely located on the other side of the world.
How to Protect Yourself from Task Scams
FTC highlighted some of the red flags that could help people avoid falling for this type of “pay to get paid scams“. The government agency advises people to ignore spammy job offers, especially on messaging apps such as Skype and WhatsApp. They also advise people never to pay anyone to get paid. And avoid trusting people asking them to follow, comment and like things on social media in exchange for monetary compensation.
Apart from common sense, people can also use the help of antivirus software companies. High-end solutions often have real-time protection that would stop individuals from ending up on scammy platforms or installing apps with questionable reputation.
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Article Link: Task scams cost Americans millions of dollars - Panda Security
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