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How A 39-Year-Old Lost $50k To An Elaborate Scam

Scams, deepfakes, circumventions, attacks, bounty, security, google? Just some of what happened this week. Maybe it's time to check your credit report - again!

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Daniel Masterson, Ai Courtrie Buson & Bard Gee
February 23, 2024

☝️ TOP STORY

Gif by lifetimetv on Giphy

She was suspicious the entire time but eventually put $50,000 in a shoebox and gave it to a stranger. She did not think she would ever fall for a scam.

There is definitely a lot we can learn from this story (read on). Meanwhile, Washington Post readers have a lot to say about it. Read comments in this article.

What can your bank do?
You might be surprised to know this but your bank and other establishments like your supermarkets actually have measures they adopted to help keep you from getting scammed. Some of them is mentioned in this article.

Meanwhile …
Text-to-video AI is here. Well, at least it’s knocking at the door. But we know nothing about it. (Yup! I do mean the creators also don’t know how it works.) But, just like deepfakes, we do need to know things like that exist and they will be in the public domain very soon!

✍️ Noteworthy
Throw Away Make It Rain GIF

The $25 million the finance employee transferred into the criminal’s account could have been prevented in many ways. One way is to ask the person if he or she is a scammer - even if you think you know who that person is. Give it a 5-minute listen here.

Whenever it involves money, remember deepfake technology. So ask if it is deepfake and, verify, verify, verify. (Read our previous editions on establishing Personal Identifiers.)

BONUS CONTENTS + HOUSEKEEPING
Cybersecurity 🛡️ Awareness 👨‍💻

Losing money or paying ransom feeds into the cyber scam industry

Some people might think that it’s only a few hundred dollars or less than a hundred dollars, why not pay for them to give back control of your computer.

First of all, restarting your computer might solve all your problems. (Even though they tell you not to shut down or restart your computer. Of course.)

Paying ransom or getting duped into such scams not only encourages more similar scams to be executed but it also grows the industry. It’s just like a regular for-profit corporation - the more you pay them, the bigger they get. Some of these criminal networks even have customer service departments!

📌 Reminder of the Week

Check your credit report

With so many breached incidents these days, it’s always a good idea to check your credit report periodically especially if your bank doesn’t already proactively helps you monitor it and informs you on its activities. (yes, some banks actually do that)

Photo by vadim kaipov on Unsplash

You are entitled to a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) every year. You can request your reports through AnnualCreditReport.com.

Even though there are paid versions, all these services are free.

Consider freezing your credit if you are concerned about potential fraud, especially if you are planning to travel or have recently experienced a data breach.

📱TEC TIP ✍️
If you think something is deepfake, ask that person to hold something up to the camera and show it to you.

*Deepfake technology has not yet mastered a holding an object.

Title for the Editor's Note to talk about this edition.

about this edition and Inside Hexagon

Useful Links

We do not expect, neither do we design the links with the expectation that our readers will click them. However, the link resources are there to provide explanations for what we talk about in the newsletter.

We hope today’s edition helps at least one person from falling into any type of scams that he or she is targeted by. It is no wonder that the $25 million corporate scam is still ringing throughout the corporate world.

As part of Safer Internet Month, we are launching webinars for Hexagon Center patrons and members. Tell us what you would like us to talk about in our first ever webinar as well as your favorite platform for webinars at [email protected].

Glossary/Legend:

  • Deepfake - A synthetic media that has been manipulated to replace one person's likeness with another. Deepfakes are created by a special type of machine learning called "deep" learning. They can be videos, photos, or audio recordings that appear real but have been manipulated with AI.

  • Personal Identifier - A phrase, code or situation that correctly identifies the person you are trying to verify.

  • Scam - a dishonest scheme; a fraud.

  • Webinar - a seminar or other presentation that takes place on the internet, allowing participants in different locations to see and hear the presenter, ask questions, and sometimes answer polls.

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DISCLAIMER

Cybersecurity is an ever-changing field, and threats may evolve. While Hexagon Center strives to provide accurate and timely information, we cannot guarantee absolute security. Users are responsible for implementing their security measures and staying informed about the latest cybersecurity developments.

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