In summer, scammers lure those seeking quick earnings and loans: how to protect your money?

Fraud prevention specialists observed an increase in cases where individuals fall prey to deceptive online offers promising lucrative investments in gold, oil, cryptocurrencies, stocks, or funds.

"As people seek ways to shield their savings from inflation, fraudulent offers promising extraordinary returns appeal to a segment of society. Some individuals become so convinced of the potential for quick profits from these alleged investments that even when we intervene by halting transfers and reaching out personally, they still try to persuade our staff that these online offers are legitimate" – says Marijus Plančiūnas, CEO of Paysera.

The fintech company plays a crucial role in helping clients safeguard thousands of euros each month that would otherwise fall into the hands of scammers if these transfers were not intercepted.

Another popular scam method is fake loan offers on social media.

"During summer, people often seek entertainment and travel opportunities, but may lack the necessary funds. Unfortunately, some individuals search for loans on social media rather than through licensed financial institutions' websites, making them vulnerable to scammers. These fraudsters spin tales about needing a 50 or 100 euro administrative fee before granting credit. Once they receive this payment, they vanish" – says M. Plančiūnas.

The CEO of Paysera emphasises that loan offers, much like investment offers, should only be pursued through licensed financial institutions' websites and never on social media.

During summer, fraud prevention specialists continued to record attempts to lure out personal sensitive data using deceptive emails and text messages, allegedly sent by banks, couriers, or other well-known institutions.

"The key is to remain calm. If you receive a suspicious email or message requesting personal information, asking you to click on links, or demanding other actions, your best course is to immediately contact the financial institution or company purportedly sending the message and verify the authenticity of these messages" – advises M. Plančiūnas.

Specialists also notice that individuals are still tempted to ‘lend’ their account to scammers for a few dozen euros, thus becoming ‘money mules’, often unaware that they are becoming accomplices to a crime.

"Any request to use your personal account should immediately raise red flags about potential illegal activities. Allowing scammers access to your account exposes you to legal risks. You may be held accountable for damages inflicted by these criminals on other individuals. It's highly probable that the eventual losses will far outweigh the short-term gain of selling your account for a mere 100 euros" – says M. Plančiūnas.

One of the most prevalent scam tactics this summer involved fraud on classified ad websites. Car parts, bicycles, and baby strollers were among the items most frequently featured in fraudulent listings.

"Be careful and critically evaluate sellers, especially those unknown to you or offering prices significantly below market average. Purchase products from trusted sellers or, when possible, opt for in-person transactions where you can receive the item directly from the seller" – advises M. Plančiūnas.

Paysera specialists have noticed a trend: scammers who have successfully deceived a victim once are likely to target the same person multiple times.

"Scammers are like wolves that have caught the scent of blood. We have specific examples where scammers have managed to lure money from the same individuals more than once. If scammers succeed in deceiving someone, they will try again and again, employing new tactics. Therefore, those who have fallen victim to scams should be even more vigilant and cautious in the future" – says Plančiūnas.