In the News
Twitter as a platform has been used once again to host a scam attack. In Target’s Twitter account was hacked and used for a bitcoin scam, Makena Kelly at The Verge explains how Target’s Twitter account was hacked for a short period allowing hackers to create a scam post promising Bitcoin amounts to users who provided personal information and small Bitcoin amounts. Kelly discusses how this scam is the continuation of scams in which malicious individuals impersonate individuals on Twitter to accomplish a similar scheme. Kelly reports that Twitter has taken steps to reduce the possibility of these scams through account verification, but hackers continue to advance in their approaches in order to extort money from unsuspecting individuals.
Our Take
In today’s society, companies capitalize on social media as a marketing tool and offer promotions and information through these platforms often. While this marketing tool connects with the customer consistently and may improve customer experiences and brand loyalty, it also builds consumer trust in the company that can be exploited through social media hacking and scams. Twitter users and Target shoppers trust verified company and personal accounts and may be more likely to click on a post and provide personal information. This activity can be potentially dangerous when finances are involved. In the case of the Twitter Target scam, users’ trust was exploited, and they were harmed financially as a result. With the high occurrence of financial scams on social media, it is vital that us, as the consumer, are cautious about what we trust and where we input our personal and financial information. Remember, when an ad or post offers free goods or services in return for small amounts of money, it is often a scam to which you should avoid falling prey.
Recommendations
How can you protect your finances from social media scams?
- Be cautious of posts and ads promising free or easy financial gains…if it looks too good to be true, it probably is
- Avoid clicking directly on links or posts, whether in email or social media – always search through your search engine to verify legitimacy and find the appropriate site
- Secure your account by always using new and unique passwords, and take advantage of multi-factor authentication where possible.
- Stay up to date on the news regarding recent fraud and phishing attacks to see if you may have been affected
- Check your email, financial accounts, and credit reports regularly for abnormal activities