Annually, the victimization of millions of citizens has an inherent impact on society and consumerism. The societal effects of fraud are omnipresent, as confidential financial information can be unknowingly accessed from a variety of sources. Common fraud ranges from prize drawings to medical insurance, and with the rise of the digital age, technology is utilized to provide even greater disadvantages to older generations.
Two specific types of fraud are application frauds and securities frauds. By accessing confidential documents like bank statements that may have been initially thrown away, they are able to create loans or contracts under another person’s name. Application frauds are quite common, as many people do not shred sensitive documents. Furthermore, securities frauds are also known as stock frauds or investment frauds, which relies on giving potential investors false information about the stock. This results in them paying for a stock that may be decreasing significantly in value.
Fraud cases are quite common, as activities such as phishing are greatly affecting people who are unaware. Sensitive information should never be sent with electronic mail, as hackers and false users have easy access. Specific types of phishing are deactivation scares, look-alike websites, and government look-alikes. These three typically prey on unaware victims who are usually scared to be involved in any credit card or legal trouble.
There are severe effects of fraud, both towards the victims and towards the economy. Important corporations could be suffering due to fraud cases, which would affect more than mere individuals. Psychological difficulties can result in an increased amount of fear and timidness in victims, as many people may unintentionally place the blame on the victim for succumbing to the scammer’s lies. However, by becoming more knowledgeable about fraud cases and protecting yourself against these crimes, there can be a decrease of possible victims.
As obvious as it might seem, be certain that sensitive information is not accessible to others; be sure to store documents in safe locations, use a shredder if necessary, and never verbalize or send out emails regarding personal data. Any suspicious phone calls or emails should be reported and ignored. If there are any questions about your financial state, there is no harm in physically travelling to a bank and speaking about possible charges made to your account. By speaking about these issues, many cases of fraud can be prevented in the future.