Korea Omega Management Press Release: Paying Online - Pros & Cons

Korea Omega Management Press Release: Paying
Online - Pros & Cons

Paypal: Watch Out For These

Paypal has been providing online money transfers to customers nationwide
since its inception. It is an online-only branch of a multinational financial
corporation in the United States that provides an electronic substitute for
checks and money orders, two common forms of traditional paper payment.

Unlike traditional banking methods, Paypal has a simple application
process in which an applicant can open an account with a verified email, an
E-wallet or bank card, and a mobile phone number. Merchants and
shoppers usually use this method for online payment transactions.

Consumers love the ability to make payments using Paypal with a single
login rather than having to enter their credit card number, expiry dates,
security code, and billing information each time. However, PayPal deals
with a never-ending barrage of scams and attempts to steal money from
other people's wallets, just like any other payment gateway.

You should read and finish this article when you use PayPal frequently on
your payment transactions. And if you understand how PayPal fraudsters
typically operate, you will be completely protected. Here are the top five
Paypal scams to avoid.

Paypal Shipping Address Scam

Scenario: When a con man orders or purchases something from a retailer
and sends payment. The con artist will provide a false address and request
that their item be shipped via their preferred shipping service, claiming that
the service is quick and offers discounts. If you agree, the con artist will

immediately contact the shipper and reroute the delivery to a different
location.

The scam: When they receive the package, they will contact Paypal, report
the non-receipt, and request a full refund. Given that the transaction detail
displays the original address, you have no proof that it was delivered.
Because PayPal Seller Protection only covers the shipping address that
PayPal has on file, you lose both the item and the money.

Paypal Overpayment Scam

Scenario: A customer will buy something from a seller and pay more than
the item's original price. They will immediately claim that the overpayment
was accidental or unintentional and demand a reimbursement of the
overpayment amount. They will request that the merchant send it
somewhere other than PayPal or another payment method to avoid
transaction fees.

The scam: They dispute the initial transaction on Paypal after withdrawing
the funds, claiming that hackers had compromised their account and that
the payment to the merchant was not what they had intended. PayPal fully
reimburses them, and these con artists also steal any funds you transfer
outside of Paypal.

Paypal Phishing Scam

Scenario: You will receive a phishing email from a bogus Paypal account
informing you that there is a problem with your account and that you must
log in and click the link in the email. A prompt line will appear with the
words "Account status update and login to your Paypal account as soon as
possible."

The scam: When you log in, the link will redirect you to a bogus Paypal
website. When you enter your login information, the information is encoded
and sent to the fake Paypal website, and the scammer gains access to
your original Paypal account. You'll know what happens next if you have
money in your Paypal account.

Hackers use social engineering attacks to manipulate these scams and
steal personal information from people with financial accounts such as
Paypal.

You Have Won Scam

Scenario: Hackers primarily use email to dupe PayPal users. They send
them enticing emails in which they claim to have won something and must
click a link to enter their personal information, including their password and
security code.

How to avoid it? Examine the URL of the bogus website. PayPal's official
website does not use regional domains such as "co. uk" for the United
Kingdom.

PayPal will be genuine if your legitimate email has proper grammar and
spelling. Grammar errors and low-quality images are unquestionably red
flags. You may be on a fake website if there are any grammatical errors,
misspelled words, or low-quality images.

Your Account Has an Issue Scam

Scenario: The Problem with your account email is the most well-known
PayPal scam currently operating and has claimed hundreds of Paypal
users as victims.

It takes the form of an email from a PayPal employee claiming that your
account is in trouble. The issue is that they request that you update your
account while claiming it is a simple process.

The email contains a link that directs you to a fake website where you will
be asked to enter your personal information or login credentials. After that,
they will steal your information and withdraw money from your account.

What to do? Do not click the link in the email. To view the link, move the
cursor over it but do not click it. To verify its authenticity, go to the PayPal
website and check notifications for account updates or problems. Never
sign in to the PayPal link provided by the con artist.

Don't be the Next Victim of a Paypal Scam!

Paypal is working to improve its security protocols and protect its users. As
a responsible financial institution user, you should exercise caution and
take every possible precaution to secure your financial account.

The best action is never to click any links in these emails. Make sure to go
to PayPal's main URL or website. If your account has problems, PayPal will
send you a notification message so you can take the necessary steps to
resolve the issue.

What is Venmo Scam: How to Prevent and Stay Protected?

What is Venmo Scam? Venmo is a practical tool, a well-liked app among
millennials that makes sending and receiving money from friends and
family quick and easy. Unfortunately, as this program has grown in
popularity, scammers have started to target it. They steal money from other
people using this app, and if you become a victim of a scam, it could be
challenging to get your money back.

How to Prevent Venmo Scam and Stay Protected?

Cybercriminals and con artists who want to rob you of your money or steal
your financial and personal information have found Venmo to be an
appealing tool.

Hackers have figured out how to attack Venmo. Gladly, there are measures
you can take to help safeguard yourself against Venmo scammers. The first
step is understanding what these frauds are and how they work.

Text Scam

The scammers will deceive you via text messages. The tactic is pulling off a
technique called smishing, an adaptation of the typical phishing scam.
Scammers imitate Venmo's color scheme and fonts in text messages they

send to victims, threatening to charge their accounts if they don't first click
on a link in the text.

Once a receiver clicks the link, it directs to a bogus website where victims
suggest entering their credit card numbers and other personal and financial
details. The con artists might then sell this information on the dark web or
use your bank account details to make unauthorized purchases elsewhere.

How to protect yourself?

● It is essential to double-check the message you receive.

● You shouldn't click the link if the domain seems doubtful.

● You will notice typo errors in the URL.

● The message arrived as unwanted DMs, emails, or SMS.

Fake Sale Scam

Because Venmo is so user-friendly, people also rely on it for shopping.
Venmo is for transmitting money to close relatives and friends, not for
business transactions. That does not mean those who sell goods online do
not take Venmo payments.

You sell products online and request payment using Venmo. The purchaser
contacts Venmo after payment and requests the money is reversed. They
stole your goods, and you have lost a sale.

How to protect yourself? When conducting business or selling goods
online, avoid accepting payments via Venmo. Use Venmo for the intended
purpose, which is sending money to friends and family, not customers or
strangers.

Money Transfer Scam

It's not always an honest mistake to get a random Venmo transfer. Con
artists employ this "high-tech spin on a classic con" to deceive you into
handing them money.

The tactic: Venmo is connected to stolen credit cards by scammers, who
then use it to "accidentally" transfer money to strangers. After that, they
demand their money back. However, fraudsters substitute their card details
with the stolen ones before you begin the transfer, and your money will
reach them in this manner.

Solution: Block the user and contact Venmo's customer support team if you
get an unforeseen or odd payment. Additionally, you can ask Venmo to
reverse the transaction. Avoid direct communication with the sender if it's a
scam.

In-person Scam

The tactic: Scammers approach individuals in public locations and beg you
to lend them your phone so that they can make a brief call. Once you've
agreed, scammers will pretend to call or text while completing a quick
Venmo transfer from your account.

How to protect yourself? Never blindly trust anyone until you have a close
relationship with them.

What to do if you fall victim to a Venmo scam?

If you become a victim of a Venmo scam, you can’t recover all the money
stolen from yourself. Venmo provides no security or protection to buyers or
sellers. The company stated that their service is only available to close
family or friends, acquaintances, and Venmo-approved merchants.

If your financial and private information has been stolen, you can take
action:

1. Request a printed version of your credit reports. This institution
provides a free copy every year. Credit bureaus also offer clients a

free copy of their credit reports once a week.

2. Examine your credit report copies. If you notice any unusual incidents
when purchasing goods and services, it could indicate that others
have accessed your credit card.

3. Inform the credit bureaus of any suspicious activity on your credit
reports.

4. Examine a copy of your credit card statements. Contact your credit
card company if you notice some transactions being made without
your permission.

5. Inform the FTC about identity theft (Federal Trade Commission).

Conclusion

Be careful with who you transfer money to and exercise caution when
buying and selling items online. You should be aware that Venmo isn't
exactly the gold standard of internet security.

Never open links in emails or texts purporting to be from Venmo. Use the
Venmo app only for transactions with people you know. And even if they
pretend to be from Venmo, never provide anyone your personal or financial
information over email or text.