The Threat of Social Networking

Social Networking is changing the way we live our lives, infact is now an integral part of the way we live, work and play. Over the years, sites like Facebook, Badoo, MySpace, Hi5 and Bebo have helped friends to connect online and share messages, pictures and videos, as well as to meet new people, chat and play games while these sites have also helped business owners in the area of marketing, communicating with customers and collecting information. It is important to note that these social networking sites have unexpected consequences, and people unaware of its inherent risk can be caught off guard.

The Risk

The growth in the popularity of social networking sites has made them and their users a prime target for fraudsters and scammers. These sites are used to spread malicious software or application downloads, to steal personal information or to target individuals or their friends and family for criminal activity (such as fraud).

Scammers can also use social networks to impersonate others (often celebrities) by setting up fake accounts in their name. Therefore it is important to be aware of the dangers arising from social networking sites and to limit the amount of information you disclose online.

Common Types of Scams

Identity fraud: People do often give away unnecessary information on social networks which can then be used by fraudsters to commit crime or sell on to others.‘Live chat’ facilities are sometimes used to trick you into disclosing information. Even small pieces of information can be very useful to a fraudster more particularly when combined with other information obtained elsewhere.

Romance fraud and ‘honey traps’: Fraudsters use online dating sites to target innocent people for dishonest purposes by claiming to be who they are not. These fraudsters often use sophisticated and convincing tactics to earn your trust before asking to borrow money that will never be repaid or to have access to your bank accounts or other personal information that can then be used to commit crime.

Rogue or fake apps: These can be for anything – games, video calling, anti-virus patches, smartphones etc. Some are dummy apps leaving you out of pocket while others seek to compromise your email or account details to send spam-related or malicious site links to your friends or followers.

Fake videos: These claim to show videos of celebrities or ‘shocking’ events, but require you to complete a survey (or surveys) first Sharing or liking the posts helps to spread the scam further. Ultimately the video may be non-existent or false. Meanwhile the scammer has been paid a commission for the surveys you have completed.

Managing the Risk

· It is very important to know that social networking takes place in public places with limited privacy. Even innocent information shared with the world can be dangerous in the wrong hands.

· Be very careful about accepting ‘friend’ requests from people you do not know – don’t add them. Be careful about the type and amount of information you post about yourself, family, friends and employer when using social networks

· Be aware that some media tools e.g. "Triplt" broadcast trip and travel plans. Be cautious about posting status updates indicating where you are or going too.

· Make sure you read and understand the social network’s terms and conditions for use, no matter how boring they seem. Do some research on the internet about what others are saying about the site; are there any privacy or security issues that you should be aware of? Will your data be shared with third parties?

· Reduce the amount of personal information you post on these social networking sites. Do not disclose your home address or mobile phone number- This information can be very useful to fraudsters and others.

Gbolahan Babalola, CFE is the Director of EMG Fraud Consulting Limited. His passion is fraud prevention awareness for businesses, companies, non-profit organisations and private clients. He can be reached at contact@emgfraudconsulting.co.uk