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A young woman is sitting at the table with a laptop and reading a message on her phone.

What is social engineering?

Cybercriminals use the devious methods of social engineering to fraudulently obtain sensitive information belonging to other people, for example passwords for online banking.

Fraudsters come up with various tricks to obtain this data. Criminals manipulate potential victims by exploiting human traits such as a willingness to help, fear or trust. First, they analyze the target’s personal environment online, often making contact through fake profiles on social media platforms. They invent stories under a false identity, for example as bank employees or distant family members. By exchanging messages, they build up a seemingly personal relationship, give compliments or talk about common interests. Sometimes they raise false hopes of huge profits. Or they threaten consequences, such as blocking the affected individual’s card until he or she provides the necessary information or complies with financial demands.

Criminals can make contact with the victims on platforms like Instagram, Facebook, Snapchat, etc. with just a few clicks.

Worth knowing

Social engineering not only occurs on social media but can also occur via email, text message or phone call.

Common methods of social engineering

How do you recognize fake profiles on social media?

You can tell if a new online contact is a fake profile by the following clues.

Be skeptical…

  • if someone is exaggerating their level of financial expertise and success.
  • if you are enticed by extremely attractive conditions that are unrealistic compared to standard offers on the market.
  • if you are encouraged to make investments without discussion of the potential risks.

Example: fraud on social media

A typical social-engineering scam proceeds roughly as follows: An alleged “investment advisor” contacts people on the social media platform Snapchat. They offer financial gains of CHF 500 and ask to meet them personally. At the meeting, the victim signs an alleged investment contract. This requires opening an online account with a virtual credit card under the guidance of the fraudster, with a limit of CHF 10,000, as a prerequisite for the investment. The victim hands over their smartphone with their virtual credit card to the fraudster, who charges the card with an amount of up to CHF 10,000. Out of that, they pay the promised CHF 500 to the victim, who is now unwittingly heavily in debt.

10 tips to protect against social engineering

  1. Protect your personal data: Share as little personal information online as possible. Be mindful of the content you share on social media and what you “like.” Otherwise, you are leaving behind a lot of traces that can be misused for profiling and confidential approaches.
  2. Never disclose bank details: Genuine bank employees and authorities will never ask you for passwords or PINs for accounts and cards.
  3. Never allow access to your mobile phone or computer: Do not grant access to your communication devices when you are unexpectedly called to resolve an alleged issue with your device.
  4. Never pay in advance: Be suspicious if you are asked online to make an advance payment.
  5. Never sign contracts with strangers: Be skeptical when signing contracts with people you do not know personally.
  6. Verify contact requests: Only add people to your network who you know and trust.
  7. Research plausibility: Compare the conditions of the seemingly lucrative offer with those of banks and financial service providers to identify fake providers.
  8. Avoid public Wi-Fi networks: Do not use public Wi-Fi networks for online banking. Your login credentials could be hacked.
  9. Check addresses: The only email domain used by ۶Ƶ is @ubs.com. ۶Ƶ websites always start with ubs.com/...
  10. Report and delete suspicious emails: If in doubt, check the validity of a web address on the . You can report suspicious emails to ۶Ƶ. Then delete spam and phishing emails from your inbox.

Conclusion

Vigilance is the best protection against social engineering. To avoid fraud attacks on social networks, it is crucial that you understand the potential dangers and methods by which fraud is committed. If you are scammed on Facebook, Instagram, WhatsApp, etc. you should take action immediately. Change the passwords involved right away and report the incident to your bank. Also inform the authorities, for example using the reporting form of the .

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