Social Studies

Types of fraud explained

len Alfred Ajibola - 05th January, 2023 @ 08:37 AM

Topics in Social Studies

Values and Norms explained What are norms? Types of norms Differences between values and norms How to prevent fraud Types of fraud explained Fraud as a contemporary social problem in Nigeria Explanations on the social problems in Nigeria and their solutions Contemporary social problems in Nigeria What is culture? Components of culture in social studies Child marriage and its consequences Consequences of Female Genital Mutilation What is healthy self-esteem? Characteristics of healthy self-esteem Causes of Environmental Problems Effects and Solutions to Environmental Problems Consequences of drug trafficking and solutions to drug trafficking Drug Trafficking: Reasons for drug trafficking Self-esteem: How to overcome low self-esteem What is low self-esteem? Characteristics of low self-esteem Low self-esteem: Causes of low self-esteem Consequences of Conflicts and Solutions to Conflict

Academic Questions in Social Studies

Please click here to see all Questions and Answers

Twitter is a part of our social environment.

  • A. True

  • B. False

The following are objectives of social studies except _____.

  • A. It teaches morals and values

  • B. It enables us to better understand our environment

  • C. It creates national consciousness

  • D. It assists in producing upright citizens

  • E. It promotes the military form of government

  • F. It fosters judicious use of resources

Which of the following is not a natural cause of environmental problem?

  • A. Tsunami

  • B. Deforestation

  • C. Earthquake

  • D. Drought

  • E. Hurricane

  • F. Tornado

Conflict can simply be defined as a clash of interest.

  • A. True

  • B. False

_____ refers to a personal reflection of one's overall self worth.

  • A. Integrity

  • B. Reputation

  • C. Personality

  • D. Self-esteem

  • E. Psychoanalysis

  • F. Attributes

A type of marriage whereby a christian man marries a muslim woman is termed _____ marriage.

  • A. Faith

  • B. Religious

  • C. Denominational

  • D. Interfaith

  • E. Intrafaith

  • F. Church-Mosque

_____marriage is said to exist between couples who have lived together for a very long time with no prior form of marriage.

  • A. Open

  • B. Convinience

  • C. Trial

  • D. Left Handed

  • E. Companionate

  • F. Common Law

Tribal marks - Len Academy

The above image is considered a part of harmful traditional practices. The following are similar examples of such practices except _____.

  • A. Sharo

  • B. Wuuse

  • C. Female Genital Mutilation

  • D. Widowhood

  • E. Breast Ironing

  • F. Child Marriage

Types of Fraud:

The evolution of the internet has increased the ease of fraud in our world today. However, fraud may also be carried out through physical contacts with the potential victim(s).

The fraudsters employ various means to achieve their goals. These methods of scamming people can be explained through the various types of fraud.

Meanwhile, 'types of fraud' may also be referred to as 'forms of fraud'. They include the following:


1. Mail Fraud

Unsolicited emails with clickable links are sent to potential victims. Such links may land on a fake or cloned website requiring important details like passwords, username, Bank Verification Number (BVN), ATM pins, National Identity Management Commission (NIMC) number and so on. Email frauds are often regarded as a type of phishing.

Phishing is a form of fraud in which an attacker clones itself as a reputable entity, presenting a malicious link through the sending of targeted emails, text messages or voice calls, in an attempt to get Personal Identifiable Information (PII), login credentials, financial details and other sensitive data of an individual or organization.

To avoid mail fraud, we should be very careful when clicking links attached to emails; as some of these links may lead to malicious landing web pages requiring sensitive information.

Please read on the internet and world wide web here.


2. Romance Fraud, Romance Scam or Catfishing

In romance scams, the fraudster lies about his or her identity in an attempt to win the heart of their potential lover, who may eventually become the victim if the scam pulls through.

The victim may eventually fall in love (or enter a sort of relationship) with the fraudster who seizes this opportunity in demanding for money and other valuables through a series of lies or emotional blackmails.

Catfishing typically occurs on dating websites and apps, chat apps and other social media apps.

Please read on the amazing leadership qualities of Joseph here.


3. Fake Credit Notification

Fake credit notifications are usually received as text messages. As an instance, one may buy products from a physical store. The buyer may choose to deceive the seller by paying through a fake financial transfer done on his or her phone.

Interestingly, the seller immediately gets an account credit notification on his/her phone stipulating that the exact amount of goods purchased had been transferred into their bank account. However, such fake notifications is a scam since it does not emanate from the seller's banks. For this reason, it is highly recommended to confirm credit notification online through our bank's official app.

Please read on honesty and consequences of dishonesty here.


4. Ponzi Schemes

A ponzi scheme is defined as a form of fraud perpetrated online through a structurally non-existent enterprise which pays old investors though funds collected from new investors in a timely and quick time frame.

Out of greed, the investors partake in ponzi schemes which typically promises 100% return on investment in one month or even less. They may eventually lose their entire capital through this scheme. Sadly, some had committed suicide through pertaking in ponzi schemes.

Please read on motivational quotes that has transformed lives here.

It is important to state that an unbelievably high return on any investment is a red flag towards such investment.


5. Fake Charity

People may be defrauded through fake charity organizations. Such charity organization display fake humanitarian projects on their website and other social platforms in an attempt to get financial donations from potential givers.

It is noteworthy to state that a legitimate charity will not force one into making donations. Also, they usually do not request gift cards or cryptocurrencies as their preferred means of payment. These are scammer's favoured methods of payment since such money is easy to access and difficult to trace.

Please read on black market here.


6. Debit and Credit Card Fraud

Fraud may be perpetrated through one's debit or credit card if certain details on the cards are compromised. For this reason, we should treat our debit and credit cards with utmost security.

Important details on the debit and credit cards include the card holder's name, the 16 digit code in front of the card, the expiration date in front of the card and three or fours digits Card Verification Value (called the CVV number) seen at the back of the card. These important features on the cards should be kept private.

Exposure of these aforementioned details can lead to online fraud through the making of payments with the victims' card. Also, their money can easily be transferred to another account using these details.

Please read more on credit and debit cards here.


7. Funds Transfer Fraud

This is said to occur when a fraudster receives the payment of a transaction instead of the intended recipient. To achieve this, the scammer may impersonate as an executive of an organization, or a representative of a business transaction.

In a fund transfer fraud, fake payment instructions are sent to the other party who is to make payments. If these payment instructions or invoices aren't verified, money may be sent into the fraudster's account. Such fraudsters usually transfer the money to their cryptocurrency wallets while also closing the dubious bank accounts within this period. This makes such money difficult to recover.

Please read on reputation here.


8. Loan Sharks

These are illegal lenders with extremely high interest rates, and strict terms and conditions towards collecting their payments, and will often target low income earners, especially those finding it difficult to access money from legal sources.

Unfortunately, some unregistered online loan apps can indirectly carry out fraudulent activities by giving out loans with an interest of 50% or more, spanning a period of two weeks to one month.

If the victim fails to pay the interest within the stipulated time frame, the loan shark tarnishes the loanee's image and may even issue death threats in some cases. Through such forms of threat, the loanee may eventually pay the borrowed money alongside huge interest to the loan sharks.

Please read on the elements of management here.


9. Fake Popup Messages

Popup messages are text that appears on the phone or computer's screen when browsing a website. Some of these popup messages may be fake, and websites showing such may be malicious.

Fake popup messages are often appealing. For instance, a message may appear telling the user that he or she has won a huge amount of money.

If a user clicks the fake popup message, they may be redirected to a compromised website. Such website could collect the user's financial information.

Please read on advertising here.


10. Lottery Fraud

They typically come in the form of email, SMS or phone call, telling a person that they have just won a lottery. As an instance, a fraudster will contact its potential victims, telling them they have won a huge sum of money through an organized lottery event.

Lottery fraud also refers to any act done in order to defraud the lottery game. In this regard, the aim of the fraudster is to win the jackpot prize of the lottery through fraudulent means. As a result, the organisation running the lottery may be defrauded.

An individual may also be defrauded if the jackpot prize of their lottery ticket is stolen. Also, an altered lottery ticket may be used to claim a jackpot prize if not properly checked.

You can read the concept of a business structure here.


11. Mortgage Fraud

A mortgage refers to a type of loan obtained to purchase physical assets like landed properties. In order to collect this loan, the borrower agrees to pay the lender over a period of time alongside the interest. The landed property obtained through the mortgage may then serve as collateral to secure the loan.

Mortgage fraud refers to a fraudulent act whereby the borrower obtains the mortgage by lying on their mortgage application. Therefore, the mortgage lenders may be defrauded through this act.

Due to the prevalence of this fraud, mortgage lenders are becoming more strict with regards to their lending criteria. Report has it that about 0.004% of mortgage applications are fraudulent.

You can read on franchise here.


12. Funds Transfer Schemes

In this instance, one may be tempted to provide his or her bank account details for money laundering scams. They are given commission for this act, which could eventually land them in prison.

You can read on the disadvantages of money here.


13. Fake Links

These are web links that lead to malicious websites. Such links are typically sent on various chat applications. These links lead to fake social media sites requesting the users' login credentials; that is, their username/email and password used on the genuine website.

If the users enter their login credentials on these fake sites, their accounts on the genuine sites may be eventually hacked.

Please read more on domain name system here.


14. COVID-19 Scams

Fraudulent activities had also been carried out  through COVID-19 scams. In this case, large sums of money allocated to COVID-19 palliatives are siphoned. In cases where these palliatives are purchased, they my not be disbursed to the people who really needs them.

Please read on fraud as a contemporary social problem in Nigeria here.

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Amazing facts in Social Studies

Statue of Unity - Len Academy

The Statue of Unity in Gujarat, India, is the tallest statue in the world. It stands at 182 meters (579 feet)

2.7 Billion Dollars was realized from the movie - Avengers: Endgame. This makes it the top-grossing film of all time

Sulawasi pigs - Len Academy

The world’s oldest known work of art was discovered by scientists in 2019 on an Indonesian island named Sulawesi. This work of art was created 44,000 years ago, and it shows paintings of three Sulawesi pigs

68% of households in New Zealand have a pet, and this is more than any other nation or country in the world

According to the Population Reference Bureau, the number of people alive today represents about 7% of the total number of humans who have ever lived.

Yahoo is an acronym for: 'Yet Another Hierarchical Officious Oracle'

Ashrita Furman holds the world record for the holder of the most world records. He had set over 600 records and currently holds more than 200 world records

As at 2023, France remains the most visited country (with about 90 million visitors), followed by Spain (83.7 million). Next is the United States of America (79.3 million)

Car license plate in canada - Len Academy

Some car license plates in the Northwest Territories of Canada are shaped like a polar bear

The Library of Congress located in Washington D.C, America is the world's largest library. It contains over 162 million items in more than 450 languages.

The British Library (with over 150 million items) comes second, followed by the Library and Archives Canada with 54 million items (third), the New York Public Library with 53.1 million items (fourth), and the Russian State Library with 44.4 million items (fifth)

Notable points in Social Studies

Social Studies is defined as an integrated study on the interaction of human beings with their physical and social environments.

We can think of our environment as everything that surrounds us at any point in time. For instance, the soil, air, your clothes, phone and everything surrounding you right now are all part of your environment. (That is, they make up your environment).

Physical environment describes every visible thing around us. It could be water, air, soil, clothes, phones or all other things found around us.

Social environment on the other hand describes the various social roles or positions that influence an individual or a group. It is represented in our culture, norms, values, the people and various institutions with whom we interact with. Meanwhile, understand that social media applications like facebook, twitter, instagram, youtube and the likes present a social environment where people can interact with one another regardless their geographical location around the world.

Please read on the meaning and objectives of social studies here

The causes of environmental problems can be either natural or man-made.

Natural causes of environmental problems will include the followings:

  • Erosion

  • Earthquakes

  • Drought

  • Tsunami

  • Tornadoes

  • Hurricanes

Some of the man-made causes of environmental problems are:

  • Pollution

  • Ozone layer depletion

  • Deforestation

  • Uncontrolled urbanization

  • Increased turnout of waste

  • Flooding

Environmental problems can be defined as problems associated with the lithosphere (land), atmosphere (air) and hydrosphere (water) as a result of man's action on earth.

Below are some of the constituents that make up our environment. These constituents may in turn act as factors that bring about environmental problems. They include:

  • Air or Atmosphere

  • Soil

  • Water

  • Bacteria

  • The people around us

  • The animals around us

  • The things around us. For instance, books, food, shoes, phones and so on.

Please read more on environmental problems here.

The following proactive processes can help reduce conflict in various organizations:

  1. Communication

  2. Set conflict guidelines

  3. Encourage collaboration and teamwork

  4. Proper recruitment process

  5. Promote social events

  6. Applying fair treatment

  7. Listening and understanding skills

  8. Private opinion and feedback from staff

  9. Gender equality

Please read more on conflict management in organizations here