How to stay safe from online gaming fraud?

Posted on: Jul 3, 2024 | 3 mins | Written by: HDFC ERGO Team

How to stay safe from online gaming fraud?

Online gaming fraud is a deceptive practice within digital games, targeting players for illicit financial benefits. It encompasses scams that exploit personal information, like credit card details, for monetary gain. Cyber insurance offers a safety net, especially for families and frequent online shoppers, against the repercussions of such online gaming scams, ensuring peace of mind in the virtual gaming world. Amidst the digital arenas of online gaming, the menace of fraud emerges as a formidable adversary and here's how cyber insurance for shopaholic can help.

What is online gaming fraud?

Online gaming fraud is a major issue because it uses illegal tactics to obtain an advantage in a game or to make money. Many people are facing cyber threats, and hence, the importance of cyber insurance is being elevated in the gaming community.

There is a rise in the demand for cyber insurance for shopaholic or cyber insurance for family protection against online gaming scams. Issues such as losing an account, being a victim of identity theft or having data stolen can be fixed with this. Generally, cyber insurance policies are designed to cover a wide range of cyber threats, such as online gaming fraud. For gamers, buying cyber insurance for shopaholics or cyber insurance for family is vital to reduce the financial risk that comes with online gaming fraud.

Types of Online Gaming Fraud

Cybercriminals have developed a lot of fake schemes to steal from the huge world of online gaming. The various forms of online gaming fraud are as follows: -

1. Account Hacking:

Fraudsters get into the players' accounts without the permission of the players and then they steal the in-game currency, the items, and also the personal information of the players.

2. Item Scamming:

Fraudsters exploit the fact that the players are not able to distinguish the real items from the fake ones or the ones that are stolen, and thus, they approach the players with the fake or stolen items and make them buy them for real-world money.

3. Currency Scamming:

They either pass on the in-game currency to buyers at much higher prices or use fraudulent payment methods.

4. Phishing:

Fraudsters send emails or create websites that look like the real gaming platforms that players use to fool them into giving up their login information.

5. Money Laundering:

Fake people use online games as a way to wash illegal money, usually by using stolen credit cards or other payment methods.

6. Smurfing:

Enthusiastic players set up several accounts to get ahead of the not-so-good ones.

7. Virtual Item Counterfeiting:

Fraudsters are the ones who get the items from the games, make copies of them, and sell them to other people, so they are the ones who break the rules of the developers.

Understanding the motives

Online gaming markets are not only looking for quick thrills but also have calculated intentions. Here's what the motives of online gaming scams are.

1. Financial gain

The main reason behind gaming fraud is the money that is offered in return. It is quite usual for scammers to target gaming accounts and virtual items as potential sources of income. They can steal or manipulate in-game assets, which they can then sell on the black market for real cash. Some are to the point of extortion, forcing the defrauded victim to pay for the recovery of the stolen accounts.

2. Virtual wealth

Certainly, there are some fraudsters who would jump at the opportunity to create virtual money that would later be taken as real. The in-game items that are not easy to acquire, characters with high-level strengths, and virtual money can be as tempting as real-world money. Most likely, the scammers will go after players who have spent a lot of time and effort in their gaming activities.

3. Psychological gratification

The scammers are not always lured by monetary profit only. Some partake in online gaming fraud for the sake of the psychological pleasure of fooling others. Surprisingly, the adrenaline of persuading trust, playing with feelings, and beating others is itself a reward.

4. Data theft

Apart from virtual assets, scammers can also try to obtain information that is very valuable for a person. Your gaming account might be a doorway to your email, social media, or even your money accounts. This data that was stolen can be put to use for the purpose of identity theft or even be sold on the dark web.

Recognising Red Flags

Now that we have revealed the reasons behind online gaming fraud, it is time to delve into ways you can hone your intuition to detect warning signs and safeguard yourself from these cyber scammers.

1. Too good to be true kinds of offers

Do not accept any in-game offers or trades, especially if there seems to be a huge difference in the prices. It is quite common for swindlers to use the prospect of sensational deals in order to trick you into their traps. If it looks like it might be false, it surely is.

2. Unsolicited friend requests

The presence of an unknown entity in the friendliest should alert. Scammers will pretend to be nice players initially so that soon they can cheat on your money.

3. Pressure and urgency

Fraudsters very often resort to psychological manipulation to force you to take action quickly. They can give you an illusion of necessity, and you may end up feeling like you need to act ASAP just because they warned you so.

4. Requests for private information

Legitimate gaming platforms that any person esteem will not ask for sensitive personal information. Take heed of any calls for your real name, address, phone number, or financial information in the game.

5. Trash links and files without verification

Definitely, you should not click on unreliable links or download files from irrelevant sources within or out of games. Hackers can use such malware to attack your security.

6. Check for Authenticity

While you are engaging with the gaming platform or websites, it is advisable you make sure they are real. Scammers are just like legitimate sites and can steal your login details.

Preventative measures

Here is how to stay secure while gaming:

1. Report suspicious behavior using in-game systems

2. Customise privacy settings to control interactions

3. Be cautious with friend requests from unknown players

4. Use official trading systems to avoid scams

5. Stay informed about common gaming scams

6. Engage with support communities for updates and support

In-game security features

Stay secure while gaming by knowing these features:

1. Use in-game reporting systems to flag suspicious behavior

2. Customise privacy settings to control access and interactions

3. Be cautious with friend requests and only add known players

4. Utilise official trading systems to avoid scams

5. Stay informed about common gaming scams

6. Engage with support communities for updates and support.

How to report fraud?

Here is how to report fraud in gaming:

1. Use in-game reporting systems

2. Contact customer support for guidance

3. Visit the official website for reporting information

4. Reach out through dedicated social media channels

5. Provide detailed evidence like screenshots and chat logs

Conclusion

Cyber insurance has evolved into an imperative prioritization as cyber threats against individuals and businesses continue to evolve in the digital environment of today. It is suitable that gamers make an effort to use reliable gaming sites and install strong security measures and keep themselves safe from online gaming frauds and online gaming scams.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.

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