Keeping up with the latest digital cons is exhausting. Fraudsters always seem to be one step ahead. But our study found there is one simple thing you can do to drastically reduce your chances of losing money to web scams: slow down.
In fact, among the various techniques used by scammers, creating a sense of urgency or the need to act or respond quickly is probably the most damaging. As with many legitimate sales, acting fast reduces your ability to think carefully, evaluate information and make a careful decision.
The COVID lockdowns made us all more reliant on online services such as shopping and banking. Quick to take advantage of this trend, scammers have since increased the rate and spectrum of online fraud. Cybersecurity company F5 found phishing attacks alone increased by over 200% during the height of the global pandemic, compared to the yearly average.
One fraud type many people fall victim to is fake websites (spoof legitimate business or government websites). According to a nonprofit that handles consumer complaints Better Business Bureau, fake websites are one of the leading reported scams. They caused estimated retail losses of approximately US$380 million (£316 million) in the US in 2022. Actually, losses are probably far higher because many cases go unreported.
How to know
We developed a series of experiments to evaluate what factors impact people’s ability to distinguish between real and fake websites. In our studies, participants viewed screenshots of real and fake versions of six websites: Amazon, ASOS, Lloyds Bank, the World Health Organisation COVID-19 donation website, PayPal and HMRC. The number of participants varied, but we had more than 200 in each experiment.
Each study involved asking participants whether they thought the screenshots showed authentic websites or not. Afterwards, they also took tests to evaluate their internet knowledge and analytical reasoning. Earlier research has shown analytical reasoning impacts our ability to tell between real and fake news and phishing emails.
People tend to employ two types of information processing – system one and system two. System one is quick, automatic, intuitive and related to our emotions. We know experts rely on system one to make quick decisions. System two is slow, conscious and laborious. The ability to perform well on analytical reasoning tasks has been associated with system two but not system one thinking. So we used analytical reasoning tasks as a proxy to help us tell whether people are leaning more on system one or two thinking.
An example of one of the questions in our analytical reasoning test is: “A bat and ball together cost $1.10. The bat costs $1.00 more than the ball. How much does the ball cost?”
The big reveal
Our results showed higher analytical reasoning ability was linked to a better ability to tell fake and real websites apart.
Other researchers have found time pressure reduces people’s ability to detect phishing emails. It also tends to engage system one processing rather than system two. Scammers do not want us to carefully evaluate the information but engage emotionally with it. So our next step was to give people less time (about 10 seconds compared to 20 seconds in the first experiment) to do the task.
This time we used a new set of participants. We found participants who had less time to judge the credibility of a webpage showed poorer ability to discriminate between real and fake websites. They were about 50% less accurate compared to the group who had 20 seconds to decide whether a website was fake or real.
In our final study, we provided a new set of participants with 15 tips on how to spot fake websites (for instance, check the domain name). We also asked half of them to prioritise accuracy and take as much time as they needed while the other half were instructed to work as quickly as possible. Working quickly rather than accurately was linked to worse performance, and to poor recall of the 15 tips we provided earlier.
Is it for real?
With increasing internet use among all age groups, scammers are capitalising on peoples’ tendencies to use more intuitive information processing mechanisms to evaluate whether a website is legitimate. Scammers often design their solicitations in a way that encourages people to act quickly because they know that decisions made under such conditions are in their favour. For example, advertising that a discount is ending soon.
Muck of the advice about how to identify fake websites suggests you carefully examine the domain name, check for the padlock symbol, use website checkers such as Get Safe Online, look for spelling errors, and be wary of deals that sound too good to be true. These suggestions, obviously, require time and deliberate action. Indeed, possibly the best advice you could follow is: slow down.
AI in the modern economy
Unraveling the impact of AI: unprecedented economic growth or unforeseen challenges on the horizon?
In an era dominated by technological advancements, AI is spearheading a revolution in the modern economy, providing innovation, enhancing efficiency, and transforming industries.
But is the development of AI bringing positive change, or are there challenges we haven’t seen coming?
Denver Naidoo, CTO and co-founder of AI workforce provider Zeligate explores the ups and downs of AI in the modern economy.
Rising cybercrime spurs push for stronger cybersecurity measures
Increased cybercrime reports highlight urgent need for threat detection and response tools
David Peterson from Confluent talks in-depth on the subject of Cybersecurity and how businesses can take a more proactive strategy and preempt cybercrime.
AMD unveils advanced chips with lighting AI training speed
Advanced Micro Devices (AMD) has launched a series of cutting-edge chips designed to supercharge the speed of artificial intelligence (AI) training.
With an emphasis on faster processing and improved efficiency, these new chips are set to redefine the capabilities of AI-driven applications across various industries.
The latest AMD chips boast an innovative architecture that significantly enhances the performance of AI training tasks, ranging from machine learning algorithms to neural network simulations.
This development addresses a critical need in the rapidly evolving field of AI, where speed and efficiency are paramount for handling complex computations and accelerating breakthroughs in research and development.
These chips are poised to revolutionise the landscape of AI-powered technologies, offering a competitive edge to businesses and researchers alike.
The enhanced processing power enables quicker training of AI models, unlocking the potential for more sophisticated applications such as advanced image recognition, natural language processing, and autonomous systems. As industries continue to embrace AI, the release of these chips underscores AMD’s commitment to pushing the boundaries of technology.
In the race to dominate the AI hardware market, AMD’s latest release positions the company as a formidable player alongside industry giants. As demand for faster and more efficient AI solutions grows, the impact of these chips on the development and deployment of AI applications is expected to be substantial.
The unveiling of these advanced chips not only marks a significant milestone for AMD but also signals a new era in the evolution of AI technologies.
Diversifying and enhancing payment methods
What can leaders do to overcome the innovation crisis?
AI in the modern economy
Crypto.com accidentally transfers $10.5m to woman instead of $100
What is happening between SHIB and Vitalik? | TICKER VIEWS
Russia has cancelled itself. But the world should beware of poking the Russian bear￼
Tech4 days ago
Amazon taps SpaceX for satellite launch, bypasses Bezos
Money19 hours ago
Starbucks value drops $12B amid Israel controversy
News5 days ago
Will TV regulation become irrelevant in the future?
News4 days ago
UK introduces tougher visa rules to curb immigration
News4 days ago
The Game Awards 2023: Industry celebrates huge year
Tech5 days ago
Sam Altman and Elon Musk’s feud revealed
Tech4 days ago
Google’s AI bot faces delay
Money4 days ago
2024 economic slowdown fuels 50% recession prediction