INTERNET FRAUD

CYBER CRIME

INTERNET FRAUD:  

What is internet fraud? 

 Internet fraud involves using online services and software with access to the internet to defraud or take advantage of victims. The term "internet fraud" generally covers cybercrime activity that takes place over the internet or on email, including crimes like identity theft, phishing, and other hacking activities designed to scam people out of money.

Internet scams that target victims through online services account for millions of dollars worth of fraudulent activity every year. And the figures continue to increase as internet usage expands and cyber-criminal techniques become more sophisticated.

Types of Internet fraud?

Cyber criminals use a variety of attack vectors and strategies to commit internet fraud. This includes malicious software, email and instant messaging services to spread malware, spoofed websites that steal user data, and elaborate, wide-reaching phishing scams.

Internet fraud can be broken down into several key types of attacks, including:

1. Phishing and spoofing: The use of email and online messaging services to dupe victims into sharing personal data, login credentials, and financial details.
2. Data breach: Stealing confidential, protected, or sensitive data from a secure location and moving it into an untrusted environment. This includes data being stolen from users and organizations.
3. Denial of service (DoS): Interrupting access of traffic to an online service, system, or network to cause malicious intent.
4. Malware: The use of malicious software to damage or disable users’ devices or steal personal and sensitive data.
5. Ransomware: A type of malware that prevents users from accessing critical data then demanding payment in the promise of restoring access. Ransomware is typically delivered via phishing attacks.  

EMAIL PISHING SCAMS:

Email-based phishing scams are among the most prevalent types of internet fraud, which continues to pose a serious threat to internet users and businesses. 

Statistics from Security Boulevard show that in 2020, 22% of all data breaches involved a phishing attack, and 95% of all attacks that targeted business networks were caused by spear phishing. Furthermore, 97% of users could not spot a sophisticated phishing email, 1.5 million new phishing sites were created every month, and 78% of users understand the risk of hyperlinks in emails but click them anyway.

Email-based phishing scams are constantly evolving and range from simple attacks to more sneaky and complex threats that target specific individuals.

Email phishing scams see cyber criminals masquerade as an individual that their victim either knows or would consider reputable. The attack aims to encourage people to click on a link that leads to a malicious or spoofed website designed to look like a legitimate website, or open an attachment that contains malicious content.

The hacker first compromises a legitimate website or creates a fake website. They then acquire a list of email addresses to target and distribute an email message that aims to dupe people into clicking on a link to that website. When a victim clicks the link, they are taken to the spoofed website, which will either request a username and password or automatically download malware onto their device, which will steal data and login credential information. The hacker can use this data to access the user’s online accounts, steal more data like credit card details, access corporate networks attached to the device, or commit wider identity fraud.

Email phishing scam attackers will often express the need for urgency from their victims. This includes telling them that their online account or credit card is at risk, and they need to log in immediately to rectify the issue. 

CREDIT CARD SCAMS: 

Credit card fraud typically occurs when hackers fraudulently acquire people's credit or debit card details in an attempt to steal money or make purchases. 

To obtain these details, internet fraudsters often use too-good-to-be-true credit card or bank loan deals to lure victims. For example, a victim might receive a message from their bank telling them they are eligible for a special loan deal or a vast amount of money has been made available to them as a loan. These scams continue to trick people despite widespread awareness that such offers are too good to be true for a reason. 

LOTTERY FEE FRAUD:  

Another common form of internet fraud is email scams that tell victims they have won the lottery. These scams will inform recipients that they can only claim their prize after they have paid a small fee.

Lottery fee fraudsters typically craft emails to look and sound believable, which still results in many people falling for the scam. The scam targets people's dreams of winning massive amounts of money, even though they may have never purchased a lottery ticket. Furthermore, no legitimate lottery scheme will ask winners to pay to claim their prize 

How to avoid Internet Fraud? 

Internet users can protect themselves and avoid being caught in a phishing line by remaining vigilant of the common types of internet fraud listed above. It is vital to never send money to someone met over the internet, never share personal or financial details with individuals who are not legitimate or trustworthy, and never click on hyperlinks or attachments in emails or instant messages. Once targeted, internet users should report online scammer activity and phishing emails to the authorities.

Credit card fraud can also be avoided by keeping a close eye on bank accounts, setting up notifications on credit card activity, signing up for credit monitoring, and using consumer protection services. If users suffer credit card fraud, they must report it to the relevant legal authorities and credit bureaus.