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Understanding cyber fraud (I)
Sep 06, 2021
Ciberfraude

Understanding cyber fraud (I)

According to Cybersecurity Ventures, cyber fraud or fraud on the internet already reaches the $ 6 trillion in damage globally so far in 2021. This figure is projected to rise to $ 10.5 trillion annually by 2025.

It is an increasingly worrying phenomenon, which is advancing almost at the same pace as technological innovation.

In addition, the pandemic and new ways of interacting with the environment have increased this type of fraud.

Remote work, online shopping, digital payments, customer onboarding, distance classes, etc. Not only have our routines changed, but they have also sharpened the ingenuity of criminals, who reinvent themselves at the same rate as societies.

What is cyber fraud?

Cyber ​​fraud is considered to be any form of infraction, crime or fraud, carried out online, using a digital platform, mobile application or network of computer systems.

Although cyber crimes are many and varied, and there is still no consensus, some experts agree that online fraud can be classified into two broad categories:

  • Crimes that are directed at a device or network. For example, malicious software, such as viruses, or denial of service (DoS) attacks
  • Crimes that use a device or network as a means of engaging and / or perpetrating online crimes, such as identity theft or phishing

⚠️⚠️⚠️ Did you know…?

Cyber fraud arose before the advent of the internet and current technologies.

It is considered that the first case of cybercrime occurred in 1834 when several criminals hacked into the security system. French telegraph and they stole some data from the stock market at the time.

Since then, there has been evidence of different specific cybercrimes until the 1970s, when the phenomenon became evident with the attacks of the first computerized telephone systems in the United States.

What types of cyber fraud are the most common?

At the rate we are going, surely you are or have encountered some type of cyber fraud in your professional or personal life.

Before considering what method to use to avoid them, it is useful to understand what types of cyber fraud exist. Although there are many types of cyber fraud and, as we mentioned above, there is still no classification consensus, some of the most common types of online fraud are:

Impersonation

Impersonation or identity theft is one of the most recurrent forms of online fraud, it occurs when a criminal takes over another person’s sensitive information and pretends to be that person (their victim).

After identity theft, the scammer often accesses the victim’s bank account to steal money or carry out any other activity using someone else’s identity.

Phishing

It is a form of crime in which the victim receives an email or the URL of a web page offering some kind of incentive to open or visit the web.

Once the victim clicks on this “hook”, the cybercriminal manages to gain access to her personal information. The scammer’s intent is to gain access and eventual control of his victim’s email account, as well as other personal information.

Some of these malicious emails do not appear as spam, which causes many people to open it.

If you have won a prize without having participated at a raffle, it is a hook.

Piracy

Using more sophisticated techniques and malicious software, some hackers are able to access data and computer systems. They tend to steal passwords to access the accounts of certain users.

They also know how to take advantage of security weaknesses to steal large amounts of company data.

Social engineering attacks

This form of cybercrime aims to steal sensitive user data, such as bank details or login credentials.

Cybercriminals usually pose as third parties to gain the trust of their victims and obtain their data.

If a Nigerian prince wants to send you money, run away.

Illegal content

The deliberate sharing of illegal or offensive content is also considered a form of cybercrime.

Generally, this involves sharing content that is sometimes morally harmful or offensive, such as pornography, or any other content that advocates terrorism or other violent crimes.

Cyberbullying or bullying

And of course cyberbullying is a crime, especially in the United States. Basically, digital platforms, including social media and email, are used to harass people.

Fighting cyber fraud should be a priority for companies

Companies play a very important role in the fight against cyber fraud. They are not only responsible for safeguarding the information of their clients, who entrust them with their data; but also to protect their business, which can be harmed at all levels.

In addition to economic damage, companies exposed to cyberattacks or that show weakness are subject to public judgment, with the consequent deterioration of their image.

Although every day more users and companies become victims of cyber attacks, better ways to reduce risks and prevent attacks are also emerging thanks to digital tools and automations .

Tools that not only outperform humans, but also free them from manual and repetitive tasks (with the consequent saving of resources).

Hence the importance of implementing more efficient and innovative strategies.

Solutions such as identity verification are revolutionizing the Internet fraud landscape. Besides, adding this barrier is a dissuasive measure for users who intend to do evil, such as spoofing identities on platforms or harassing cybernetically.

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