Cyber fraud is a type of online
crime that involves the use of Internet services, or software using Internet
access. The main goal is to defraud the victims, or steal personal information
from them. These crime schemes extract money from unsuspecting individuals, and
lure brand new victims using various different methods. Plenty of these online
frauds have claimed so many victims throughout the years, including customers
and investors. In fact, these schemes have been going on even before the
Internet came about.
Types
of Cyber Fraud
1.
Identity Theft and Fraud
A
couple of these online fraud schemes deal with stealing people’s identities.
This unlawful usage of other people’s personal information is almost always for
economic gain. If you happen to be unfortunate enough to become a victim of
identity theft, then this can result in a cyber fraud that can damage your online finances. It can also make it hard for you to acquire loans, apply for
credit cards, or mortgages until the entire issue has been solved. But identity
fraud doesn’t always work just by stealing a person’s information. It only
happens when the scammer uses their victim’s identity to perform cyber crime or
steal their cash.
Identity theft is
best described as stealing a person’s identity to engage in criminal activities
online. A criminal or hacker can use your name and personal info to grab credit
cards, open up bank accounts without your consent, and order goods in your
name. The scammers can also gain access to your other banking accounts, and acquire
real documents like passports and driver’s licenses.
2.
Business E-Mail Compromise
One
of the more complex types of online fraud. This one focuses more on businesses
in touch with foreign suppliers, or businesses who conduct wire transfer
payments. The scam is performed when the scammer sends out several fake emails
that pretend to be from a legitimate company or business. They use the most
sophisticated techniques to hold secret money transfers online.
Plenty of fraud
victims usually encounter the perpetrator through wire transfers. That’s
because wire transferring is a quick and easy way to send in cash for the sake
of business. But some of these victims have also used checks as a way to pay.
The scammers will then use the method mostly done by their potential victims,
to get closer to them.
3.
Data Breaching
This
deals with a spill or leak of data, from a highly secure Website to an
unreliable environment. These can happen at the personal and corporate levels,
and can often include private, sensitive, and protected info. This info will be
copied, sent, viewed, or even stolen by the scammer without the owner’s
permission.
A data breach
happens when a hacker makes their way inside a corporate network to steal
private data. But not all of these cyber frauds are dramatic – A data breach
can also mean viewing a person’s info by accident, without the intention of
stealing them for their own use.
