What are the true costs of online fraud? At first it might just seem to cost the consumer money, but in fact, there are many types of costs of big scammers online fraud including the following ones:
1. National
This is one of the most overlooked costs of fraud including the online variety. A recent study showed that fraud costs the UK about $7,500 per second every day. That’s no chump change! It’s important to keep in mind that this involves the total cost of the fraud including individuals, companies, and organizations involved.
This situation explains why national, regional, and local governments are launching a program to battle scams and fraud. They realize that it doesn’t just affect citizens, but also companies that are also tricked into cashing bad checks, for example. It benefits the entire country when fraud is reduced. This helps to prevent costs and waste that’s involved with the big scammers online fraud.
2. Individuals
This is the most obvious type of cost involved. Consumers can be the victim of fraud in various ways. They include romance fraud when “lovers” steal money from bank accounts, credit card fraud when criminals max out cards after getting account numbers and PINs, and phishing scams when people click on links in legit-looking emails from companies.
These are some of the many ways that individuals can be duped. The good news is there are sources such as scam directories that provide news & updates about various types of scams, scamming trends, and even individuals/groups who have been caught scamming people.
It’s important to take steps to protect your money, possessions, and identity. Fraud can be a very serious issue and has the potential of bankrupting people and ruining their lives. That’s why it’s important to take necessary steps to prevent it as much as possible. That will help to keep you and your family as safe as possible.
3. Companies
It’s important to consider the costs of fraud to companies. That includes ones such as shipping products to fake customers through credit card fraud, wiring money to criminals who have accessed the account numbers and passwords of the real owners, and so on.
Companies often spend a lot of money investigating fraud and many times their insurance companies will cover the costs. However, in the case it’s impossible to prove the fraud, which is often the case, the company is stuck with the costs. This highlights the need to launch programs for combating all types of online fraud.
4. Emotional
This is an important type of cost regarding fraud, but it’s often not addressed. The victims, in particular, have to deal with serious issues involving deceit, humiliation, and depression. In the case they seek professional counselling and treatment the costs can be quite high.
These are some of the various types of costs linked to big scammers online fraud. Make sure to take steps to prevent it as much as possible. That includes using strong passwords, installing/updating antivirus software, and being cautious about which sites you visit and make purchases from.
