Do your personal or company devices need
fraud protection? It goes without saying that it’s important to protect them,
but a major issue is which types of fraud you need to protect your desktop,
laptop, tablet, or smartphone. The bad news is there are many types of fraud.
Here are some of the main ones:
1. Investment Fraud
There are multiple types of investment
fraud, so it’s important to know the basics so you also know what kind of fraud
protection is required. This type of fraud usually targets stock market
investors. The scammers attempt to steal the money and identities of investors.
There are various types of scams. One type
that requires fraud protection is in the form of bulletin boards. The site
supposedly publishes helpful information for investors. The problem is the fake
board provides false information.
Another common type has the form of a
newsletter. The newsletters include fraudulent offers that include inside info
about stocks and other types of investment. They charge a fee but provide fake
information instead of helpful data.
Then there’s a “pump and dump” scheme. It
can start with either a bulletin board or newsletter. It offers private info
for traders. Why do people need fraud protection from this type of fraud? The
object is actually to change stock values. Here’s how it works. The scammers
first prevent a stock’s price from increasing. They sell their stocks to earn a
profit for themselves as individuals or companies.
2. Identity Theft
It’s quite easy for users to store/access personal
data on the web. The problem is that it’s also easy for unethical people to
collect the data illegally. That’s what identity theft is. The stolen details
can include various types of info. That includes names, birth dates, address,
and account information.
All of that information can be used to
create an identity. In turn that can result in online fraud when parties try to
steal a person’s information. One of the main issues of this type of fraud is
that online trading isn’t done in real life. Thus, it’s quite easy for people
to use a stolen identity to hide. They can then make fake requests or
purchases.
3. Credit/Debit Card fraud
This is one of the oldest and most common
types of internet fraud that require fraud protection. This type of scam requires
consumers to input/register credit card at a fake website. The website can sell
products, services or both.
What’s the difference between real and
fake transactions? Legitimate companies collect customer credit/debit card
information and then process it through a real site. However, fraudulent
websites are different. That’s because they ask for the same data. However, the
difference is that they then steal the financial information. They also make
unauthorized purchases using the information the credit card owner provided on
the site.
These are just some of the main types of
online fraud that you can prevent through fraud protection. It’s important to
be aware of these types of frauds so you can protect yourself or your company.
