Phishing and spoofing: The use of email and messaging services to dupe victims by sending links or attachments in the content that contains malware is known as phishing. Hackers try to obtain personal information such as private financial credentials, passwords etc. Once they have such confidential information, they can carry out any activity before it is detected.   – Ransomware: This is a type of malware that prevents users from accessing personal secured data, demanding payment with a promise to restore the same. Ransomware is typically carried out through phishing attacks.   – Data breach: Stealing confidential, sensitive data from an organization’s network systems and moving it into an untrusted environment is called a data breach. This includes data stolen from persons as well as institutions.   – Malware: This is the use of viruses or malicious software to break down or damage users’ devices and steal personal, confidential data after that.   The above methods of executing online frauds can be used in some common types of internet frauds. Few are listed below:  

1. Email phishing scams: This is the most prevalent type of online fraud, which continues to pose a serious threat to individual users and businesses. Hackers will either compromise a legitimate website or make a fake website. They will then acquire a list of email addresses that can be targeted to distribute an email message aimed at duping people either morally or financially. In the email content, there could be a link that takes the user to a spoofed website, requesting their login credentials. This data thus collected can be used to steal from online accounts, corporate networks, or credit cards of the user.

 

1. Credit card scams: These frauds happen when hackers acquire users’ credit or debit card credentials by fraudulent means and use them to steal money or make fraudulent purchases. Hackers pose as genuine bank officials and lure the users into sharing sensitive details over a call or other electronic media. People continue to be tricked into these scams despite widespread awareness that financial institutions have created.

 

1. Online Dating scams: This is another typical example of internet fraud and is somehow becoming more widespread. By inviting online dating applications, hackers pose as genuine website owners and lure victims into sending money and sharing personal data to attract love interests. They create fake profiles to interact with users, develop a relationship, establish a fake emotional bond by creating a false story and ask the user for financial help.

 

1. Lottery fee fraud: This is a prevalent online fraud telling victims that they have won a big lottery. Typically, they inform users that they can claim the prize money only after paying a certain fee. People fall for this scam as fraudsters use believable language, cashing in on people’s dreams of winning large amounts of money sitting in the comfort of their homes.

  Methods to protect against online frauds:  

• Verification of informal and financial transactions: Exchange of sensitive data or execution of monetary transactions should be verified with a financial officer to avoid opening the networks to suspicious users. Likewise, attention should be paid to what is being shared on the social media handles of the firm, as fraudsters are always alert and looking out for any information that can help their ulterior cause.

 

• Data back-up: Frequent back-ups are necessary to recover from data loss or data corruption caused due to security breaches. Software support units provide data protection tools to facilitate periodic automatic back-ups to prevent data loss.

 

• Keeping software updated: Out-of-date or unpatched software will allow threats to breach the security system. Cybercriminals exploit those networks where software is vulnerable to gain access to data. Updated versions bring security patches that can block out malicious network activity.

 

• Spreading Awareness and self-educating: It is most helpful to be constantly aware of the type of online fraud being carried out so that users can guard against their impact and amp up the systems and software. Organizations can periodically conduct security awareness workshop for their employees to educate them.

 

• Virus scanning: Scanning the systems for any viruses is helpful as hackers use software embedded in the computer of users and make it easier to sweep out confidential information needed for them to commit scams.

 

• Changing passwords periodically: This practice will ensure that hackers cannot rely on the information they have been able to gain access to through fraudulent means.

 

• Avoiding downloads from unfamiliar websites: Along with the downloaded files, malware and viruses may also get downloaded and cause irreparable damage to the computer.

  Following these tips may go a long way to safeguard the confidential data of users and organizations. Organization must do regular third party audits to find any gaps and also deploy latest cyber protection techniques to minimize their risks.

About SNS

Secure Network Solutions India (SNS) provides a quantifiable, risk-based approach to building corporate cybersecurity based on globally recognized frameworks and standards. We have been protecting businesses for the last 20 years! Write to us at [email protected]