he term ‘ Internet fraud ’ generally covers cybercrime activity that takes place over the Internet or on email , including crimes like identity theft , phishing and other hacking activities designed to scam people out of money .
Internet scams that target victims through online services account for millions of dollars ’ worth of fraudulent activity every year . These figures continue to increase as Internet usage expands and cybercriminal techniques become more sophisticated .
Types of Internet fraud
Cybercriminals use a variety of attack vectors and strategies to commit Internet fraud . This includes malicious software , email and instant messaging services to spread malware , spoofed websites that steal user data and elaborate , wide-reaching phishing scams .
Internet fraud can be broken down into several key types of attacks , including :
• Phishing and spoofing : The use of email and online messaging services to dupe victims into sharing personal data , login credentials and financial details .
• Data breach : Stealing confidential , protected , or sensitive data from a secure location and moving it into an untrusted environment . This includes data being stolen from users and organisations .
• Denial-of-Service ( DoS ): Interrupting access of traffic to an online service , system , or network to cause malicious intent .
• Malware : The use of malicious software to damage or disable users ’ devices or steal personal and sensitive data .
• Ransomware : A type of malware that prevents users from accessing critical data then demanding payment in the promise of restoring access . Ransomware is typically delivered via phishing attacks .
• Business email compromise ( BEC ): A sophisticated form of attack targeting businesses that frequently make wire payments . It compromises legitimate email accounts through social engineering techniques to submit unauthorised payments .
To avoid hackers ’ Internet fraud attempts , businesses and employees need to understand the most common examples of Internet fraud and tactics .
Email phishing scams
Email-based phishing scams are among the most prevalent types of Internet fraud , which continues to pose a serious threat to Internet users and businesses . Statistics from Security Boulevard show that 97 % of users could not spot a sophisticated phishing email , and 78 % of users understand the risk of hyperlinks in emails but click them anyway .
Email-based phishing scams are constantly evolving and range from simple attacks to more sneaky and complex threats that target specific individuals . They see cybercriminals masquerade as an individual that their victim either knows or would consider reputable . The attack aims to encourage people to click on a link that leads to a malicious or spoofed website designed to look like a legitimate website or open an attachment that contains malicious content . Attackers will often express the need for urgency from their victims . This includes telling them that their online account or credit card is at risk , and they need to log in immediately to rectify the issue .
Greeting card scams
Many Internet fraud attacks focus on popular events to scam the people that celebrate them . This includes birthdays , Christmas and Easter , which are commonly marked by sharing greeting cards with friends and family members via email . Hackers typically exploit this by installing malicious software within an email greeting card , which downloads and installs onto the recipient ’ s device when they open the greeting card .
The consequences can be devastating . The malware could result in annoying pop-up ads that can affect application performance and slow down the device . A more worrying result would be the victim ’ s personal and financial data being stolen and their computer being used as a bot within a vast network of compromised computers , also known as a botnet .
Credit card scams
Credit card fraud typically occurs when hackers fraudulently acquire people ’ s credit or debit card details to steal money or make purchases .
To obtain these details , Internet fraudsters often use too-good-to-be-true credit card or bank loan deals to lure victims . For example , a victim might receive a message from their bank telling them
Kalle Björn , Sr Director , Systems Engineering Middle East , Fortinet
To avoid hackers ’ Internet fraud attempts , businesses and employees need to understand the most common examples of Internet fraud and tactics .
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