Cyber fraud, as well as other forms of online crime, is becoming more and more common nowadays. This is any type of crime that is performed with the assistance of a computer, or by using computer data.  Not only are individuals targeted by cyber criminals, but online businesses and companies will also suffer from the devastating effects of online fraud.

One of the reasons why it hasn’t been stopped is because these crooks tend to be anonymous on the World Wide Web. The Internet can mask the identity of the perpetrators. When a person visits their favourite Website, criminals will install a cookie on the victim’s computer to track them down. These cookies will record their names, addresses, IP addresses, and other types of important personal info. Big-time businesses use these cookies to sell their clients products, or offer services. Cyber thieves can use these cookies to gather knowledge that can show the person’s financial information. These thieves may also attempt to embed an executable file on their victims’ smartphones or computers. They can then find out the password to be able to access their victims’ social media or banking accounts.

Common Cyber Fraud Tricks

  • Foreign Lottery Cyber Fraud – A common type of email scam. When this occurs, the victim will receive what appears to be an email that comes from a foreign bank or a lottery company. The email will congratulate the victim, and might even contain the alleged amount of cash that they have supposedly won. People need to be careful when receiving these emails because it might be a scam. And if they can’t find their names in the email’s ‘To’ section, then that means that this particular email has already been sent to thousands of people, with the hopes of managing to lure in a couple more victims. Scammer emails will always request the victim’s full name, birthday, street address, and phone number. This is also called a phishing scam, which is made to convince people to reveal personal information about them. After the person gives all of their info to the thief, they may end up having a stolen identity, or a drained bank account.
  • PayPal or Online Credit Card/Banking Cyber Fraud – For this particular fraud, the person will receive an email that supposedly comes from PayPal. The subject of the email is something akin to ‘Act now, or your account will be deactivated’, or ‘Security breach on your account!’ This will make the person feel anxious, so they will open up the email, click on the link, and sign in to their account. But the catch here is that they won’t end up on the real PayPal Website. Instead, it’s a false Website that’s designed to bear a similar look to PayPal. So in short, the person has disclosed their PayPal email and password to a cyber criminal. The criminal can now use this info to change the person’s password, and wipe their accounts clean as a form of cyber fraud.