Web fraud and scams are growing at an alarming pace around the world. In the USA, a 30% growth in the number of monthly online scam cases was reported by anti-cyber fraud groups and online security analysts. As opposed to the over 600 monthly online scam incidents that were filed by American users in 2015, there were an average of more than 800 monthly online scam cases reported in the USA during the first half of 2016.
What is Web Fraud and Scams?
Credit card scams and identity theft make up a significant part of Web fraud and scams in the USA this year. This is evidenced by the number of complaints posted by users of BigScammers.Com against phishing scams and card not present theft.
US-based cyber security groups predict a 125% growth in financial losses due to identity theft and credit card scams in the next couple of years. This spells out a whopping $19 billion of losses because of card not present scams in 2018, as opposed to the $8 billion losses that were reported in 2014. Some online security experts around the world also claim that by 2018, more than 50% of the world’s total mobile user population would have been victimized by Web fraud and scams.
- How Credit Card Fraud and Scams Are Done in the USA
Many criminal syndicates that operate credit card fraud and scams use phishing messages to steal credit card details from unsuspecting users. They create exact clones of popular online banking portals and Web shopping platforms. They place links in deceptive messages that they send out to users of online banking facilities and shopping sites. These phishing messages are laced with fake urgency claims and scare rhetoric.
Many user complaints posted in BigScammers.Com against phishing scams claim that these deceptive messages tricked users to log into their accounts and update their profile details and security settings. As soon as they entered their login credentials and personal details into fake sites, they were logged and stored in online databases, which are managed by the criminals.
These stolen details are then harvested by the scammers for their other Web fraud and scams. Many fraudsters use these stolen details to buy illegal products from the Deep Web, which can include prohibited porn, firearms, drugs and so on. Some of the fraudsters sell these to other criminals as fake identity packages. A few more sophisticated criminal syndicates use the details to get an online merchant account for cashing out stolen credit cards.
Other criminal syndicates use fake tech support scams and online dating schemes to steal credit card details from unsuspecting users. These are mainly extortion scams. When users are only able to comply with the demands of scammers by sending credit card payments, these fraudsters steal their credit card details and use it for their other illegal activities.
- How to Avoid Credit Card Fraud and Scams
You must learn more about the exact tactics and schemes that are used by criminal syndicates for carrying out credit card fraud and scams. To do this, you can sign up at BigScammers.com to receive real time email notifications about the latest credit card scams today. You’ll get these emails whenever users post complaints in BigScammers.com regarding Web crimes.