Cyber fraud is committed using the Internet or software having Internet access so as to defraud victims for personal financial gains. The scammers adopt advanced and innovative methods for defrauding people. If you fall victim to any of the following high profile scamming methods, report the cyber fraud to the IC3 at www.IC3.gov. This is a joint venture of the Federal Bureau of Investigation (FBI) and National White Collar Complaint Center (NWC3).

  1. Business E-Mail Compromise (BEC)

The scammers target such businesses that work with foreign companies and individuals and make payments by wire transfer. In this method, the e-mail accounts of legitimate businesses are compromised through social engineering or by conducting unauthorized transfer of funds by intruding into their computers.

  1. Data Breach

In this method, data are leaked or spilled from a secure location to an unreliable environment. This kind of breach could be made to happen, both at the corporate and individual levels. It involves, sensitive and confidential information which is viewed, copied, stolen transmitted and used, by an unauthorized individual.

  1. Phishing/ Spoofing

Spoofing involves dissemination of a forged email, appearing to be sent by someone who is not the actual source. Phishing is known by other names such as vishing, pharming and smishing., which is used, being linked with a spoofed e-mail. The term phishing is homonymous with fishing, in which ‘bait’ is used to catch fish. The phishing actor sends an e-mail to an unsuspecting recipient and he claims to be a legitimate business and asks the victim to visit a particular website. By so doing, he lures the victim into divulging sensitive personal information such as credit card or bank account number, passwords. If you find the website to be fake, you must report cyber fraud to appropriate agencies.

  1. E-Mail Account Compromise (EAC)

It is similar to BEC fraud. This kind of fraud targets those associated with real estate, lending and financial institutions and law firms. The fraudsters of EAC make use of compromised e-mails requesting the prospective victim to make payments to fraudulent locations.

  1. Malware/ Scareware

Malicious software is installed on your computer, without your knowledge with the intent of damaging or disabling your computer systems. Sometimes, victims are made to be scared to make payment to the perpetrators.

  1. Denial of Service

In this method, the perpetrator interrupts the access of an authorized user to a particular system or network, basically, with a malicious intent. If you experience such eventuality, you must report cyber fraud to IC3.

  1. Ransomware

However advanced the IT may be, some or other kind of flaw or weakness is sure to exist. Similarly, in organizational or individual networks, lacunas and loopholes creep in inadvertently. The fraud artists have the skill, wit and intelligence to identify such weak points and exploit the same to their personal advantages. The malware is delivered by phishing emails to the end users that lead to the quicker encryption of sensitive files on a corporate network. When you find that you can no longer have access to our data, the fraudster demands a ransom. In such case, you must report cyber fraud to appropriate agencies.

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