Internet Fraud Prevention

Internet fraud is the use of Internet services or software with Internet access to defraud victims or to otherwise take advantage of them. Internet crime schemes steal millions of dollars each year from victims and continue to plague the Internet through various methods. Many of the similar scams or frauds that for years have been conducted by mail or the telephone can now be found on the Internet.

Several high-profile methods include the following:

Business E-Mail Compromise (BEC)

A sophisticated scam targeting businesses working with foreign suppliers and companies that regularly perform wire transfer payments. The scam is carried out by compromising legitimate business e-mail accounts through social engineering or computer intrusion techniques to conduct unauthorized transfers of funds.

Credit Card Fraud

Online users are duped into submitting their credit card information on deceitful websites, allowing criminals to make purchases using the stolen data.

Auction Fraud

Online shopping scams include buyers not getting what they paid for or receiving an item that’s different from the one advertised.

Investment Fraud

Scammers pretend to have great connections and knowledge in finance and bait people to invest on a company, bank or venture.

Work-at-Home Scam

This scam promises financial independence and huge money for minimal effort of work at home. Victims must pay upfront for a registration fee to get products that actually don’t sell.

E-Mail Account Compromise (EAC)

Similar to BEC, this scam targets the general public and professionals associated with, but not limited to, financial and lending institutions, real estate companies, and law firms.

Malware/Ransomware

Malicious software that is intended to damage or disable computers and computer systems. Sometimes scare tactics are used by the perpetrators to solicit funds from victims. Ransomware is frequently delivered through spear phishing emails to end users, resulting in the rapid encryption of sensitive files on a corporate network. When the victim organization determines they are no longer able to access their data, the cyber perpetrator demands the payment of a ransom, typically in virtual currency such as Bitcoin to the victim to regain access to their data.

Online Dating Scam

Criminals scour social networking sites to meet and form relationships with people and later convince them to send money.

West African Scam

Victims are asked to help someone transfer a huge amount of money between countries. The scammer promises to give these people a portion of the money, as long as they send an advanced fee to supposedly help process the transfer.

Internet Fraud Prevention

Here are some practical tips to help you stay a step ahead.

Spot imposters. Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a company you do business with. Don’t send money or give out personal information in response to an unexpected request — whether it comes as a text, a phone call, or an email.

Do online searches. Type a company or product name into your favourite search engine with words like “review,” “complaint” or “scam.” You can even search for phone numbers to see if other people have reported them as scams.

Don’t believe your caller ID. Technology makes it easy for scammers to fake caller ID information, so the name and number you see aren’t always real. If someone calls asking for money or personal information, hang up. If you think the caller might be telling the truth, call back to a number you know is genuine.

Don’t pay upfront for a promise. Someone might ask you to pay in advance for things like debt relief, credit and loan offers, mortgage assistance or a job. They might even say you’ve won a prize, but first you have to pay taxes or fees. If you do, they will probably take the money and disappear.

Consider how you pay. Credit cards have significant fraud protection built in, but some payment methods don’t. Wiring money through services like Western Union or MoneyGram is risky because it’s nearly impossible to get your money back.

Do business with those you know and trust. Be sure you know the business or person that you are doing business with and where they are physically located.

Understand the offer. Look carefully at the information about the products or services being offered and ask for more information if you need it. Print all information for documentation.

Check out the company or individual’s track record. Check with the Better Business Bureau for complaint records and ask for an opinion on that business. Remember that lack of a complaint record is no guarantee of legitimacy.

Conclusion:

Be aware that criminals will try to take advantage of people who are not prepared and well educated on how to use the Internet. Get educated with software to prevent Internet fraud and remember to always update that software. Sign up for our Blog alerts from RJ DIGITAL WEB TECHNOLOGIES PVT LTD. Get the latest tips and advice about similar topics sent right to your inbox. Remember that technology is always evolving and we must evolve with it to successfully make consumer purchases and run a business.