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Business Word for the Day: Internet fraud

Internet Fraud.jpeg Internet fraud cases have increased in recent times

Mon, 17 Jan 2022 Source: www.ghanaweb.com

Internet fraud has in recent times been very popular in day-to-day conversations as technological advancements are been made rapidly to adapt to global trends.

Internet fraud is the means through which people deceive others online for financial gains.

According to Wikipedia, it is a type of cybercrime fraud or deception which makes use of the internet and could involve hiding information or providing incorrect information to trick victims out of money, property, and inheritance.

According to reports by Fortinet.com, internet scams that target victims through online services account for millions of dollars worth of fraudulent activity every year. And the figures continue to increase as internet usage expands and cyber-criminal techniques become more sophisticated.

They come in different forms as follows as illustrated by Fortinet.com:

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 organizations.

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 unauthorized payments.

To ensure that you do not fall victim to these fraudulent activities, it is very important to never send money to someone you meet over the internet.

Also, never share personal or financial details with individuals who are not legitimate or trustworthy, and never click on hyperlinks or attachments in emails or instant messages.

Lastly, once you fall victim, internet users should report online scammer activity and phishing emails to the authorities.

Source: www.ghanaweb.com