Online Fraud – Know about Types of Online Frauds & Prevention

What is online fraud?

Online fraud refers to fraudulent activities such as identity theft and financial frauds that are committed by using the Internet.

What is online fraud in cyber security?

Online fraud in cyber security includes online scams, spam, identity theft, a scammer buying products online from your account without your knowledge, identity spoofing, scam pop-up alerts, chain letter scams, etc.

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What are the most common types of online fraud?

Assured approval for a credit card or loan: Email scams that tell you to pay an upfront fee and that assures to give you a loan or credit card.
Employment opportunities: They promise to give you an employment offer letter if you agree to pay a certain fee.
Lottery scams:The email will say that you have won a lottery and you have to pay a processing fee.
Phishing: The meaning of Phishing is to get access to your confidential details like date of birth, credit card number, passwords, etc. through email, SMS, or calls.
Free vacation: You may get an email which says that you have received a free vacation to an exotic location with a hotel room booking. You will then be asked to make a payment later.

How does online fraud happen so easily?

Online fraud happens so easily due to many reasons. The main reasons are:

It is easy to get access to credit card details by hacking or online criminal organisations.
One who steals credit card details usually sells the confidential information to third parties. This leads to rapid spreading of information.
The law enforcement for cybercrimes is tough and minimal. There is not enough evidence for prosecuting cybercriminals. Cybercrimes usually involve several states and countries. Hence, jurisdictional issues can come into the picture. This will delay or minimise prosecution. Hence, people are not worried about consequences and engage in cybercrime widely.

How to protect myself from online scams?

Be aware of the various types of online fraud and be alert.
Get a pop-up window blocker.
Make sure you scan your device for virus on a regular basis.
Change your passwords from time to time.
Refrain from downloading files from unfamiliar websites.

How do I Engage in safe online banking?

Change your settings to ensure that your login ID/username and password do not get automatically filled in. This should be followed when you use any device – your personal laptop or a public system.

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