10 Common Cyber Frauds and How to Guard Against Them

Felix Yim

March 9, 2022

Cyber fraud is a serious issue that can result in significant financial losses for individuals and businesses. In order to protect yourself from cyber fraud, it is important to be aware of the most common types of scams. This article will provide an overview of 10 common cyber frauds and how to guard against them.

1. Business Email Compromise

Business email compromise (BEC) is a type of scam where an attacker tricks someone into sending money or sensitive information to them through email. BEC scams can be very sophisticated and often target employees who have access to company funds. To protect yourself from BEC scams, always be suspicious of any unsolicited requests for money or sensitive information, and never send such information via email.

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2. Credit card fraud

Credit card fraud can involve the unauthorized use of your credit card or the theft of your credit card information. To protect yourself from credit card fraud, never share your credit card details with anyone other than legitimate organizations such as your bank, and always check your account statements for unauthorized charges. If you are a business, ensure that you are using reliable and reputable point of sale software and equipment. 

3. Identity theft

Identity theft is the unauthorized use of someone’s personal information to commit fraud or other crimes. To protect yourself from identity theft, never share your personal information with anyone other than legitimate organizations, and be suspicious of any unsolicited requests for such information.

4. Computer viruses

Computer viruses are programs that can damage or disable your computer, or steal your personal information. There are various kinds of common viruses that infect computers and their aims are different. Some viruses are created simply to cause mischief, while others are designed to steal your personal data or financial information. To protect yourself from computer viruses, always install and keep up to date antivirus software, and never open emails or attachments from unknown senders.

5. Malware

Malware is a general term used to describe all types of malicious software, including viruses, spyware, and Trojan horses. Malicious software can damage your computer, track your activities, or steal your personal information. To protect yourself from malware, always install and keep up to date antivirus software, and be suspicious of any unsolicited requests for personal information. A good business intelligence software with enhanced virus and threat scanning capabilties is also a good idea. 

6. Social media scams

Social media scams are schemes that use social media platforms such as Facebook or Twitter to lure you into giving away your personal information or money and they are increasingly common. To avoid being scammed on social media, be suspicious of any unsolicited requests for personal information, and only accept friend requests from people you know and trust.

7. Ransomeware

Ransomeware is a type of malware that encrypts your computer’s files, then demands a ransom payment to unlock them. To protect yourself from ransomware, always install and update antivirus software, and never open attachments or links in emails from unknown sources.

8. Spoofing

Spoofing is the act of disguising your computer’s IP address to make it appear as if it is coming from someone else. This can be used to commit fraud or steal your personal information. To protect yourself from spoofing, always use a firewall and never share your passwords or other personal information with anyone you do not trust.

9. Pharming

Pharming is the practice of redirecting website traffic to fraudulent websites. This can be used to steal your personal information or install malware on your computer. To protect yourself from harm, always use a firewall and be careful about the websites you visit.

To stay safe online, always remember to never give out your personal information unless you are sure of the legitimacy of the request and to install and update antivirus software on all of your devices.

10. Phishing

Phishing is a type of scam in which scammers attempt to steal your personal information by sending you fraudulent emails or text messages. Typically, phishing scams will ask you to click on a link or provide your personal information in order to gain access to a “promised” prize or account. However, by doing so, you risk having your personal information stolen by scammers.

To avoid becoming a victim of phishing, never respond to emails or messages asking for personal information, and always check the legitimacy of an organization by contacting them directly.

Conclusion

In summation, there are several types of cyber fraud that individuals can fall victim to. The most common are phishing, credit card fraud, identity theft, computer viruses, social media scams, ransomware and spoofing. However, by being aware of these threats and taking the necessary precautions, such as installing antivirus software and being vigilant about where you visit online, you can significantly reduce your risk of becoming a victim.

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