All such offences that are committed through the use of modern technology to inflict mental, physical or monetary harm to its victims are known as cyber crimes. With the advent of superior computer technology cyber crimes too have evolved over the years. The first identity theft victim was discovered in 1938.
Although modern technology may not have been used in the case, it does tell us that such frauds have been around for a long time. With modern technology, cybercriminals have become more notorious and confident about scamming users online.
Online fraud affects every sector out there from banking to insurance to healthcare to governmental agencies and online retail stores. Although there are a number of different types of cyber crimes out there, there are some that are more common nowadays than others.
Social Engineering is the type of cybercrime that does not need too tech savvy a criminal to execute; they just have to sound convincing enough to their victims. What fraudsters do in social engineering is that they portray themselves to be from a person’s bank, a reputable online store or sometimes even a governmental body. They contact the person through emails, phone calls or direct messages via social media. In most cases, they tend to have some or most of the person’s personal information on hand and only need a password or pin to access their accounts. Other times they tend to convince unwitting users into giving all their details over the phone. It is highly uncommon for banks to contact their customers over the phone and even more unlikely to ask for their personal details.
Identity theft when committed through the internet usually encompasses gaining access to a person’s personal information through social media or other similar sources. All such information can then be used by the fraudster to gain access to the person’s personal accounts. For such cases, businesses and social media sites are now adopting identity verification measures to reduce such attacks. Through KYC verification services, websites can now verify their users through document verification, ID verification and face verification. Simple 2-factor authentication can also be used to verify a user. Discover more about identity verification services here.
Ransomware is used to invade organisations and national agencies by injecting malware into their system and blocking it indefinitely. Later the cybercriminals demand a hefty ransom to restore the system. In a lot of such cases, they also threaten to delete all such data from the company’s server.
Denial of Service (DoS)
Often what cybercriminals do is flood a company’s website with more traffic than it has been built to handle. In such cases, even the users trying to access the website for legitimate reasons will not be able to access the information on it, thereby damaging the business or website’s reputation and reliability.
Cybercriminals will often stalk their victims through social media to monitor their online activity. They will often harass the victims by somehow obtaining any impressionable material from their accounts. In doing so they may end up inflicting both monetary and emotional harm to their victims.