Question

Discuss online fraud and identify theft. How can one protect themselves?

Answer 1

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EXPLANATION:

Online fraud involves financial fraud and identity theft. Cyber fraud happens in many ways. fraud committed on the internet is "internet fraud." This includes, amongst others, Viruses, which attack computers for the purpose of obtaining personal data, email systems which attract victims to wire funds from fraudulent sources, "phishing" emails allegedly from official entities requesting personal information from victims for the purpose of ID robbery, and fraud online auction sites where perpetrators sell fictional goods. Online fraud criminals are continually changing their methods.

There are two main ways cybercriminals are able to gather customer data. First, they can redirect customers to fraudulent bank sites. Second, they can inject malware into customers’ systems which changes the behavior of the legitimate site to facilitate the cybercrime.In the first type of attack, fraudsters will clone a legitimate bank site and create a fake one that directs customer traffic to the malicious servers. This is done through:

• Phishing schemes in which customers open a malicious e-mail that seems to be from a bank or company and click on a link to a cloned impostor site. In general such e-mails are a representation of the template used to interact frequently with you (logo, signature, etc.) by the bank or shop.
• Pharming attempts to redirect a user (who typed in the correct address) into the impostor site by tricking the domain name server. Once you get to the cloned website you may be robbed by cyber criminals, copy the login credentials to be subsequently robbed and use them as "mules" to deliberately transfer money or information from the bank to malicious servers.

Other types of cybercrime, such as man-in-the-browser (MITB) attacks, infect the device of a customer and are triggered by a browser visit. These attacks inject malware into the communications on legitimate websites of the bank.

Conclusion

When malicous hackers become more and more sophisticated and greedy, banks and other companies need more than ever to convince consumers that their data and properties are safe so that their consumers can defend themselves and prevent a bad reputation.

Buguroo has therefore developed an online fraud solution for the next generation. In contrast with current signature-based solutions the bugFraud uses signature-free technology which generates customized countermeasures on real time, using a proprietary pattern similarity based mechanism that detects new malware campaigns interacting wi-fi bugfraud provides new levels of transaction protection to protect organizations and their online customers from all types of attack and fraudulent scheme

WAYS:

Keep Financial Data Separate

Use a dedicated workstation to carry out all business banking activities, in particular for business users. Use additional computers for Internet access and business non-banking. When it is time to uninstall the device used to access corporate banking, make sure all important information is backed-up and the hard drive is deleted until it is recycled.

Keep Your Passwords Secret

Do not exchange passwords or leave documents that include access to financial information in an unauthorized location. Using a mix of letters , numbers and special letters if necessary to update your passwords periodically to help protect you. Modify the default password for the wireless network, and the default SSID (name used for network identification). Don't transmit your SSID and think about using your network encryption.

No Phishing Allowed

Caution about emails phishing. These emails are intended to prompt you to use the email links to verify or modify your account. Frequently the email links are ways for fraudsters to install the computer or device you use for accessing malicious software (also called malware) on. This malware can be used to collect personal data.

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