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Understanding the Evolution and Impact of Online Fraud

01/16/2024
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Understanding the Evolution and Impact of Online Fraud

by Geraldine S.
01/16/2024
in Fraud & Scams, Risk Mitigation, Security & Risk

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Online scams have evolved significantly over the years, transitioning from easily dismissible emails to sophisticated schemes that prey on human emotions. A recent incident involving a woman named Sophie highlights the emotional sophistication of modern scams. Sophie’s mother received a message, seemingly from her daughter, asking for urgent financial help. The message claimed Sophie had broken her phone, necessitating the use of a different number. This nearly led to a transfer of £3,000 to the scammer, but was averted when the real Sophie contacted her mother about a different matter.

This case underscores the shift in online fraud tactics, where emotional manipulation is key. Javvad Malik, a security awareness advocate at KnowBe4, notes that the rise in instant messaging use has opened new avenues for scammers, who now target our phones, exploiting the personal nature of these devices. Data shows a significant increase in human-initiated fraud attacks, with a 92% rise last year. While traditional email-based frauds are declining due to better spam filters and public awareness, instant messaging has become a new battlefield. Scammers often use urgent, panic-inducing messages to catch people off guard. The methods used by scammers are becoming more varied and technologically advanced.

Richard de Vere of Ultima, a business IT company, explains that modern scams often exploit basic human needs and desires, as outlined in Maslow’s hierarchy. For instance, lower-income individuals might be targeted with financial threats, while others might be lured with offers of desirable products like iPhones. A concerning development in online fraud is the use of artificial intelligence to mimic real voices, making scams even more convincing. Sabrina Gross, a former fraud investigator and current employee at biometrics firm Veridas, emphasizes the need for increased vigilance and skepticism, especially when receiving panic-inducing calls. The impact of these scams is not just financial; they also fuel serious crimes like human trafficking and drug smuggling.

Simon Miller, a colleague of Hester Abrams from Stop Scams UK, points out that the stolen funds often support organized crime networks operating in various countries. The government and security firms are working on strategies and technologies to counter these scams. However, public awareness and precautionary measures remain crucial in combatting online fraud. Experts suggest practical steps like using secure passwords, agreeing on a safe word with family members, and verifying suspicious messages or calls. In conclusion, online fraud has evolved into a sophisticated and emotionally manipulative threat. It requires a combination of technological solutions, public awareness, and personal vigilance to combat effectively. Individuals are advised to report any instances of fraud to their banks and relevant authorities to help close loopholes and make online spaces safer.

Stay informed on supply chain news at The Supply Chain Report. Free international trade tools are at ADAMftd.com.

#OnlineScams #FraudAwareness #ScamPrevention #HumanEmotionExploitation #KnowBe4 #UltimaIT #Veridas #StopScamsUK #AIinFraud #CyberSecurity #ScamAlert #InstantMessagingScams #PublicAwareness #SafePasswords #FraudInvestigation #FraudPrevention #EmotionalManipulation #SecureYourDevices #ScamAwareness #FightFraud #OrganizedCrimePrevention #TechnologyAgainstFraud #FraudulentSchemes #OnlineFraudPrevention #CyberVigilance #ReportFraud

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