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What is Cyber Fraud, Internet Fraud, Online Fraud or Online Scam?

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What is Cyber Fraud, Internet Fraud, Online Fraud or Online Scam?

Cyber fraud, internet fraud, online fraud or online scam refers to any type of fraud scheme that uses the internet, cyberspace, World Wide Web and software to present fraudulent solicitations to potential victims, to defraud or to otherwise take advantage of them.

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Forms of Cyber Fraud, Internet Fraud, Online Fraud or Online Scam

  • Internet banking fraud
  • Mobile banking fraud
  • Phishing
  • Mule recruitment
  • Shopping and auction site fraud
  • Scams
  • Spam
  • Identity theft
  • Malware Attach Using Ransomware

Internet banking fraud is fraud or theft committed using online technology to illegally remove money from, or transfer it to, a different bank account. Types of internet banking fraud include phishing and mule recruitment, and can happen through your Smartphone, tablet and other mobile devices.

Mobile banking

Banking on your computer, tablet or Smartphone is so convenient and banks protect your accounts with sophisticated software systems. Criminals know it's difficult to defeat these systems, so they focus on customers directly, tricking their victims into revealing confidential information.

Avoid becoming a victim by knowing how to protect your information and your mobile devices, and understand how criminals use scams to try to defraud people.

Phishing

Phishing involves using a form of spam to fraudulently gain access to people's internet banking details. The term 'phishing' refers to the use of spam e-mails purporting to be from a bank, in this way criminals 'fish' for legitimate bank customer's logon information.

Criminals send out millions of these fraudulent e-mails to random e-mail addresses in the hope of luring unsuspecting innocent persons into providing their personal banking details.

Typically, a phishing email will ask an internet banking customer to follow a link to a fake banking website and enter his or her personal banking details.

If the link is followed, the victim often also downloads a malicious program which captures his/her keyboard strokes including any typed information such as banking login details and sends them to a third party. As well as targeting internet banking customers, phishing emails may target online auction sites or other online payment facilities.

Please share with us what you know or ask a question about this article by leaving a comment below. Also, check the comment section below for additional information, if there is any.

Remember to forward malicious or phishing email messages to us at the following email address: info@onlinethreatalerts.com .

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