There is a subtle difference between cybercrime and cyber fraud inasmuch as the former relates to any criminal activity that involves a computer or a network. Cyber fraud, however, specifically refers to fraudulent activities conducted over the internet. Both are serious crimes which adversely affect the lives of many people around the world.
Police have revealed (April 2024) that they have infiltrated a huge phishing site on the dark web responsible for scamming tens of thousands of people. Numerous suspects across the UK and around the world have been arrested.
A site called LabHost has been active since 2021 and has now been taken down. This site has been described as a cyber fraud superstore, allowing users to produce realistic-looking websites from household names such as the big banks. Victims from around the world, including 70,000 in the UK were ensnared by the fraudulent scheme.
The impact of cyber fraud on individuals worldwide is significant. Cybercriminals target individuals through various means such as phishing, identity theft, and online scams, resulting in substantial financial losses. It has even been reported that some university students have turned to cyber fraud to boost their income.
Victims may lose money directly from their bank accounts, credit cards, or investments. This can lead to ruined credit scores and legal issues, among other personally distressing things.
The adverse effects of cybercrime and cyber fraud extend far beyond financial losses. It can also impact the emotional, social, and physical wellbeing of vast numbers of people.
Addressing the issues of cybercrime/cyber fraud is not an easy task, but some measures should be considered.
Implement robust email security tools that can eliminate threats before they reach users, and use tough-to-crack passwords that involve letters, numbers and symbols. In addition, it is good practice to monitor bank account transactions regularly, as fraudsters are likely to attempt any of a variety of different types of payment fraud.
Apple, Google, and others have implemented a two-step verification as an additional layer of security to protect users’ accounts from unauthorised access. Even if a hacker manages to obtain a user’s password through phishing, social engineering, or other means, they would still need the second factor (usually a code sent to the user’s mobile device) to access the account.