With the development of the internet, along with the of numerous online platforms, cyberspace has become a play ground for cybercriminals to carry out fraudulent activities.
Cybercriminals employ the internet and sophisticated techniques to execute various forms of fraud and deception. You’ve probably heard a lot about phishing, one of the most common techniques which fraudsters like to use. By impersonating websites, emails, SMS, or individual can trick users into revealing sensitive information such as banking details, money, …
The best way to keep away from fraudulent activities is to have awareness about them.
We all think fraud is something that happens to other people, until it happens to us. Understanding fraud is like understanding magic.
Confusing if you don’t know the trick, but easy to spot once you know how it’s done. If we all learn the tricks, we’re less likely to be fooled.
- Fraud 101 [1]
In this blog, I want to share a few types of common fraud and scam can help you get better in the online space.
Attackers attempt to steal your personal information such as usernames, passwords, credit card, … via phone, SMS, email, or fake websites impersonating legitimate entities. For instance,
“We are bank employees from ABC Bank, and you have just won a big prize. Please enter your information through the website abcbankk.xyz”.
Fraudsters intend to create legitimate content and embed a piece of false information “abcbankk” instead of “abcbank” (which has bad grammar containing multiple misspellings - “k”), the purpose is to entice users to click on that link (clickbait).
Romance/Dating Scams which scammers build fake profiles on online platforms. They try to make a relationship with you and then ask for money, gifts, or sensitive information. For more details [2].
Unlike common phishing attacks, which often utilize malicious links or attachments with error grammar or spelling mistakes, impersonations attackers pretend to be someone (trusted individual, organization, government, …). The goal of an impersonation scam is to gain the victim’s trust and manipulate them into providing sensitive information to their accounts.
In Vietnam, impersonation calls claiming to be from the police and demanding financial penalties or impersonating the tax authorities to enforce tax payment obligations have become increasingly common. For more details [3], [4].
In Vietnam, 80.2 percent of respondents said scammers approach them via phones, 57.5 percent via SMS, and 49.9 percent via OTT messaging apps. - Vietnam ranks first in Asia in scam calls, messages (Vietnamnet - 2023) [3].
Scammers entice individuals with the promise of high returns on their investments but the aim is to steal money or assets from you. The scammers may use various tactics such as false information, fake investments, fake offers, … Let’s remember that anything “Too good to be true” all seem like a trap.
Account takeover (ATO) is considered on of the most damaging types of fraud in which cybercriminals take ownership of online accounts by utilizing stolen passwords and usernames. ATO can lead to significant financial losses for individuals and businesses. When attackers gain access to the account, they can conduct unauthorized transactions, make purchases or they can borrow money from the unauthorized account’s friend list on the online platforms. Moreover, cybercriminals may gain access to private messages, personal information, and other sensitive data for identity theft.
There are many other types of fraud/scam that have not been introduced in the scope of this article, you can read more in the References section.
In my opinion, awareness is key when it comes to cybersecurity. To cope with fraud/scam activities, individuals need to have a basic awareness, minimum understanding of cybersecurity, and proactively update types of scams/fraud. Besides, we need to be cautious in our online interactions and report any suspicious activities. Together, we can foster a safer digital environment for everyone.
Don’t be a victim of fraud! - Have a great safe experience on the internet.