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Account takeover

Such frauds account for almost 30 per cent of the attacks on banks and credit cards, primarily aiming to access client's funds. Once compromised, the criminals use the account credentials to attack partners or linked funds. 

Once the computer imitates a genuine customer and gains access to the individual details, the code conducts unauthorised transactions to get all related data. In addition, globally socially engineered attacks based on impersonation are growing, where threat actors use brands and automated systems to target people.  

Experts advice that the financial sectors should integrate enhanced cybersecurity to ensure the internet activities are monitored by a third party to identify the malicious attempts and stop them successfully. In addition, the organisations should provide surveillance tools to the customers to reduce risks. 

Steps Suggested by Experts for Improving Security

  • To protect customers, they should use a multi-factor authentication system. In addition, the applications should ask for additional information from the customer who wants to make serious fund transfers to overseas locations. 

  • Organisations can provide extra security on the back end where failed login attempts by certain times in a span of given minutes should be taken as a warning sign.

  • Also, the banks should impose limits in case of abnormal purchases made online by any customer.

Date Published: Feb 19, 2022

Types of fraud

A-Z of fraud

To help understand which fraud you've been affected by, we've categorised them into an alphabetical list.

What is fraud and cyber crime?

Cybercrimes can be of two types. First, it can be cyber dependent, where the fraudsters use online devices to convince the victim to accept their offers.

Advance fee fraud

If you are trying to get a loan for a house or a car, they ask to meet the provider to get the financing arrangement and pay the finder's fee in advance.

Corporate fraud

Corporate frauds can be complicated, committed either by the firm or an individual. Nevertheless, it mostly involves cheating where the employee or the firm.

Individual fraud

There are many types of individual frauds related to advance fees, investments, insurance brokers, bogus tradespeople, Ponzi schemes, pension liberation.

Online fraud

Hence the number of cases of online fraud is increasing each year, and most such cases include – account takeover, direct frauds, or scams related domain names.

Identity fraud and identity theft

The criminal uses the stolen identity of another person living or deceased to conduct unlawful activities like obtaining goods or services in another's name.
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