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Computer hacking

It allows a person sitting in a remote location to access sensitive information stored on the computer or the network and commit various frauds. Several users have lost money to such tricks. 

The experts find tracking cybercriminals is resource-intensive as hackers cover their actions. Today, criminals use complex and sophisticated technologies not restricted to the local geographical borders, leading to several scams. 

Also, the sector is labour-intensive, and the amount of evidence needed to convict criminals is not easy to locate, decreasing the chance of prosecution. 

Most such offences are carried out overseas, and it is considered a low-risk activity. At the same time, it can be difficult for the regulators to identify or pursue the culprit through the local jurisdiction route, especially when law enforcement agencies overseas do not guarantee cooperation. 

Even the prosecutors have little information about this area, and such crimes are left unreported and uninvestigated due to a shortage of resources. 

Even the legal sector has fallen victim to such offences, whereas there has been a substantial increase in the misuse and hacking of online shopping and payment platforms. However, one can report such a crime to the local authorities and raise concerns to prevent a loss.

Date Published: Sep 13, 2023

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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