Cyber crime and fraud management
No one knows what the real costs are for cyber crime and online fraud, but it happens on a large scale and is among the biggest crimes in economic terms. There is a dramatic increase in IT crime and real-time fraud that has occurred in parallel with society's IT development.
According to Verizon's 2019 report, outsiders accounted for 69% of the attacks, 34% were internal players, 2% partners and 5% multiple players.
In the end, the attitudes about fraud need to change and today there is an institutional practice to cover up the fraud. Cyber crimes that have increased in scope include phishing, social attacks and online scams.
Common cyber scams include
- Use of stolen cards
- Rear doors
- Brute force attacks
- wages
- procurements
- Insurance fraud
- mortgages
- Online banking
- Short scams
- Phone Banking
Costs of cybercrime
According to the "Fraud Indicator 2016 Annual Report", the cost of fraud in the UK is a whopping £ 193 billion. This is four times the previous estimate of £ 52 million in 2013. The cost will be so monumental that the banks will have no alternative but to pass on costs to their customers. Annual Fraud Indicator 2016 report
Methods to protect against cyber crime
- Keep your software and operating system up to date
- Use software that scans your computer for viruses
- Use strong and unique passwords
- Be wary of public Wi-Fi
- Use multifactor authentication
- Back up and encrypt important files
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