WHAT IS CYBER FRAUD?
Cyber fraud is a criminal conduct in which fraudsters utilize internet-based techniques to steal sensitive information, defraud individuals or organizations, and obtain unlawful access to financial assets or data.
HOW IT HAPPENS?
Cyber fraud happens mostly through:
1)Phishing and Spear Phishing: Fraudulent emails or texts that appear authentic deceive consumers into disclosing personal information such as passwords and OTPs.
2)Malware: Malicious software that harms or exploits devices, allowing attackers to access sensitive data. Example: questionable linkages. 3)Social Engineering: Manipulation strategies in which fraudsters manipulate people to obtain access to security systems.
4)Ransomware is malicious software that encrypts data and demands a ransom to unlock it.
5)Hacking: Directly exploiting system flaws to gain unauthorized access.
6)Identity Theft: Using someone's personal information to impersonate them and engage in fraudulent actions.
7)Financial Fraud: This includes fraudulent transactions and credit card fraud.
8)Online Scams: False offers, shipments, lotteries, or employment that deceive individuals into paying money or personal information.
9)Investment and Ponzi Schemes: Enticing people into fraudulent investment schemes. According to a report by the Indian Cyber Crime Coordination Centre, more than 1 lakh incidents of investment frauds were filed in 2023.
10)Digital Arrest: This is a sort of deception in which scammers imitate law enforcement or government institutions such as the police, ED, CBI, NIA, and the IT Department, alleging that the target has committed a cybercrime or broken internet laws. They threaten the target with "digital arrest" or legal action unless they pay a fine or give up personal information.
11)Urgent Tones: They use their relatives or friends' voices to create a sense of urgency, scaring targets into submission.
12)Sextortion scam: Scammers blackmail victims by threatening to expose intimate or compromising photographs, videos, or information until they pay a ransom. These scams are aimed to exploit people's concerns, and they frequently use manipulation, threats, or hacking to convince victims to comply.
IMPACTS OF CYBER FRAUD:
A)On Individuals:
Financial loss: Victims suffer direct financial losses as a result of unlawful transactions.
Loss of Personal Information: There is a risk of identity theft and personal information being misused.
Emotional distress: It includes feelings of violation, worry, and loss of trust.
Reduced Credit Scores: Fraudulent acts have an impact on credit ratings.
B)On Nations:
Economic Impact: Cyber fraud can harm enterprises and lead to economic downturns. Security Risks: Sensitive data or vital infrastructure may be compromised.
Erosion of public trust: Public trust is being eroded, which has an impact on digital and online services.
Increased Cybersecurity Costs: Countries make significant investments in cybersecurity infrastructure to combat attacks.
CYBER FRAUD SCENARIO IN INDIA:
India's cyber fraud has developed due to growing internet usage, digital transactions, and low knowledge among the population. Common incidents include bank fraud, phishing, identity theft, and digital payment fraud.
According to reports, cyber fraud costs Indian residents and businesses billions of dollars each year, and the problem has only gotten worse with the rise in online transactions during the pandemic.
INDIA:
The Indian government has implemented a number of steps to combat cyber fraud, including:
1)Information Technology Act of 2000: Enacted to combat cybercrime and provide a legal foundation for digital transactions.
2)Indian Computer Emergency Response Team (CERT-In): The coordinates responses to cybersecurity issues.
3)Cyber Swachhta Kendra: This organization aims to raise awareness and provides free virus removal tools.
4)National Cyber Security Policy: Designed to protect cyberspace and information infrastructure.
5)Digital Literacy Campaigns: Programs such as PMGDISHA try to educate rural Indian communities about digital safety.
6)National Cyber Crime Reporting Portal: The Ministry of Home Affairs runs a dedicated portal (cybercrime.gov.in) where citizens can report cyber fraud crimes.
HOW CAN INDIVIDUALS PREVENT CYBER FRAUD?
1) Avoid Phishing Links: Do not click on any unknown or suspicious links.
2) Enable Multi-Factor Authentication: This adds an additional layer of security to your accounts, similar to two-factor authentication.
3) Update Software Frequently: Keeps your system protected from vulnerabilities.
4)Use Strong Passwords: Avoid using predictable passwords and update them regularly.
5)Cover Your Webcam: This is a basic precaution to avoid illegal recordings.
6)Check for Secure Websites: When transmitting important information, make sure the website starts with "https".
7)Be wary of unsolicited communications: Avoid emails or phone calls requesting personal or financial information.
8)Ignore and Report Threats: Many scammers do not have incriminating content. Do not reply to demands and report the texts.
9)Regularly monitor financial statements: It will help individuals to discover any improper activities early.
10)Seek Support: If you are feeling overwhelmed, seek advice from reputable people or support services.
11)Educate Yourself on Scams: Awareness is essential for understanding how common frauds work.
Individuals can best protect themselves against cyber fraud by remaining vigilant and knowledgeable.
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