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Showing posts with label Internet Scam. Show all posts
User Privacy
Bank Security Cyber Fraud Data Safety Internet Scam UK Banks United Kingdom User Privacy

UK Banks Issue a Warning Regarding an Upsurge in Internet Scams

 

Banks have issued a warning about a sharp rise in fraud in 2022, much of it coming from online sources. 77% of frauds now take place on dating apps, online markets, and social media., Barclays reported.

According to TSB, the major causes of this were an enormous rise in impersonation, investment, and purchase fraud instances. It was discovered that fraudulent listings on Facebook Marketplace had doubled, while impersonation frauds on WhatsApp had increased thrice in a year. 

Additionally, it claimed that there had been "huge fraud spikes" on Meta-owned platforms including Facebook and WhatsApp. Fraud, according to a spokesperson for Meta, is "an industry-wide issue," the BBC reported. 

"Scammers are using increasingly sophisticated methods to defraud people in a range of ways, including email, SMS, and offline," the company stated. "We don't want anyone to fall victim to these criminals, which is why our platforms have systems to block scams, financial services advertisers now have to be FCA (Financial Conduct Authority)-authorised and we run consumer awareness campaigns on how to spot fraudulent behaviour." 

"Epidemic of scams" 

Banks are dealing with an "epidemic of scams," according to Liz Ziegler, director of fraud protection for Lloyds Banking Group. 

"With more than 70% of fraud starting with contact through the main tech platforms, these companies must be held responsible for stopping scams at source and putting things right for innocent victims," she explained. 

Three million people in the UK would become victims of fraud in 2022, NatWest CEO Alison Rose previously warned a Treasury Select Committee. 

She stated, "we have seen an 87% increase in fraud," noting that NatWest believed that 60% of frauds started on social media and other internet platforms. 

Meanwhile, TSB stated 60% of purchase fraud cases of which it is aware - where a fraudster offers an item they never intend to send to the customer - occurs on Facebook Marketplace, and two-thirds of impersonation fraud cases it sees are happening on WhatsApp, The bank claims that 2,650 refunds covering these incidents were given out last year. 

According to Paul Davis, TSB's director of fraud prevention, social media companies "must urgently clean up their platforms" to safeguard users. 

Returned funds 

56% of the total money was lost to scammers in the first half of 2022, according to the most recent data from UK Finance, which represents the banking and finance industry. 

The Contingent Reimbursement Model Code, which intends to pay consumers if they fall victim to an Authorised Push Payment (APP) scam "and have acted appropriately," has been endorsed by many institutions, including NatWest, Lloyds, and Barclays. 

A consumer may be duped into sending money to a fraudulent account through an APP scam. However, TSB asserts that it reimburses victims in 97% of the fraud incidents it observes and is urging other organisations to do the same.
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User Privacy
Canada Cyber Fraud Holiday Scam Internet Scam Online fraud Scammers User Privacy

Customers are Advised to Exercise Caution as Internet Frauds Approach Record Levels

 

Online shoppers are being advised to exercise additional caution as the holiday shopping season draws to a close and the pressure to find the ideal gift builds. 

Scams, according to the Canadian Anti-Fraud Centre, the local police, and the Better Business Bureau of Vancouver Island, are at an all-time high. 

Fraudsters are most active in times of crisis, such as the one we are currently experiencing, when consumers must simultaneously contend with rising interest rates, rising inflation, and the holiday shopping frenzy, according to Rosalind Scott, CEO of the BBB Vancouver Island. 

“People, when they’re desperate to get a little bit more money, are quicker to believe these scams because they want it to be true,” she stated. 

Scott claimed that despite only 5% of individuals actually reporting being conned, there is a tremendous amount of internet fraud. “But we do know literally millions and millions of dollars are lost every year,” he said. 

More than $380 million US were lost to online shopping scams in North America last year, according to the Better Business Bureau's Scam Tracker, marking a rise of 87% since the tracker's introduction in 2015. 

The tracker stated that almost 36% of all allegations of online retail fraud originated from a fake website and that 40% of reported frauds were started by con artists using social media and email. 

Experts’ advice 

The Canadian Anti-Fraud Centre noted that in a bulletin released just before Black Friday and Cyber Monday, the two busiest online shopping days of the year, fraudsters have flooded social media feeds with deals that seem too good to be true while "spoofing" websites and email addresses — creating addresses that look like they come from a trusted or legitimate source — to entice unsuspecting customers. 

“Unfortunately, fraudsters and cybercriminals use holiday promotions to continue to victimize people. The best way to protect yourself and those around you is by learning what fraud and cybercrime look like and report it,” stated Chris Lynam, the centre’s director general. 

This means that customers should be on the lookout for warning signs like prices that seem excessively low, complicated payment procedures, poorly designed websites, stores that omit vital information like return policies, privacy policies, and contact information, online stores that lack security features, or websites with misspelled URLs. 

Online fraud is probably underreported, according to Victoria police Const. Terri Healy, because it is hard to investigate and most consumers interact with their credit card providers and financial institutions directly.  

Healy advised customers to shop with reputable online merchants, constantly check their credit card and bank statements for any unusual or suspicious behaviour, and steer clear of offers that look "too good to be true. Education and knowledge are your finest lines of defence against fraud. Discuss it if someone has been a victim of fraud or a scam. Inform your family, friends, and coworkers."

Consumers should never store credit card information in a web browser and should only make online purchases on private Wi-Fi networks, not public ones, according to the Canadian Anti-Fraud Centre. Use cellular data or create a virtual private network if transactions must be done over open networks. Additionally, they encourage conducting research, reading reviews, and exercising common sense. 

According to the centre, frauds involving online purchases or sales of products or services cost Canada more than $21.1 million in damages in 2021. Over 47,000 victims nationwide have reported $420 million in fraud of all types over the first ten months of this year. 
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User Security
Cyber Security Internet Scam NFT Scam User Security

NFT Collector Scammed into Buying Fake Banksy Bidding

 

A hacker compromised a site of famed street artist Banksy and sold an NFT (non-fungal token) of artist's art for more than $336,000. The hacker, however, returned all the stolen cash except a transaction fee. The incident, however, has sent a message to cybersecurity experts, and also a new threat is on the rise: NFTs. In this case, the hacker did an auction on the genuine Banksy website "banksy.co.uk", which is said to be the first Banksy NFT, as per BBC. If a collector buys an NFT, they don't get copyright or ownership over the image. 

An unknown collector(British) identified by BBC as 'prominent', also goes by the name "Pranksy" offered 90% more than the other bidder to https://threatpost.com/nft-collector-tricked-into-buying-fake-banksy/169179/ the Banksy NFT. According to ThreatPost, the Bolster research team also tracks emerging NFT scams and found the most popular cybercriminal tactics include setting up fake stores, the sale of fake art (Banksy is a popular lure), Airdrop scams offering free crypto and brand impersonation on social media. 

"The NFT market has surged recently, with more than $2.5 billion so far just this year. And as the market attracts money, it will draw in cybercriminals looking for a piece of the action. Consumers will have to increase their awareness around potential NFT fraud, experts predict," reports ThreatPost. When some background check was done on the hacker, he returned most of the money earlier this week, except $6,918 and transaction fees. Pranksy says that he never expected of a refund. The reason could be Pranksy tracked the hacker and followed him on Twitter, and the incident also received a lot of press coverage, which may have compelled the hacker to refund the stolen amount. He also said that others wouldn't have the same luck if they went through the same thing. 

The genuine Banksy and his team responded to the incident with a statement "the artist Banksy has not created any NFT artworks." Bolster's Young-Sae Song said that it would've been very tough for someone to notice the Banksy NFT Auction was a scam. Abhilash Garimella, Bolster researcher, had earlier predicted that "these scams will get more complex and sophisticated. Scammers will keep innovating to make sure users fall for these. Not just NFTs, when buying anything online, a buyer needs to be aware of where and to whom they are giving away their credit card or banking information."
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US Military Personnel
$822m Cyber Fraud FTC Internet Scam US Military Personnel

US Military Personnel Lost Over $822m to Cyber Frauds

 

The US military personnel have lost over $822 million in different kinds of internet crimes and scams between 2017 and 30 June 2021, according to the recent report published by AtlasVPN researchers.

The security experts analyzed data compiled by the US Federal Trade Commission (FTC) who is responsible for handling such cyber fraud complaints. During the analysis, researchers identified more than 836,374 reports of fraud, identity theft, and other consumer concerns were filed by military personnel between 2017 and 30 June 2021.

The FTC has divided US military members into three categories. The complaints from reservists and family members fall into the first category. The second group consists of complaints from active-duty personnel only, followed by the third group containing veteran and military retiree complaints. 

The first category, military personnel families and reservists lost $484.4 million which accounted for 59% of all military monetary damages and submitted around 322,000 unique complaints. The second group of active-duty service members was the least affected with a $47.6 million loss since 2017, and this group submitted the least complaints. 

The third category of veterans and retirees whose financial damages account for 35% of all losses ($290.1 million) fell prey to a wide range of cybercrimes, and the medical loss in this particular category is $700, while the median loss suffered by active-duty service personnel was $600. 

Romance scams also known as catfishing, topped the list of cyber scams that the military personnel was found to be vulnerable to as threat actors lured out a whopping $92 million via these scams. Though catfishing is a widespread scam, victims are still not afraid to send large amounts of money to someone they met online. US military personnel also lost nearly $90.2 million to bogus investments. The median loss was not that far behind romance scams, hovering at $2,000. 

“Even though the US has numerous task forces to deal with this growing epidemic of internet crime, each individual should be cautious and stay on the lookout for any red flags when dealing with internet-related money transfers,” AtlasVPN’s cybersecurity researcher and writer Edward Garb recommended users to follow his advice on how to avoid cyber scams. 
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