Phishing

Internet fraud refers to the range of sophisticated activities used by cyber criminals to procure information, personal details or money they are not entitled to. The most common approach by perpetrators of fraud on the internet is to use email. The Nigerian and lotto scams are perhaps the most well known internet fraud cases. Both of these cases attempt to gain access to the individual's bank details by either convincing the end user they have won a large sum of money or by seeking the assistance of interested parties in the fictitious transfer of a large amount of money. In both cases, emails attempting to engage in these types of transactions should be promptly deleted.

Online banking fraud is another activity that has increased in prominence in recent years. As banks migrate platforms to the internet, the increase in the volume of transactions has prompted cyber criminals to target banking institutions for the purposes of engaging in internet fraud. The most used technique for this activity involves the use of 'phishing'. Perpetrators send carefully crafted emails that convey the 'look and feel' of the institution in an attempt to lure account holders to a third party website to update important account information. This provides the mechanism for identity theft whereby the individual plays into the fraudster's hands by surrendering account access details that can be later used to extract funds from the account. Individuals that receive emails from their bank are advised to treat them cautiously and perform appropriate due diligence.

Phishing has also been used on Paypal account holders, eBay account holders and some online brokerage accounts. In all cases, internet business fraud results from individuals who surrender valuable details to the party perpetrating the fraud through the use of email. It is always advisable to change account details through direct access as opposed to activation through an email.

Spyware, malaware and viruses also expose a person to potential internet fraud. By gaining unauthorized access to an individual's terminal, 'hackers' procure information, programs and identity details they are not entitled to. In the case of personal details, this can be used to access a person's bank account for the purposes of extracting funds they are not entitled to.

If you think you might have been exposed to internet fraud you should contact the targeted organization and refer your case to the police. There is legislation in place that provides civil and criminal penalties to individuals who are caught performing internet crimes.

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