Types of Common Cyber Fraud

In today's digital world, staying informed about different types of fraud is more important than ever. Think of learning about fraud as a form of self-defense in the digital world. The more you know about the different threats, the better equipped you are to protect yourself. 

Various types of Cyber fraud prevalent in today's environment. Here are some common types:

• Phishing: This is a type of online fraud where attackers impersonate legitimate organizations via email, text message, advertisement to trick victims into clicking on malicious link or opening a malicious attachment to steal sensitive information, such as login credentials, credit card numbers, and social security numbers. The meail will typically contain a sense of urgency. Be suspicious of calls and messages that claim you must action urgently. Below is the video explain about Phishing:

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• Ransomware Attacks: These attacks encrypting victims' computer files and demanding ransom payments to decrypt the files. The ransoms paid out $567 million in 2022 and doubled as $1.1 billion in 2023. Have a recent backup is the best defense against ransomware. 

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• Cryptocurrency Fraud: Cryptocurrency is a type of digital currency that generally exists only electronically and not backed by a government. Cryptocurrency transactions do not come with legal protections and irreversible and difficult to get them back. Be cautious and don't deal with unknown or untrusted party. 

Knowing how to spot scams and stay vigilant and informed for protection against these types of scams and frauds.