Semalt Expert – Things You Must Know About Internet Fraud

23.05.2018

Semalt Expert – Things You Must
Know About Internet Fraud

Internet fraud refers to a crime in which, the executor designs a scheme through the application of one or more
parameters with an aim of depriving an individual property or any other element of interest by a fake
representation of an issue that is true and thus, providing misguiding data.

With the increased reliance on the internet by consumers and business owners as a medium to foster transactions:
prohibited activities using the same channel is on the rise. In most cases, internet enabled fraudulent activities are
dif cult to trace and sue, and they are capital intensive to address.

Jason Adler, the expert from Semalt Digital Services, has tailored some compelling facts about online fraud in order
to help you be ready for the attacks.

From web hacking to malware issues, the criticality of internet crime
started to gain concern in the early 2000s. In some situations, the issue
was perceived as an intervention of addressing the issue rather than the
increasing signi cance of the internet in everyday endeavors. The
overreliance of businesses on email and the rampant increase in the
number of web users have increased nancial stakes. For instance, a virus
that broke in 1999 resulted in damages amounting to $80.

Securities fraud is an activity where the perpetrators offer huge
investment opportunities or schemes that are meant to destabilize the

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23.05.2018

market with an intent of making huge pro ts.

Identity fraud occurs when the attacker obtains data without the knowledge of the owner and uses the data for
personal bene ts speci cally, nancial bene ts.

In 2001, an Internet fraud report by IFCC depicted that web auction fraud was the most perpetuated offense
accounting for 43 percent of the complaints. In addition to the aforementioned types of crime, signi cant fraud
complaints in the scope of con dence fraud, credit card fraud, and merchandise payment.

In 2003, an Internet report by IFCC indicated that 50 percent of the web fraudsters were residents of Texas,
California, Florida, New York and Illinois. The report also depicted how dif cult it was to track down the
perpetrators of these crimes.

According to a department in the US, that deals with Internet frauds the following are the current examples of
illegal activity executed through the web:

Market manipulation and security fraud are two instances demonstrated
by Los Angeles. In the rst scenario of market manipulation, the offenders
were able to cash out earnings from selling shares whose worth increased
from $8 to $ 15 within a span of 45 minutes.

In another situation, over 100 U.S military personnel were victims of
identity theft. The perpetrators acquired the social security numbers and
the names of these military of cers from the internet and subsequently,
used these identities to apply for credit cards.

In 1999, the FBI was involved signi cantly in a popular search for the
designer of a computer virus that relied on the email as a channel to
disseminate pornographic materials. Within a couple of days, 19 percent of
the US companies and 1.5 million gadgets were victims of this email.

Hackers also initiated attacks on the United States government systems. Within a couple of years, the attackers
were in a position to infect computers owned by Pentagon and other authorities.

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