Internet Scams up 200%
According to a report published by CIFAS, Britain’s fraud prevention service, online fraud and facility takeover fraud are the two major threats currently faced by businesses. As a result of the economic recession, facility takeover (account takeover) fraud has risen at an alarming rate.
In 2008, CIFAS has recorded growth of over 200% in such frauds as compared to the previous year. Mail order, plastic cards and bank accounts were found to be particularly vulnerable to identity theft. CIFAS has also estimated that in 2008, about 23% of UK internet users were victims of fraud.
According to CIFAS officials, there are a number of ways that fraudsters employed to gain the victim’s bank account particulars.
The survey conducted by CIFAS highlighted three main types on online scams that are usually perpetrated through fraudulent emails.
Phishing was reportedly the most common type of internet scam. In this scam, the victim receives an e-mail purporting to have come from a trusted source, such as a social networking site, a government agency, or a bank with whom the victim has an account.
Links in the email would lead to a fraudulent site which is specially designed in such a way that the victim voluntarily parts with his personal information.
The fake foreign letters scam took second place in the CIFAS survey. Herein, the victim receives an email stating that he or she is the winner of a lottery conducted by a foreign country.
The victim is then asked to pay a certain sum of money to meet administrative charges or foreign taxes. Such an email would also request the victim’s personal information in order to commit identity theft.
The final scam on the CIFAS list is the advance fee scam, in which the victim receives an email from the scammer, requesting his or her assistance in transferring a huge sum of money to the scammer’s (foreign) country. In return for the help, the scammer assures the victim a small but highly attractive share of the amount being transferred.
The scammer will usually send multiple emails in an effort to convince the victim and get his or her bank account details.
