1. Identify the different Five type of internet scam/fraud 2. How each scam/fraud works 3. How to stop/prevent the scam/fraud 4. What to do if you have been scammed You can use this website to find different type fraud https://cba.ca/?cat=Fraud-Prevention
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Running Head: CYBER SCAMS CYBER SCAMS Name of the Student Name of the University Author note
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1CYBER SCAMS Identify the different Five type of internet scam The different 5 types of internet scams are as follows: - Ransomware: Ransomware is a malware software that gets downloaded in the system without the knowledge of the user. This gets performed via dialogue boxes that pop up in the windows during the surfing process. It gets easier for the hackers to attack the computing system once a malware gets instilled (Canadian Bankers Association 2019). Business Email Compromise Fraud: BEC includes differential sophisticated frauds that targets the business. The scams that are included in the process are CEO scam, supplier phishing and Information theft Credit card fraud: Credit card fraud usually leads to taking up of the card details and purchasing goods from the same without permission (Canadian Bankers Association 2019). Debit card fraud: In case of debit card fraud the cyber attacker tries to gain access to the magnetic strip that is present in the card and hence wise they fetch data from the card in an unauthentic manner. Malware: Malware is a malicious software that infiltrates the computer devices. How each scam works Ransomware: Ransomware has been a malicious software that that gets downloaded in the computing system via pop up advertisements. These help the hackers in encrypting the files that are present in the system (Whitty 2019). Hence the hackers get the entire data that they need. Unencrypting of the data is almost impossible in this case.
2CYBER SCAMS BEC: CEO scams imbibe spoofing of mails that are sent from the higher authorities and hence fetching of money from the clients in a false manner. Again spoofed mails as like they are sent from the supplier and hence transaction of money takes place hence wise. Credit card fraud: Thief can have the card number and the expiry date and hence they can use the card. Debit card fraud: This can take place only if the attacker has the magnetic strip of the card that is present or have the card itself along with the pin code of the card. Malware: Introduction of Trojan horses, spyware, Scareware and malicious apps in computing system will be the main cause of the affect. How to stop/prevent the scam Ransomware: The steps that are to be taken for protecting oneself from the malicious software are as follows: - 1.Installing reputable antivirus is a way by which malware protection can be implemented. 2.Installing latest version of operating system 3.Take back up of the files 4.Use pop up blocker Stopping BEC Fraud methods are as follows: - 1.Educating the employees 2.Verifying the mails that are being sent 3.Being cautious and implementing protective software like antivirus Stopping credit card frauds: -
3CYBER SCAMS 1.Report for the lost and stolen card and cancel the issuing 2.Using chip card for storing terminal (Gupta & Sheng 2019) 3.Not disclosing the pin Stopping Debit card fraud: - 1.Protection of the pin 2.Inserting the card properly before swiping the card 3.Not writing the pin anywhere 4.Regular reviewing of transaction history Stopping Malware attack: 1.Usage of anti-malware software 2.Installing firewall What to do if you have been scammed Ransomware: Contacting the anti-virus provider and check the recovery process of data BEC: Contacting the financial institution and reporting to the police is the sole task to perform. Credit card: Complain police and cancel the subscription and issue a new card Debit card: Contact the bank and block the debit card (Button & Cross 2017) Malware: Contacting the antimalware company for decryption of the encrypted data and the back that has already been taken
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4CYBER SCAMS References Button, M., & Cross, C. (2017).Cyber frauds, scams and their victims. Routledge. Canadian Bankers Association. (2019). Retrieved 21 July 2019, from https://cba.ca/?cat=Fraud- Prevention Gupta, B. B., & Sheng, Q. Z. (Eds.). (2019).Machine Learning for Computer and Cyber Security: Principle, Algorithms, and Practices. CRC Press. Whitty, M. T. (2019). Predicting susceptibility to cyber-fraud victimhood.Journal of Financial Crime,26(1), 277-292.