Cyber Scams: Understanding, Preventing, and Responding to Threats

This report provides an overview of various cyber scams, including ransomware, Business Email Compromise (BEC) fraud, credit card fraud, debit card fraud, and malware. It details how each scam operates, explaining the methods used by attackers to compromise systems and steal data. The report outlines preventative measures for each type of scam, such as installing antivirus software, educating employees, verifying emails, and securing financial accounts. Additionally, it describes the steps to take if someone becomes a victim, including contacting antivirus providers, financial institutions, and law enforcement. The report references several sources to support the information provided, offering a comprehensive guide to understanding and mitigating the risks associated with cyber scams.

Running Head: CYBER SCAMS
CYBER SCAMS
Name of the Student
Name of the University
Author note

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.

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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: -

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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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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.