Methods used for fraud (By FBI)

Business E-Mail Compromise (BEC): A sophisticated scheme that targets companies that work with foreign suppliers and companies that regularly make payments by wire transfer. The scam is carried out by compromising legitimate commercial email accounts through social engineering or computer hacking techniques to carry out unauthorized transfers of funds.

Data breach: leak or spill of data that is released from a secure location to an untrusted environment. Data breaches can occur at the personal and corporate levels and involve sensitive, protected or confidential information that is copied, transmitted, viewed, stolen or used by an unauthorized individual.

Denial of service: interruption of an authorized user’s access to any system or network, usually caused by malicious intent.

E-mail account commitment (EAC): similar to BEC, this scam targets the general public and associated professionals, but not limited to, financial and credit institutions, real estate companies and law firms. EAC perpetrators use compromised emails to request payments from fraudulent locations.

Malware / Scareware: malicious software that is designed to damage or disable computers and computer systems. Sometimes, scare tactics are used by perpetrators to solicit funds from victims.

Phishing / spoofing: both terms refer to false or falsified electronic documents. Spoofing generally refers to the spread of e-mail that is forged to look like it was sent by someone other than the actual source. Phishing, also known as vishing, smishing or pharming, is often used in conjunction with spoofed email. It is the act of sending an e-mail falsely claiming to be a legitimate business established in an attempt to deceive the unsuspecting recipient by causing him to disclose sensitive personal information, such as passwords, credit card numbers and bank account information after directing the user to a visit to a specific website. The website, however, is not genuine and was created only in an attempt to steal user information.

Ransomware: A form of malware that targets human and technical weaknesses in individual organizations and networks in an effort to deny the availability of critical data and / or systems. Ransomware is often delivered via spear phishing emails to end users, resulting in fast encryption of sensitive files on a corporate network. When the victim’s organization determines that they can no longer access their data, the cybercriminal demands the payment of a ransom, usually in virtual currency like Bitcoin, at which point the actor is supposed to provide a way for the victim to regain access to his data .

Frequent cases of Internet fraud include business fraud, credit card fraud, internet auction fraud, investment schemes, Nigerian letter fraud, and non-delivery of merchandise. For information on the most common complaints and scams, see the annual reports of the Internet Crime Complaint Center (IC3), a partnership of the FBI and the National White Collar Crime Center. Also see its information on Internet Crime Schemes and its Internet Crime Prevention Tips.

  • This information was collected from the FBI’s own website, if you want to see it on the official website, click on the button below that will redirect you to their website.

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