3 Common Cybercrime Schemes you should know

3 Common Cybercrime Schemes

There are a number of common cybercrime schemes that can harm both a virtual and physical person. Identity theft is this trend’s most widespread manifestation. For example, Americans rely on their Social Security number, which acts as a de facto identification and may be used for mobile money transactions, rather than carrying government-issued identification.

1. Identity Theft – Common Cybercrime Schemes

Many private institutions utilize Social Security numbers to maintain track of their employees, pupils, and patients, as well as when people look for money transfers near me on the internet. An individual’s Social Security number can be used to steal his identity using phony money transfer sites, which gives the thieves access to his full citizenship file. Even if credit card information is taken, it can be used to re-create a person’s identity and make online purchases. There are two possible results when criminals gain access to a business’s credit card records.

First, they take personal data stored in digital form from victims. This data can then be used in a number of ways. They could potentially exploit the information for fraudulent purposes or sell it to others who would. Second, the data from individual credit cards could be used to create false identities for additional criminals. If a criminal obtains the account information for a stolen credit card, he or she may contact the bank to have the billing address altered. Common Cybercrime Schemes

The criminal may then obtain a passport or driver’s license bearing his own photo but bearing the victim’s name and may use it for money transfer services online. The criminal can easily obtain a new Social Security card with a driver’s license, and then open bank accounts and receive loans using the victim’s credit record and background and scam the money transfer companies. The original cardholder may not be aware of this until the debt has grown to the point where the bank contacts the account holder that his card has been used for international money transfer.

Identity theft becomes apparent only after that. Despite the fact that identity theft occurs in many countries, researchers and law enforcement officials face a global lack of data and statistics on the crime and almost everyone in today’s world knows how to transfer money from one bank to another. Cybercrime, on the other hand, is unmistakably a global problem. Common Cybercrime Schemes

Types of Identity Fraud

Financial Identity Theft – In financial identity theft, someone uses another person’s identity or information to obtain credit, goods, services, or benefits. This is the most common form of identity theft.

Social Security Identity TheftIf identity thieves obtain your Social Security Number, they can use it to apply for credit cards and loans and then not pay outstanding balances. Fraudsters can also use your number to receive medical, disability, and other benefits.3

Medical Identity Theft – In medical identity theft, someone poses as another person to obtain free medical care. 1

Synthetic Identity Theft – Synthetic identity theft is a type of fraud in which a criminal combines real (usually stolen) and fake information to create a new identity, which is used to open fraudulent accounts and make fraudulent purchases. Synthetic identity theft allows the criminal to steal money from any credit card companies or lenders who extend credit based on the fake identity.1

Child Identity Theft – When a child’s identity is stolen, it is done so for a variety of selfish reasons. This happens frequently because minors frequently lack personal information that would present a challenge to the offender.

Using the child’s identity and Social Security number, the fraudster may be able to rent an apartment, find work, qualify for a loan, or escape being arrested for an outstanding warrant. A family member, a friend’s child, or another person close to the offender is frequently the victim. Even the personal information of departed loved ones is sometimes stolen.

Tax Identity Theft – Tax identity theft happens when someone files a false state or federal tax return in your name and receives a refund using your personal information, including your Social Security Number.

Criminal Identity TheftIn criminal identity theft, a criminal poses as another person during an arrest to try to avoid a summons, prevent the discovery of a warrant issued in their real name or avoid an arrest or conviction record.2

2. ATM FRAUD – Common Cybercrime Schemes

PCs likewise make more everyday kinds of misrepresentation conceivable. Take the mechanized teller machine (ATM) through which numerous individuals presently get money as that is the best way to transfer money internationally through an international money transfer app. To get to a record, a client supplies a card and individual ID number (PIN). Lawbreakers have created intends to block both the information on the card’s attractive strip just as the client’s PIN.

Thusly, the data is utilized to make counterfeit cards that are then used to pull out assets from the clueless person’s record transfers. For instance, in 2002 the New York Times announced that in excess of 21,000 American ledgers had been skimmed by a solitary gathering occupied with obtaining ATM data unlawfully.

An especially successful type of extortion has included the utilization of ATMs in retail plazas and odds and ends shops. These machines are detached and not truly part of a bank. Crooks can undoubtedly set up a machine that resembles a real machine; rather than administering cash, in any case, the machine accumulates data on clients and just discloses to them that the machine is faulty after they have composed their PINs. Given that ATMs are the favored technique for apportioning money everywhere in the world, ATM misrepresentation has become a worldwide issue.

Types of ATM fraud

Many users think that physical machine robbery is the worst thing that can happen to an ATM. In recent years, however, ATM fraud has become even more diverse than before. Often, today’s attackers don’t have to be present when a machine attack occurs, ATM crimes are committed through a variety of techniques and types of fraud. Below we will tell about several types of ATM scams.

Card shimming – Shimming is one of the most dangerous types of plastic card fraud. A shimmer is a thin board discreetly inserted into a card reader with a card carrier. As a result, the card is attached to contacts that read data from the magnetic stripe, without interfering with the normal bank card service. In this way, the fraudster gets all the information he needs and can empty someone else’s bank accounts. Common Cybercrime Schemes

Unlike relatively cumbersome skimming devices, shimmers are virtually invisible. Card shimming is used by fraudsters to steal users’ personal data and perform illegal banking transactions.

Important: To avoid shimming, you should carefully check card reader slots. Have you noticed gaps or seams in the plastic? In this case, it is better to refuse to use a particular ATM.

Among the necessary measures that operators use to prevent shimming are regular, thorough inspections of the machine, tracking bank transactions, and monitoring and checking the vicinity of the card slot. Customers should be issued keys and codes to ensure maximum security of banking transactions. To avoid shimming, modern banks regularly update ATM hardware and software.

Card skimming  – Skimming is a popular type of fraud. In this case, a hidden device is installed in an ATM, which gives the opportunity to read the information from payment cards during the ATM transaction. As a result, criminals create a card duplicate with a PIN code written on a magnetic strip. The card duplicate allows the criminals to make payments at various points of sale.

If the card slot is sticking out, it may indicate the presence of an ATM skimmer.

Skimmers are miniature devices attached to the main parts of the ATM.

Skimming equipment often contains:

  • a magnetic head for data reading and copying;
  • miniature converter;
  • a storage device for writing the code to the storage medium;
  • video camera;
  • a keyboard, which is usually installed over the original keypad to transmit the entered information to the intruders.

To avoid becoming a victim of skimming, you should use ATMs located in banks and secure institutions. It is best to have a card with a chip, regularly check the data of payments in banking applications, and if the card is missing, immediately call the bank to block it. In addition, many ATM users prefer to connect an SMS-informing service about card transactions, as well as to set the limit for disbursement of funds per day and per transaction.

Card trappingCard trap is the placement of a device in an ATM card reader that prevents the cardholder from receiving the card after the machine transaction. The fraudster usually obtains the PIN number by means of a hidden video camera embedded inside a panel on the ATM. If the customer leaves without retrieving the card, the fraudster removes the payment instrument and then uses someone else’s card to make payments or withdraw cash.

If the bank card is forced into the card reader, it is likely that card trapping is taking place. To protect against such fraud, do not move away from the ATM if the card is left in the slot. The first step is to call the bank and report the fraud incident.

Jamming of keyboard- In this case, the fraudsters block important buttons on the ATM keypad (Cancel, Enter, etc.) to prevent the transaction from succeeding. Then, when the necessary data is entered, the criminal uses the ATM to withdraw cash.

You should not go near the jammed ATM and use another ATM, because a skimming device may be installed on it. Quite often criminals disable other ATMs beforehand, in order to attract users to the one on which the skimming device is installed.

PhishingLiterally, phishing means stealing card details from the cardholder. This type of scam involves stealing passwords, credit card numbers, bank accounts, and other sensitive information. Cybercriminals use personal information to gain access to accounts to which bank cards are linked, allowing them to steal money from their accounts.

Quite often, fraudsters send emails on behalf of government agencies or well-known companies to steal personal data. The purpose of such emails is to make recipients follow the link provided in the email to a fake company website and enter their personal data.

SMS fraud – With this method user receive SMS-message suspicious content. The purpose of such a message is to make a person tell the fraudster the card details. The message may contain information about blocking the card. To unblock it, the fraudster may ask for detailed card details. Another way is to send a life-threatening message to a relative or friend of the cardholder. In this case the fraudster can get both money and card data.

To protect yourself from SMS fraud you should not reply to suspicious messages. If fraudsters say that the card is blocked, it is best to call the bank’s official hotline number. Common Cybercrime Schemes

3. Wire Fraud – Common Cybercrime Schemes

One of the most common white-collar crimes is wire fraud. But what exactly does it mean to commit wire fraud? According to federal law, wire fraud occurs when an individual uses wire, radio or television with the intent to scheme someone out of money. Common Cybercrime Schemes

Wire fraud, in particular, exemplifies the international nature of cybercrime. Vladimir Levin, a Russian programmer with a computer software company in St. Petersburg, led one of the biggest and best-organized wire fraud schemes. Levin began transferring $10 million from Citibank, N.A. subsidiaries in Argentina and Indonesia to bank accounts in San Francisco, Tel Aviv, Amsterdam, Germany, and Finland in 1994, with the help of dozens of associates.

Types of Wire Fraud

Telemarketing – Fraudsters have been using telephones to get money from people for decades. Telemarketing fraud usually goes like this:

  • A criminal calls the victim
  • The caller makes a false statement
  • This false statement results in the victim giving money to the fraudster

Telemarketing fraudsters usually tell victims that they are winners of some sort of lottery and must provide their personal information to receive the prize.

Phishing – A lot of wire fraud takes place on the internet in the modern era. One common type of online wire fraud is phishing. This scam occurs when a criminal sends emails or text messages while posing as a legitimate company, such as a banking institution. Phishing is used to obtain financial and personal details of victims.

Catfishing Some criminals use fake identities and develop romantic connections with unsuspecting users online. Once a fraudster establishes a romantic relationship, he or she may ask the victim to send hundreds or thousands of dollars for help.

Nigerian prince scam – The story of the fictitious Nigerian prince is one of the most well-known instances of wire fraud. In this hoax, the sender pretends to be a Nigerian prince who is going through a terrible situation. In order to keep the money safe, the con artist says he has money in a bank account but wants the victim to provide his or her bank account.



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