6 Ways Online Fraud Has Evolved Throughout the Years

Businesses are evolving rapidly and relying on data more than ever. However, increased reliance on digital infrastructure invites an increased number of scammers. Cybercrimes have grown more sophisticated in recent years as technology continues to advance. Here are several ways online fraud has evolved throughout the years:

1. Targeting vulnerability

For the longest time, scammers have targeted people who are either less equipped to handle fraud or are at a vulnerable position in their life. Last year’s pandemic gave scammers the perfect opportunity to exploit indecision, lack of knowledge, and anxiety to execute frauds by using PII (personally identifiable information).

2. Changing ecommerce space

The ecommerce space has gone through a drastic change in the last few months. With more people working and shopping from home, online payment scams are on the rise. Earlier, there used to be scams surrounding blank checks and stolen cards. Now it’s all about CNP (card not present) transactions. With more organizations making EMV chips mandatory, CNP scams are about to increase.

3. Following trends

Historically, scammers have always read the pulse of culture and trends. Bad actors adapt according to the changing landscape of consumer behaviors. Now that you know how cybercrimes evolve, here are three cybersecurity trends that you, as a business owner, should be aware of:

4. Upgraded ransomware

Ransomware and phishing are two of the oldest tricks in a cybercrime book and they are still widely used with destructive precision. Ransomware attacks have grown over 400% in the last one year with an estimated cost rising to $20 billion. With more digital footprints in the consumer space, exploiting loopholes and locking out less tech-savvy users have become a common trend.

5. Attack on the critical infrastructure

Thanks to new technologies and non-traceable payment methods, hackers have grown in confidence and have started attacking the core infrastructures of businesses. They use bots, malware, infected emails, and openly accessible ports to break into systems and work their way to critical infrastructure.

Industries that have traditionally made their mark in the offline world, are particularly vulnerable to well-coordinated attacks that can cripple their business technology.

6. Expanded chain of cyber-attacks

According to the 2020 Data Attack Surface Report, the world will be home to 200 zettabytes of data by 2025. Such a mind-boggling amount of data can wreak havoc at the wrong hands. With the rise of industry 4.0, attackers are focusing on less secure parts of an IoT ecosystem to compromise the entire operation.

Healthcare, in particular, is vulnerable to brute force attacks that exploit the connected nature of IoT devices. To tackle such a huge attack surface, industries must use AI and automation tools along with training workforces on the security best practices and consequences of data breaches.

Cybersecurity today is a crucial part of the discussion surrounding business operations and automation technology. If you can take time to understand how online has come into existence and the way they have adapted over time, you’ll be able to identify loopholes in your system and predict cyber threats. You can read more on globalfraudprotection.com/.