{"id":5331,"date":"2021-09-24T03:06:13","date_gmt":"2021-09-23T23:06:13","guid":{"rendered":"http:\/\/gccexchange.com\/blog\/?p=5331"},"modified":"2022-01-18T15:08:41","modified_gmt":"2022-01-18T11:08:41","slug":"6-ways-online-fraud-has-evolved-throughout-the-years","status":"publish","type":"post","link":"https:\/\/gccexchange.com\/blog\/6-ways-online-fraud-has-evolved-throughout-the-years\/","title":{"rendered":"6 Ways Online Fraud Has Evolved Throughout the Years"},"content":{"rendered":"\n

Businesses are evolving rapidly and relying on\ndata more than ever. However, increased reliance on digital infrastructure\ninvites an increased number of scammers. Cybercrimes have grown more\nsophisticated in recent years as technology continues to advance. Here are\nseveral ways online fraud has evolved throughout the years:<\/p>\n\n\n\n

\"Online<\/figure>\n\n\n\n

1. Targeting vulnerability<\/h2>\n\n\n\n

For the longest time, scammers have targeted\npeople who are either less equipped to handle fraud or are at a vulnerable\nposition in their life. Last year’s pandemic gave scammers the perfect\nopportunity to exploit indecision, lack of knowledge, and anxiety to execute\nfrauds by using PII (personally identifiable information). <\/p>\n\n\n\n

2. Changing ecommerce space<\/h2>\n\n\n\n

The ecommerce space has gone through a drastic change in the last few months. With more people working and shopping from home, online payment<\/a> 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. <\/p>\n\n\n\n

3. Following trends<\/h2>\n\n\n\n

Historically, scammers have always read the\npulse of culture and trends. Bad actors adapt according to the changing\nlandscape of consumer behaviors. Now that you know how cybercrimes evolve, here\nare three cybersecurity trends that you, as a business owner, should be aware\nof:<\/p>\n\n\n\n

4. Upgraded ransomware<\/h2>\n\n\n\n

Ransomware and phishing are two of the oldest\ntricks in a cybercrime book and they are still widely used with destructive\nprecision. Ransomware attacks have grown over 400% in the last one year with an\nestimated cost rising to $20 billion. With more digital footprints in the\nconsumer space, exploiting loopholes and locking out less tech-savvy users have\nbecome a common trend. <\/p>\n\n\n\n

5. Attack on the critical infrastructure<\/h2>\n\n\n\n

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

Industries that have traditionally made their\nmark in the offline world, are particularly vulnerable to well-coordinated\nattacks that can cripple their business technology.<\/p>\n\n\n\n

6. Expanded chain of cyber-attacks<\/h2>\n\n\n\n

According to the 2020 Data Attack Surface Report<\/a>, 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. <\/p>\n\n\n\n

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<\/a>. <\/p>\n\n\n\n

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\/<\/a>.<\/p>\n\n\n\n