Types of Cyber Fraud
A very common form of Internet fraud is the distribution of rogue security software. Internet services can beused to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions, or to transmitthe proceeds of fraud to financial institutions or to others connected with the scheme.
Phishing Identity Theft
Identity theft is a form of stealing someone's identity in which someone pretends to be someone else byassuming that person's identity, typically in order to access resources or obtain credit and other benefits in thatperson's name. Identity theft occurs when someone uses your personally identifying information, like your name, user id or credit card number, without your permission, to commit fraud or other crimes.
Phishing refers to the process of imitating legitimate companies in emails or creating fake Web sites designedto look like a legitimate Web site in order to entice users to share their passwords, credit card numbers, andother personal information. The perpetrator then uses the information to steal the target's identity or to sell thatidentity to others. Users need to be educated not to give away personal information in response to anunsolicited email.
The phrase "Man-in-the-Middle Attack" is used to describe a computer attack during which the cybercriminalfunnels communication between a consumer and a legitimate organization through a fake Web site. In theseattacks, neither the consumer nor the organization is aware that the communication is being illegally monitored.The criminal is, in effect, in the middle of a transaction between the consumer and his or her bank, credit-cardCompany, or retailer.The man-in-the-middle server electronically “eavesdrops” on every keystroke, giving the criminal username,password, and account information. They employ Spyware and other Malware that when loaded on theconsumer’s computer redirects the Web browser to the fake site. The most technically competent manipulatethe real Web site so that visitors are directed to the fake site.