Identity theft Fraud

Identity Theft Fraud

  1) Introduction to Identity Theft

  Identity theft is stealing someone’s identity and pretends to be them usually to gain access to the victim benefits. This can be financial, social or even worse criminal.

  2) Identity theft occurrence

   According to privacy trust group the following are the statistics:

ID theft is the fastest growing crime n US(FBI)

1 in 5 people has now been a victim of identity theft.(FTC,FBI,Fraud invest, & javlinBB)

Total number of victims is now over 50 million individuals. This mean that 1 in 5 people in the US is now a victim of ID theft.

2 years ago 1 in 8 people was a victim(FTC), today 1 in 5 – individuals who was have never been victims of ID theft may soon be a minority.

85+ million people were victims of identity theft by 2018.(FTC)

15.3 million Americans were victims of identity theft in 2018(Javlin/BBB)

The number of new victims annually over the past several years has been approximately 50 million.

The losses to victims have been, and continue to be, signature

Identity theft costs individuals business in money and product stolen, costs of recovery and fraud investigation, and opportunity costs.

      

3)Impact of Identity Theft Fraud

               *Financial Problems

                              An attacker may not just get access to the bank account and drain it off money, but also create a credit card and run up a bill, without your knowledge.

               *Credit issues

                             Once under financial duress, credit report also starts to suffer. The credit score goes down and then getting mortgages or losses become almost impossible.

               *Benefit losses

                              Stealing the identity gives the attacker to benefits that belong to victim, whether it’s related to its medical or other benefit.

               *Legal Problems

                              Given all these issues naturally there will be legal issues that a victim gets entangled in, getting maybe even arrested for crime they did not commit.

4)Types of identity theft

        *Stolen Wallet

                       A wallet by default carries all personal information related to a victim. Address, license, cards perhaps even photos of love ones; this is enough information for the attacker to gain access to victims life.  

        *Change of address

                       Attackers change the mailing address rerouting the mail to their own location. This sends all information into the wrong hands.

        *Mail Theft

                       As the name suggests, attackers steal mail right from the front door.

        *Online Shopping

                       Attackers may Duplicate online store fronts in order to steal and gain access to confidential information.

5)Dumpster

        Attackers or thieves search the dumpster for the documents that have been casually discarded to get access to information they need to commit fraud.

6)E-Mail Theft

        Attackers can hack into an email and either reroute the mail to themselves or worse close the account by changing the password. Any mail received during this blocked period is data for attacker.

7)Smashing

        Thieves send text massage to a mobile device that pretends to be a contact and then directs the victim to a dangerous website with the idea of stealing their identity.

8)Vishing

        Voice-calls to landlines or mobile phone are effective ways for attackers to get personal INFORMATION.

9) ATM Schemers/Hand-head skimmers

        Attackers swipe the credit card in middle of legitimate like paying bills.

10)Prevention Techniques

       According to US government site, which recognises identity theft frauds as a real and present danger, they have issued a checklist for preventing identity theft:

*Don’t carry your social security card in your checks. Only give out your SSN when absolutely necessary.

*Protect your PIN, Never write a PIN on paper or any other place.

*Watch out for “Shoulder surfers”. Use your free hands to shield the keypad when using pay or Using ATM.

*Pay attention to your billing cycle.

*Store your personal information on safe place at home and work place.

*Install firewall and virus detection software on your home computer.

*Check your credit report twice a year.

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social engineering attacks

Introduction to social Engineering:-

·       What is Social Engineering?

Social Engineering refers to psychological manipulation of people into either performing action or giving out confidential information.

·       Pretexting is to create an individual scenario to engage a target victim wherein he would give out information or perform actions that would be unlikely in ordinary circumstances.

·       Diversion theft  In this type of attack, the social engineers trick a delivery or courier company into going to the wrong pickup or drop-off location, thus intercepting the transaction.

·       Phishing is a technique of obtaining private information using fraud. Typically, the phisher sends an e-mail that appears to gain confidential information.

·       IVR OR Phone Phishing uses a false interactive voice response(IVR) system to recreate copy of an IVR System.

·       Baiting is like a Trojan horse that uses physical media and depends in people’s curiosity, Using a CD ROM or Flash Drive the attacker leaves it around someplace it can be found by an unsuspecting person. Being curious the person will by default load it to check it. And by doing so install malware on his system.

·       Quid pro quo in this attacker pretend t be someone from IT and makes random calls asking if there are any issues, finally finding someone who needs help, the attacker gets them to type commands giving access to the hacker to launch his malware. 

Computer base Social engineering:-

·       Email attachments that can dupe a user into either opening or executing a malware.

·       Fake websites that look like the original site can be used to gain information that is confidential.

·       Pop-up windows that advertise expertise can be used to send malware to the user.

Social Networking sites – Impersonation Platform/Medium:-

            An individual can create an account “Impersonating”  or  pretending to be someone else on social media. This is common especially in the cases of celebrities or higher value organization.

Some Quick Tips to Remember:

Think before you click. Assailants utilize a feeling of criticalness to make you act first and think later in phishing assaults. When you get an exceptionally dire, high-weight message, make certain to pause for a minute to check if the source is dependable first. The most ideal path is to use another strategy for correspondence not the same as where the message is from - like messaging the individual to check whether they messaged you a pressing message or that was from an assailant. Should be sheltered than sorry!

Research the sources. Continuously be cautious about any spontaneous messages. Check the space connects to check whether they are genuine, and the individual sending you the email on the off chance that they are real individuals from the association. As a rule, a grammatical mistake/spelling blunder is obvious. Use a web search tool, go to the organization's site, check their telephone registry. These are on the whole basic, simple approach to abstain from getting satirize. Drifting your cursor on a connection before you really click on it will uncover the connection at the base, and is another approach to ensure you are being diverted to the right organization's site.

Email ridiculing is omnipresent. Programmers, spammers, and social specialists are out to get your data, and they are assuming control over control of individuals' records. When they obtain entrance, they will go after your contacts. Notwithstanding when the sender gives off an impression of being somebody you know about, it is still best practice to check with them on the off chance that you aren't expecting any email connections or records from them.

Try not to download records you don't have the foggiest idea. On the off chance that you (a) don't have the foggiest idea about the sender, (b) don't anticipate anything from the sender and (c) don't have the foggiest idea in the event that you should see the document they simply send you with "Earnest" on the email feature, it's protected not to open the message by any stretch of the imagination. You wipe out your hazard to be an insider danger thusly.

Five Ways to Protect Yourself:

     1.Erase any solicitation for individual data or passwords. No one ought to get in touch with you for your own data through email unsolicited. On the off chance that you get requested it, it's a trick.

    2.Reject demands for assistance or offers of assistance. Social specialists can and will either demand your assistance with data or offer to support you (i.e acting like technical support). In the event that you didn't demand any help from the sender, consider any solicitations or offers a trick. Do your own examination about the sender before focusing on sending them anything.

     3.Set your spam channels to high. Your email programming has spam channels. Check your settings, and set them to high to dodge dangerous messages flooding into your inbox. Simply make sure to check them occasionally as it is conceivable genuine messages could be caught there every now and then.

   4.Secure your gadgets. Introduce, keep up and update normally your enemy of infection programming, firewalls, and email channels. Set your programmed reports on the off chance that you can, and just access verified sites. Consider VPN.

     5.Continuously be aware of dangers. Twofold check, triple check any solicitation you get for the right data. Pay special mind to cybersecurity news to take quick activities in the event that you are influenced by an ongoing break. I prescribe buying in to two or three morning pamphlet to stay up with the latest with the most recent in InfoSec like Cyware or BetterCloud Monitor. In the event that you are a web recording individual, Decrypted by Bloomberg, DIY Cyber Guy and Reply All offer simple to process data and news that is very easy to use.