Hackers only need about 20 minutes to break into your unpatched/unprotected computer newly connected to the Internet. Bad actors are scanning continually looking for vulnerable computers.
BMI’s IT expert recommends that you make your computer a smaller target by running the latest operating systems, installing recent patches, and updating anti-virus software.
He also warns that it is essential to use a separate password for every system to which one connects. This includes all types of connections: business, commercial, and personal.
A compromised account and password will spread among hacking sites very quickly. If an online store notifies its customers that their account was compromised, then that means every other place that a customer uses the same account email and password to logon, is compromised, too. Don’t let someone’s hacked account database on one service expose your accounts on every other service which has the same password.
MSN.com recently posted some examples. Here are a few:
Reference: The most shocking online scams and hacks of 2019. https://www.msn.com/en-in/money/technology
Also known as digital or web skimming, this scam is basically an evolution of ATM skimming. Criminals steal customers’ card details by adding their own code to a company’s website, which means they can see the card information as it’s being entered. This type of scam has become so popular with cyber criminals over the last year that the FBI issued a warning to the private sector in October 2019.
The most notable example of this was the attack on British Airways in 2018, in which the data of around 500,000 customers was stolen while they made transactions via the airline’s website. British Airways was fined $230 million, and it was later reported that the hackers had made nearly $13 million by selling the stolen data on the dark web.
Formjacking: How to avoid Computer software service fraud: How to avoid
Unfortunately, there isn’t much you can do to avoid or detect a formjacking scam. The company’s website will appear to be running as normal, and, as the malware is added to their site rather than downloaded to your computer, anti-virus software is unlikely to notice anything unusual. So make sure you monitor your card statements regularly, so you spot any fraudulent activity sooner rather than later.
Computer software service fraud
In this scam, the victim is targeted via phone, email, or pop-up ad. The fraudster will ask for remote access to the victim’s computer to fix a virus or other issue; then, they search the device for the victim’s financial details. According to the City of London Police, this is one of the most common online scams, with more than 2,000 cases reported to UK anti-fraud body Action Fraud each month. Microsoft reported one case where a Dutch victim lost $109,000 after falling prey to it.
Computer software service fraud: How to avoid
Technology companies are working with police forces globally to crack down on this scam. In December 2018, Indian police raided 16 fake call centers and arrested 39 people who had been posing as tech support staff from companies such as Microsoft, Google, and Dell. In the meantime, if you receive this type of call, you should hang up and call the company directly to check if the call was genuine. Don’t give anyone control of your computer or hand over your payment details.
Business Email Compromise scam
BEC scams target an employee, usually in finance or HR, who is sent an email purporting to be from an executive at the company who needs them to make an urgent funds transfer. One of the most shocking cases occurred in September 2019 when an employee at The Toyota Boshoku Corp., a Toyota parts supplier, was convinced to change account information for an online payment. As a result, the company was defrauded out of $37 million.
No one is immune or completely secure online anymore. Recently the Federal Unemployment Department in Washington State discovered a group of Nigerian hackers who were stealing identities and using them to apply for unemployment benefits. Over 1700 fraudulent claims were identified so far, with a loss of 1.5 million dollars.
Keeping our information secure is more important than ever. It is a constant battle that takes vigilant awareness to stay ahead of bad actors in the digital age.
Do you have examples of other scams? Please join the conversation by commenting below.
Business Management International (BMI) is dedicated to bringing business technology to companies to help them compete. We’re not afraid to offer radically great customer service and proudly offer Microsoft Dynamics 365 Business Central and Acumatica ERP to solve real-world business problems. www.bmiusa.com.