Combine all that with the fact that elderly victims are far less likely to report losses after being scammed, and it becomes clear just how vulnerable elderly individuals can be online. In this article, we’ll get into the reasons why scammers target the elderly, how you can spot a scammer in the act, and how to avoid becoming their victim.

 Why Do Scammers Target the Elderly?

Anyone active online is at risk of being scammed, but the elderly pose easy targets for scammers. It’s not uncommon for the elderly to become targets of exploitation offline, too. Here are some of the reasons why:

Accumulated Wealth - Senior citizens have had their whole lives to save up, pay off debts, and raise their credit scores. Scammers are well aware of this and will target elderly individuals to get access to this wealth. A common tactic for scammers is to gather a senior’s personal and financial information, then take advantage of their high credit score to open a credit account and rack up debt.

Digital Illiteracy - Those who grew up with the internet also grew up learning how to spot and avoid dangerous situations online. It takes time and practice to know when something isn’t right, and many senior citizens don’t have this experience. If a scammer claims to be a helpful presence, elderly people are much more likely to defer to their expertise. Scammers know this and will often complex jargon to confuse and intimidate seniors.

Trusting Nature - Many senior citizens grew up in a time when scams were much rarer, and to accuse someone of lying mid-conversation would be incredibly impolite. Scammers know that elderly individuals are much less likely to realize they are being scammed and push back. As long as they put on a convincing performance, fraudsters often don’t have to worry about their elderly target doubting their legitimacy.

Emotional Vulnerability - Many elderly people live alone or rely on others to help them navigate challenges. If they believe something bad is going to happen because of them, or someone is hurt and needs help, they’re much more likely to do what a scammer tells them. Online fraudsters commonly employ emotional manipulation, and they know it’s often more successful with elderly targets.

How Can You Recognize Scammers?

Knowing how to spot scammers involves learning their techniques. Once you know how scammers operate, you’ll be able to see the warning signs of a scam and cut off contact. Here are some common tactics used by online scammers when targeting the elderly:

1. Unwanted Contact

Nine times out of ten, scammers will contact you out of the blue. Random phone calls, emails, or texts should always be treated with caution. Remember, you can’t be scammed if you don’t speak to the scammer. However, the scams that are hardest to spot are those wherein you made the first move. For example, romance scammers, who create fake profiles on dating sites, may wait for you to send the first message to gain your trust. Even if you reach out first, always be on your guard for suspicious signs of scams.

2. Secrecy

Scammers will often tell you that you shouldn’t involve any other individuals in your correspondence with them. This is because scammers know those third parties are likely to tell you it’s a scam, meaning they’ll lose out. Any attempt to keep you silent or stop you from seeking help from a trusted friend or family member is almost certainly a sign of a scam. Involving a third party can help you spot these fraud attempts and nip them in the bud.

3. Emotional Engineering

Scammers will try everything from flattering you to frightening you to get you to pay up. They know that you’re much more likely to make rash decisions if you think something very good or very bad is going to happen. This is why they will often manufacture an emergency to convince you that acting fast is vital. It’s important to keep a level head when speaking to anyone who has contacted you out of the blue. Remember, you can always cease contact and take time to think it over.

4. Threats

Similarly to emotional manipulation, scammers may tell you that if you do not cooperate with them, you’ll be in breach of the law, or may suffer other legal/financial consequences. Scammers know that fear is the best motivator and will cloud your judgment, so they have no problem frightening you to keep you talking. Any legitimate official from a business or organization will never behave threateningly when talking with you.

5. Unusual Payment Methods

Conducting a successful scam is all about gaining a potential victim’s trust. This is why scammers may tell you that they’re not after your personal information or a traditional transfer of funds. Instead, you may be asked to provide payment via pre-paid cards such as gift cards. This protects the scammer, as it means the funds provided cannot be tracked or ‘recalled’ by your bank. Any request to pay for a product or service with a non-traditional payment method is a sign of a scam.

Scams You May Fall Victim To and How to Avoid Them

Since elderly people are common targets for scammers, many scams are tailored to this age group. Here are the most common online fraud attempts against those 60+ and how to avoid them.

Family Emergency

Scammers often pretend to be someone else to seem legitimate and gain your trust. These are known as impostor scams. In the case of family emergency scams, fraudsters will pose as a close family member or law enforcement official, and inform you that there is an emergency. Perhaps your grandchild is stuck in another part of the city and desperately needs money to pay for the bus. These scams are incredibly dangerous as they will scare you, convince you that acting fast is vital, and will even use real information, such as your family member’s name, gathered online. This makes family emergency scams very difficult to spot.

To avoid falling victim to a family emergency scam, always loop in another member of your family to verify that the situation is real. Check exact phone numbers to make sure your records match up with the individual who has contacted you. If the scammer is posing as a law enforcement official, tell them you will call their official line. Any genuine contact will be happy for you to do this. After all, even in an emergency, your family will know you may need to take some time to think. If the person on the other end of the call tries to force you to keep talking to them, it’s often confirmation that they are trying to scam you.

Government or Business Scams

Similar to family emergency scams, government or business scams are kinds of impostor scams. The fraudster will pose as an official individual from a legitimate organization, such as your bank, a delivery service, the IRS, Medicare, your internet provider, your device manufacturer, or an insurance company, to name only a few. These scams are hard to spot, as scammers have the technology to ‘spoof’ phone numbers - this means the call may appear to be coming from a genuine source. These scammers may not even be after money, they may simply want to gain sensitive personal information such as your address or social security number.

Official organizations will seldom reach out to you with a cold call, email, or text message, especially to tell you there is an emergency. This means any random call from a government organization or company should be treated with caution. To avoid these impostor scams, note down the individual’s name. You can call the organization they claim to be working for and ask them to check their employee data and verify that that person works there. Or, you may simply like to inform the individual that you will call back on their official line (which can be found on the organization’s website). Remember, any attempt to stop you from hanging up or verifying information is a sign of a scam.

Investment Scams

Knowing you likely have some money saved for a rainy day, scammers will offer you fake investment opportunities with promises of huge returns. Fraudsters may also tell you that there is very little risk involved with this investment. Any genuine financial advisor will tell you that no investment is 100% risk-free, so a promise of profit should be treated with caution. Scammers may even play the long game, and rope you in with a ‘successful’ investment the first time around, to convince you to offer a larger sum of money. Finally, although it’s not technically an investment, scammers may pose as an individual collecting for a charity, looking for a sizable donation for a worthy cause that doesn’t exist.

Individuals looking to invest their savings will almost always reach out to those with an investment opportunity first. Cold calls from those with promising projects or stock portfolios should be treated with caution. As always, it’s best to get a third party, such as a trusted family member, accountant, or lawyer, involved if you’re considering investing. These individuals will be able to tell you if the investment looks suspicious. To add to this, any genuine investment advisor must be registered with the SEC. Contact them at (800) SEC-0330 or (202) 551-6551 to verify a potential scammer’s information.

Lottery Scams

These scams operate by convincing you you’ve won money or a prize for a competition you did not enter. However, when you contact the scammer to claim your prize, they’ll inform you that you can only claim your winnings after you’ve handed over your card details, or even paid an up-front fee. If you do pay, the scammer will simply lead you along, telling you there are delays and you need to pay even more money to receive your winnings. Lottery scams most commonly take place over email, or through paid advertisements on unsecured sites. However, scammers may also attempt to conduct lottery scams over the phone, by text message, or through paper mail.

If you haven’t knowingly entered a competition, you should be wary of any prize you’ve won. This is especially true if you are informed of this prize out of the blue by someone who has never contacted you before. These prizes are almost always ‘too good to be true’, and it’s best to just block the sender and cease all contact. If you do believe it to be a genuine prize, never pay any money upfront to ‘release’ your winnings, and never give your bank account details to anonymous contacts on the internet.

In Conclusion…

Senior citizens are potentially lucrative targets for scammers as they have accumulated wealth and are generally more trusting. Scammers will use both praise and threats to emotionally engineer situations in which elderly people are vulnerable to fraud. They will scare or threaten seniors without a second thought if they believe there’s a payday at the end of it. If you are contacted out of the blue, and the person contacting you tries to keep you on the phone, speaks to you in an unprofessional manner, or requests payment for a service you don’t want or need through unusual means such as gift cards, it’s best to put down the phone or delete the email.

Family emergency scams, imposter scams, and lottery scams are some of the most common fraud attempts made against elderly individuals. If you feel you are being scammed, make sure to get a trusted family member or friend involved for a second opinion. If you do fall victim to a scam, you can report it here and help protect others.

Sources

• https://www.statista.com/statistics/587388/fraud-complaints-victims-age-in-the-us/
• https://www.ic3.gov/Media/PDF/AnnualReport/2021_IC3Report.pdf
• https://nclegalcounsel.com/why-do-scammers-target-the-elderly/
• https://www.comparitech.com/identity-theft-protection/senior-scam-statistics/
• https://www.doj.state.or.us/wp-content/uploads/2017/06/six_signs.pdf
• https://fccu.org/blog/2020/07/10-tactics-scammers-use
• https://www.sec.gov/help/foiadocsinvafoia
• https://www.hebrewseniorlife.org/blog/10-tips-to-protect-seniors-from-being-scammed
• https://www.aura.com/learn/senior-citizen-scams
• https://ncoa.org/article/top-5-financial-scams-targeting-older-adults/

The post The Elderly are Special Targets of Scammers: Education is How Senior Citizens Can Prevent Being Taken Advantage Of appeared first on MoneyThumb.

Once one cybercriminal finds a technique that works, many others will try their hand at it too. Understanding the methods that cybercriminals use is key to finding cybersecurity measures that can beat them. This means you need to be on the constant lookout for suspicious behavior and the newest protections.

But, unless you’ve fallen victim to a recent cyberattack, there doesn’t seem to be a surefire way to find out exactly what threats you’re up against. That’s why, in this article, we’ll be taking a deep dive into why cybersecurity threats are in a constant state of change, what you need to look out for, and how you can stay one step ahead of malicious cybercriminals.

The Evolving Nature of Cybersecurity Threats

To start, let’s take a look into the history of cybersecurity:

The first virus ever created was named CREEPER. In the 1970s, Robert Thomas, a programmer at BBN Technologies, released the virus onto his co-workers’ computers. As he had no malicious intent, Thomas simply wanted to see how a self-replicating code performed, CREEPER did not harm the functionality of the user’s devices. However, it did show just how quickly such a virus could spread if it was malicious. To counter it, one of the first antivirus programs was developed, named REAPER.

This story highlights some interesting things about the nature of cybersecurity threats and their protections. Usually, cybersecurity measures are on the back foot as they have to be specially designed to respond to a certain kind of threat.

Not to mention, since REAPER was created specifically to target CREEPER, it was useless in the battle against new viruses. This highlights another important aspect of cybersecurity: it quickly becomes outdated as cybercriminals find workarounds and create new threats.

This is why staying up-to-date on cybersecurity threats and trends is a vital step in knowing how to avoid and beat them. The evolving nature of threats turns cybersecurity into a constant battle, where proactive education and adaptability are your best weapons.

Common Signs of Cybersecurity Threats

Although cybersecurity measures are often designed to tackle emerging threats, there are some common signs of malicious behavior that are common across many attacks. Look out for these signs to spot and stop threats. These include:

Unusual Network Traffic: By using router logs, network monitoring software, and diagnostic tools, individuals and businesses can monitor their network traffic. Be on the lookout for unexplained spikes in activity, data transfers, or connections, as these can indicate a breach by cybercriminals looking to steal personal information, disrupt your services, or stop you from using your network altogether.

Phishing Attempts: Any unwanted contact, be it emails, text messages, or phone calls from an unrecognized sender, should be treated with caution. Phishing attempts are common tactics that are used by cybercriminals to convince you to share your information or download malware. These attempts may masquerade as important correspondence from well-known companies or important individuals, and this is known as

Social Engineering: To get you to behave in a certain way, cybercriminals use social engineering. This means they will try to make you angry, scared, delighted, frustrated, or upset so that you will behave as they want you to. Be wary of any communication that is designed to elicit a strong emotional response from you, or that encourages fast action without thinking over what you’re doing.

Unsolicited Software Updates: Widely used and genuine software will have well-publicized updates. If you are prompted to update your software at unusual times or through unusual means, be sure to research and verify that the update is genuine. Cybercriminals often disguise malware and ransomware as genuine software or even anti-virus software.

Unwanted Pop-Ups: Persistent pop-ups have long been the bane of internet users, and most users know to ignore them and cease using the sites that prompt them. However, malicious links can come in many forms, and can sometimes look like genuine ads for e-commerce sites or software. Avoid clicking on ads, and if you want to check out a product, navigate to the site yourself through a secure browser.

Abnormal Account Activity: Be sure to set up two-factor authentication on all your online accounts. This will allow the site to contact you if any usual log-in activity is detected, such as multiple failed log-in attempts, or a log-in from an unusual geographic location. Once you receive one of these notifications, change your password immediately.

How to Stay Up-to-Date on Cybersecurity Threats

Even though there are some common signs of cybersecurity threats, attacks can change and new threats can develop quickly. Though attacks can vary on a case-by-case basis, gathering and sharing information on cybersecurity threats helps form a concerted defense, making the digital sphere a safer place.

Here are the best ways to gather information on the newest cybersecurity threats and trends:

1. Subscribe to Threat Intelligence Feeds

Threat intelligence feeds are streams of information about emerging cybersecurity threats and the vulnerabilities they may prey on. They are often curated by reputable organizations, such as cybersecurity firms or government agencies. Some threat intelligence feeds, such as the U.S. Computer Emergency Readiness Team are free, but others, such as Proofpoint Emerging Threat Intelligence will need to be licensed.

Other popular threat intelligence feeds are FBI InfraGuard and AT&T Alien Labs Open Threat Exchange. Not only will threat intelligence feeds indicate the tactics, techniques, and procedures (TTPs) that cyber criminals use, but they will also provide specific personal data about these criminals.

2. Follow Security News and Blogs

Though they are not as specialized or timely as threat intelligence feeds, security blogs can provide helpful information and insights on recent cybersecurity threats and the best protections. These blogs can give you an overview of global cybersecurity measures and highlight the most dangerous threats you should look out for.

Popular cybersecurity blogs are krebsonsecurity, curated by Brian Krebs, an ex-cybersecurity journalist for the Washington Post, Darkreading, a global news and information portal that offers articles and analyses of various cybersecurity attacks, and The Hacker News, which offers breaking cybersecurity news.

3. Attend Conferences and Webinars

Cybersecurity companies often host conferences and webinars that are free to attend or that you can purchase tickets to. These events bring together cybersecurity professionals, researchers, and industry leaders who share up-to-date information on emerging threats based on real-world case studies. Many even offer hands-on training so you can develop practical cybersecurity skills.

Popular cybersecurity conferences are SecureWorld, a touring conference that operates both online and in-person, and Black Hat USA, an annual conference that offers training and briefings for those interested in perfecting their cybersecurity.

4. Enroll in Cybersecurity Courses

If you want to find out about recent threats and learn up-to-date defense strategies, enrolling in a cybersecurity course is a good idea. Many organizations offer free or paid training courses and certifications for beginners, or for those who want to pursue a career in cybersecurity.

If you just want to find out about personal cybersecurity, some popular courses are Khan Academy’s Internet Safety course and Heimdal’s Cybersecurity for Beginners. However, if you want to dive deeper into cybersecurity practices, Harvard University’s Cybersecurity: Managing Risk in the Information Age course, and NYU’s Introduction to Cyber Security Specialization are informative options.

5. Find Threat Reports

Multiple cybersecurity organizations and agencies release annual reports containing comprehensive analyses and statistics relating to various aspects of cybersecurity. They are easy to understand and provide actionable advice for everyone, from cybersecurity professionals to individuals wanting to keep themselves safe.

Some of the best threat reports include Verizon’s Data Breach Investigations Report (DBIR), which provides insights into data breach patterns, tactics, and recent trends, and the Cisco Cybersecurity Reports series, which analyzes a huge variety of cybersecurity trends and best practices for intelligence and protection.

6. Employ a Cybersecurity Professional

If you run a business, cybersecurity is all the more important, as you need to protect your employees, your customers, and your business’s data. Employing a cybersecurity professional who will do all of the above will ensure your business is always up-to-date on threats and trends.

As well as having a cybersecurity expert on your team, it’s worth enlisting a third-party cybersecurity company or organization to run an audit. This will help highlight any weak points in your business’s security protocols and suggest changes based on the most recent information that can keep you and your business safe.

7. Follow Cybersecurity Best Practices 

Even though some advanced cybersecurity threats require specialized protections, there are a lot of tried-and-tested best practices that can prevent you from falling victim to a range of attacks. These defenses include visiting secure sites, sites with a padlock in the URL bar and ‘HTTPS’ protocols, changing your passwords every 3-6 months and never using the same password twice, ignoring communication from an unrecognized sender and blocking these senders, updating software and hardware as and when updates are released, and using a VPN.

Conclusion

In the ever-evolving battle between cybersecurity attacks and protections, staying up-to-date on the latest threats and trends is your best defense. Unwavering vigilance and consistent adaptation benefit not only your own cybersecurity but also the security of the networks, businesses, and organizations you are a part of.

Recognizing the telltale signs of a cyberattack can help you detect and defend against potential cybersecurity breaches before the damage is done. However, as cybersecurity threats are constantly evolving to stay one step ahead of security precautions, knowing common trends isn’t always enough.

By engaging with cybersecurity organizations and government agencies, you can gain insights into the most recent tactics employed by cybercriminals. Subscribing to intelligence threat feeds and security blogs, scrutinizing threat reports, enrolling in cybersecurity courses, and seeking help from cybersecurity professionals are all sound ways to ensure your cybersecurity knowledge is top-notch.

By staying at the forefront of cybersecurity information, you can empower and protect yourself from the newest threats and trends. Committing to your cybersecurity means you can navigate the ever-changing digital realm with peace of mind.

Sources

• https://www.forbes.com/sites/forbesbusinesscouncil/2023/08/14/the-evolution-of-cybersecurity-and-how-businesses-can-prepare-for-the-future/
• https://www.codecademy.com/article/evolution-of-cybersecurity
• https://travasecurity.com/learn-with-trava/blog/the-evolution-of-cybersecurity-from-creepers-to-credit-cards
• https://www.esds.co.in/blog/signs-of-cyber-attack-and-how-to-respond-to-them/
• https://www.wavex.co.uk/top-16-warning-signs-that-could-indicate-a-cyber-breach/
• https://leaf-it.com/10-ways-prevent-cyber-attacks/
• https://knowledge.medicusit.com/10-types-of-cyber-attacks-and-their-telltale-signs
• https://www.linkedin.com/advice/3/how-do-you-keep-up-latest-cybersecurity-trends
• https://securityintelligence.com/how-to-stay-up-to-date-on-security-trends/
• https://www.esecurityplanet.com/products/threat-intelligence-feeds/
• https://anteantech.com/how-to-stay-up-to-date-with-cyber-security/

The post Scams and Overcharges to Watch Out For: Proper Cybersecurity Can Help Spot These appeared first on MoneyThumb.

However, with the landscape of cybercrime changing beyond recognition in the last two decades, it's hard for regular internet users to keep up. As scammers' and fraudsters' methods evolve to overtake antivirus software and privacy techniques, new cybersecurity methods take center stage, rendering older security obsolete.

While online security is essential to prevent you from losing money to a cybercriminal, you may be spending a significant amount on out-of-date and altogether useless cybersecurity. That's why, in this article, we'll detail how you can evaluate your current security measures, stay on top of the most recent threats, and choose cyber-safety programs that are worth your money.

Why Are Some Cybersecurity Methods Unnecessary? 

First, let's look at the three main reasons why you might be spending money on obsolete security.

1. Evolution

Staying safe when using your computer, laptop, or mobile device has always been a concern. After all, scams aren't a new phenomenon, and technology has only introduced new ways to exploit unsuspecting individuals.

However, phishing emails, viruses, and fake shopping sites were only the beginning. Nowadays, almost every device or website you use requires an account. Account breaches can result in your password being made public, allowing criminals to access your data, identity, family and friends' contact information, card number, and even devices like your Amazon Alexa.

This is the first reason you might be paying for unnecessary online security: You're still using the same methods you used a few years ago or even a decade ago. Those methods are probably great at telling you when a website is unsecured, but they won't alert you when you should change your password due to a leak. This leads to the next reason:

2. Overlap

Though some security methods are outdated, old doesn't necessarily mean obsolete. Many established cybersecurity companies have upgraded their offerings to deal with evolving threats. Rather than specializing in one area of online safety, like antivirus, they now encrypt your passwords, monitor your accounts to detect unusual activity, or scour the dark web to see if your information has been released.

But with most online security programs searching for the same threats and offering the same assistance, you no longer need individual software or services to deal with unique risks. Additionally, most hardware, software, and websites have in-built security that does exactly the same for free, making paying for overlapping protection largely unnecessary.

3. Overkill

The third reason you might be paying for online security you don't need is that you'll never come up against the risks it protects you from. For example, while it's always better to be safe than sorry, there's no point shelling out on a cybersecurity program befitting a global corporation if you run a business selling candles from home.

Not to mention, over-investing in unnecessary security solutions strains your budget and complicates your systems. After all, if you're paying for ten different types of security, how do you know when one requires an update without checking them all? This is why it's crucial to assess your specific security needs based on the size and scope of your business to ensure you are not overspending on protections you'll never need.

What You Don't Need 

Now that you know why you don't need some online security measures, let's take a closer look at specific methods and programs you can stop using.

Third-Party AntiVirus Software 

Picking up viruses from unsecured websites, clicking suspicious but well-disguised links, or even opening an email could infect your device and render it unusable. But, as mentioned, there are other ways these threats can be mitigated. Suspicious emails are sorted into the spam folder or flagged by your provider, secure websites will have HTTPS padlocks in the URL bar, and most browsers won't open dangerous links.

Standalone Firewalls 

Firewalls were once essential for stopping malware, hacks, and other internet-based dangers from affecting your device's operating system (OS). However, since devices with internet connectivity have improved, there's a good chance that the OS they run already has a built-in firewall. Also, automatic OS updates mean you're always protected against new threats, making firewalls obsolete.

Password Managers 

There's no denying that password managers are a convenient and much safer way to store your passwords than writing them down on a Post-it and sticking it to your desk. They can suggest robust options, tell you when to change your log-ins, and encrypt passwords to prevent hacks. However, there's a high chance your browser can do all of this, too. Built-in password managers are often integrated into your device's security to provide sufficient protection without third-party software. And, if you forget a password, autofill through facial recognition or fingerprint technology takes seconds.

VPNs 

This might come as a surprise, given that Virtual Networks were the next big thing in online security just a few years ago. However, with many trusted sites having the aforementioned SSL security certificates to encrypt your data, the protection offered by VPNs is already largely unnecessary. That is, unless you frequent unsecured websites, often use public WiFi, want to avoid annoying ads and pop-ups, or need to access region-locked sites and content.

Basically, with the advanced security features built into most modern devices and services, many traditional third-party security measures have become redundant. So, streamlining your protective measures no longer means compromising on safety.

What You Do Need 

But, if some of the most trusted online security measures are now unnecessary, what should you use instead?

Multi-Factor Authentication (MFA) 

Also known as two-factor authentication, this online security measure is often offered by websites or browsers entirely for free. Essentially, it requires you to confirm your identity when logging into certain sites by entering a One-Time Password that's been texted to your phone, typing specific letters in a secondary password, or using facial recognition. This prevents cybercriminals from accessing your data and alerts you if there is suspicious activity on your accounts. However, you may need to turn off MFA in your account settings.

Data Backups 

Admittedly, this security measure is more a cure than a preventative method. But, if you find yourself the victim of cybercrime like hacks or ransomware, you won't lose any data, documents, or photos stored on your device. Cloud-based backups like Microsoft's One Drive offer a significant amount of space for free, and you can choose what you back up. However, although they may seem old-fashioned, hard drives are still the best way to back up data.

Awareness Training 

Since cyber threats are constantly evolving, and many OSs and browsers offer built-in protection, knowing what to look out for and how to stay safe is priceless. While in-depth research into your device's offerings is an excellent place to start, investing in the most recent online security courses and training will give you valuable security insights and strategies. This means you can proactively mitigate risks and identify any unnecessary online security.

Digital Wallets

These apps can store your cards, track your transactions, place your financial data behind encryption or MFA, and even notify you of suspicious activity. They also protect your information when you enter your payment details online, as well as your physical cards. After all, you're much less likely to lose your phone than your wallet, and even if you did, your digital wallet would be behind your phone's facial recognition, fingerprint, or passcode, with an extra password needed to access the app. The best part is that most devices already come with a wallet application pre-installed.

By focusing only on essential online protections, you can save money and learn more about the ever-evolving nature of cybersecurity, which will set you up for a safe future. Not to mention, after paying for a device or internet provider, many of these security measures are completely free of charge.

In Conclusion… 

As Bob Lord, senior technical advisor at the Cybersecurity and Infrastructure Security Agency, put it, "The internet is much safer than it was in 2010". That's thanks, in part, to an increased focus on protecting user data by device manufacturers, browser providers, search engine algorithms, and website owners.

Cyber threats that once plagued the internet, such as phishing emails and viruses, are now protected against as standard by spam filters and automatic device updates. But, this has left many of us paying for third-party online security like antivirus and firewalls that are outdated, obsolete, or that we simply don't need.

However, with a range of new and improved cyber threats, some online security measures will never go out of fashion. For example, data backups, MFA, digital wallets, and good old-fashioned research will keep you safe and secure no matter how you browse.

So, take the time to reevaluate your chosen online security and check for any unnecessary services. Remember, if your OS or browser already protects you against a threat, you don't need to pay for extra protection. While it's essential to remain vigilant and safe online, shelling out for obsolete security is definitely not worth it.

Sources and Resources

• https://www.nbcnews.com/tech/security/still-paying-antivirus-software-experts-say-probably-dont-need-rcna6335
• https://www.which.co.uk/news/article/why-its-probably-not-worth-paying-for-antivirus-aTRzV8Q4VFA7
• https://ubiquity.acm.org/article.cfm?id=3333611
• https://brilliancesecuritymagazine.com/cybersecurity/6-outdated-cybersecurity-practices-to-avoid/
• https://www.beeitsolutions.co.uk/outdated-antiviral-systems-among-biggest-cyber-security-threats/
• https://www.techdirt.com/2021/10/12/most-people-probably-dont-need-vpn-experts-now-advise/
• https://www.datacenterknowledge.com/security/how-cloud-killed-firewall
• https://expertinsights.com/insights/6-reasons-you-need-multi-factor-authentication-mfa/
• https://www.investopedia.com/terms/d/digital-wallet.asp
• https://www.zdnet.com/home-and-office/work-life/5-reasons-why-i-switched-to-a-digital-wallet-and-you-should-too/

The post How to Determine If You Are Paying Too Much for Online Security: What You Need and Dont Need appeared first on MoneyThumb.

We all know the standard cybersecurity tips - change passwords regularly, avoid suspicious links, don’t answer emails promising you billions of dollars, etc. But online fraudsters are constantly evolving with each new cyber-security measure. As they become increasingly sophisticated in their methods, it’s up to us to improve our cyber-security and protect ourselves from fraud.

In this post, we’ll detail the warning signs of fraud and scams that you should look out for when using the internet, little-known but effective cybersecurity tips, and exactly how you can avoid falling victim to common online fraud.

Common Types of Online Fraud and How to Prevent Them

There are countless scams that fraudsters undertake, with the aim of getting anything from your account passwords to your life savings, or even ruining your personal or professional reputation. Knowing about the kinds of frauds that are out there can help you spot a scammer from the very first time they contact you.

Here are some of the most commonly used and harmful online scams that you should look out for:

1. Online Shopping Scams

According to the FTC’s Consumer Sentinel Network, in 2022 online shopping scams and frauds were the number one cause of monetary loss in every age group. Using enticing ads and fake websites, fraudsters can effectively pose as genuine online stores. These stores often look genuine, with very few obvious red flags. Once you’ve made your ‘purchase’, the fraudsters have your money and your payment details.

How to Spot: A new store with prices that are unbelievably low, no privacy policy, and a necessary payment to get a voucher or deal may be an online shopping scam. Online shopping scams also tend to capitalize on holidays such as Christmas and Valentine’s Day or offer merchandise for a current and popular movie or artist.

Prevention Tips: Although it’s nice to patronize small businesses, this can lead unsuspecting victims to be scammed. Rather than clicking on a link in an ad, navigate to the store using your web browser. If you’re suspicious, check out reviews on a third-party site. Finally, if the site asks you to create an account, use a strong and unique password. If in doubt, it’s always better to lose out on a potentially fraudulent product or service, rather than lose your money.

2. Imposter Scams

In 2021, 17.2% of all reported frauds were impostor scams, making them the second most reported fraud that year. These frauds are so-called because the scammer will approach you and solicit details or money by pretending to be someone else. This is a common tactic used in a number of other fraud attempts, too. The most common impostor scams include romance, tech-support, and investment scams, however, scammers may also pose as your family members or other vulnerable individuals in need.

How to Spot: If you receive a scam call, email, or text from an individual posing as a company you do business with, your bank, your family, or a government agency such as the IRS or Medicare, it will usually come with a sense of urgency. For example, they may tell you your account has been hacked or funds have been stolen from you. Be wary of any attempt to solicit your money or details over the phone, and any attempt to get you to pay up faster than you’re comfortable with.

Prevention Tips: Never give out personal or financial details over email or on the phone. Never pay for a ‘prize’ or bonus up front, and never send payment via pre-paid cards or gift cards. If the potential scammer has called you, inform the caller that you will hang up and call them back on the customer service line listed on that company’s or organization’s official site. Any genuine caller will be more than happy for you to do this.

3. Investment Scams

Investment scams will involve a fraudster contacting you, seemingly out of nowhere, to invest in a new company or product. These investment opportunities are fake, and once the scammer has your ‘investment’, they will likely cease all contact.

How to Spot: Unsolicited emails, calls, or texts from an individual or business with very little information on search engines asking you to invest in something should always be approached with caution. Any promise of definite profit or success, or attempts to rush payment from you can also be warning signs.

Prevention Tips: Investing can be a great way to make some passive profit. However, you can prevent yourself from becoming a victim of investment scams by calling FINRA at (800) 289-9999 and checking that the individual is licensed. You should also check that the investment opportunity is registered by calling your state’s securities regulator.

4. Loan Scams

This type of advanced-fee fraud is becoming increasingly common. Scammers will contact you with an ‘approved’ loan, which will be transferred to you on receipt of a hefty upfront fee. Once they have this fee, scammers will cease all contact. If you’ve applied for a loan online, you may be more susceptible to loan fraud.

How to Spot: Any request to quickly pay an upfront fee in return for a larger sum of money, especially through unusual methods such as gift cards or vouchers, could be an attempt at loan fraud. A genuine loan service will not contact you up front with an offer, and will never ask for fees to be paid before you receive the loan.

Prevention Tips: Aside from the usual financial safety tips of checking your bank account and statement regularly, other ways to prevent loan scams include avoiding sites that guarantee a loan before you have given them your details. Find out whether lenders are registered by contacting your state’s bank regulator.

5. Romance Scams

Another kind of impostor fraud is, romance scammers will create a fake online identity for ‘catfish’ victims by providing them with attention and affection. Once these scammers have gained your trust, they may ask for gifts, money, or even personal details such as your social security number or passport.

How to Spot: These impostors will have fake or very few images on their dating profiles. Romance scammers may also use ‘love-bombing’ to secure your trust. They will praise and compliment you, quickly deeming what you have together as special to emotionally manipulate you. Any attempt to get you to send personal or financial details, gifts, or money to someone you have never met should be regarded with extreme caution.

Prevention Tips: Finding love on the internet is one of the joys of the 21st century, so there’s no need to avoid trusted dating sites. However, you should be on the lookout for fake profiles. Be mindful of what you post on your profile, as these scammers will likely do extensive research to find ways they can manipulate you. If in doubt, reverse image search the pictures they provide you. Never send inappropriate photos of yourself or your financial details to someone whose identity you have not verified.

6. Job Scams

Employment fraud happens when a scammer poses as a head-hunter, or recruitment agency, or places a fake ad on job sites or forums. By interviewing you for a fake, and too-good-to-be-true, position, the scammers solicit personal details and eventually money from you.

How to Spot: Usually these scammers will approach you for a job you have not applied for. The advertisement may be vague and poorly written. They will likely ask to interview you over instant message, never in person or over the phone.

Prevention Tips: Research any company that offers you a position with them, especially if the pay does not line up with your experience or expertise. If your research comes up lacking, it is likely a fake company/job. Scrutinize any company email addresses or URLs for slight misspellings or mistakes. Call the genuine company on the number listed on their site, and check that the potential scammer actually works there.

7. Tech Support Scams

Yet another common impostor scam, these are some of the most harmful online frauds, especially among those who are not digitally literate. The fraudster will pose as an employee of a tech company such as Apple, Microsoft, or your chosen anti-virus software. They will inform you there is an issue that can only be rectified by giving the scammer control of your device or sending them an advanced fee.

How to Spot: If there is genuinely a problem with your computer, it is incredibly unlikely that the manufacturer will contact you by phone, email, or text. Similarly, if you receive a security pop-up, if it is a genuine article it will simply be a warning, and will not solicit you to click links or call a number. Unprofessional speech or writing may also be a warning sign that you are in contact with a scammer.

Prevention Tips: Never follow links or call numbers that appear in pop-ups. Never download any software that is sent to you by an unsolicited caller and never consent for them to take control of your device. If in doubt, call the genuine company that the fraudster is posing as using the phone number on their website.

8. Spam Email Scams

Finally, spam email fraud attempts are something many of us are familiar with, but they still catch people out regularly. These malicious emails are often attempts to get you to divulge your personal and financial information in return for a prize or to avoid a crisis. They may impersonate an individual or popular company to get you to click a link. In the worst-case scenario, this link may infect your device with malware.

How to Spot: Spam emails usually come from senders you have never come into contact with before. Their email addresses may be long strings of seemingly random letters or numbers, or set up with less-than-reputable email providers. If the email contains links, or attachments, or has an urgent or scary tone, it is likely a spam email.

Prevention Tips: Make sure your email provider has a dedicated spam folder that can filter out any suspicious emails or phishing attempts. If ever a suspicious email makes its way into your main inbox, mark it as spam and block the sender immediately. Never click on links or open attachments in emails unless they are from trusted senders whom you have consented to receive emails from.

General Cyber-Security Tips

 Now that you know how to prevent fraud, here are some general cyber-security tips to add another level of protection online.

Use Secure Sites - If a website doesn’t have HTTPS at the start of its URL, take extra care to guard your data, or avoid the site entirely. This ‘S’ stands for secure, and means any data sent between your browser and the site’s server is fully encrypted and inaccessible to fraudsters.

Use a VPN - This tip is especially important if you regularly use public wifi. A VPN will protect your internet traffic and it’s worth using one at all times if possible.

Block and Report - Blocking the sender is an immediate way to stop possible fraud attempts. Whether it be social media messages, phone calls, text messages, or emails, simply block the potential scammer. If possible, report the threat as well.

Protect Your Email - Your personal email is likely what you use for almost every site you have an account with. This is why it’s so valuable to fraudsters looking to know more about you. Change your email password once every 3 months, and use two-factor authentication.

Sources

• https://www.ic3.gov/Media/PDF/AnnualReport/2020_IC3Report.pdf
• https://public.tableau.com/app/profile/federal.trade.commission/viz/AgeandFraud/Infographic
• https://www.ncsc.gov.uk/collection/top-tips-for-staying-secure-online
• https://www.actionfraud.police.uk/a-z-of-fraud/online-fraud
• https://www.helpnetsecurity.com/2010/11/16/the-12-most-dangerous-online-scams/
• https://www.commbank.com.au/articles/security/how-to-avoid-online-shopping-scams.html
• https://www.finra.org/investors/protect-your-money/ask-and-check
• https://www.aura.com/learn/loan-fraud
• https://www.fbi.gov/how-we-can-help-you/safety-resources/scams-and-safety/common-scams-and-crimes/romance-scams
• https://www.actionfraud.police.uk/a-z-of-fraud/employment-fraud
• https://www.aarp.org/money/scams-fraud/info-2019/tech-support.html
• https://consumer.ftc.gov/articles/how-recognize-and-avoid-phishing-scams
• https://www.dhs.gov/blue-campaign/online-safety

The post Cybersecurity and Fraud Prevention Tips to Keep You Safe Online appeared first on MoneyThumb.

Below you will find the major threats and warnings we will most likely experience in 2024.

•  Quantum Threats on the Horizon: While the full potential of quantum computing is still a few years away, the need for organizations to assess potential risks is now primed for introductory discussions. Efforts are underway to develop both quantum-resistant technologies and deployable architectures. A clear focus on building quantum resistance is expected to gain significant traction in 2024. While the full eventuality of computer hacking is still on the horizon, the need for associations to assess implicit pitfalls is now primed for introductory conversations. Efforts are underway to develop both resistant technologies and deployable infrastructures. A clear focus on resistance is anticipated to gain significant traction in 2024.
• Rising Tides of Hacktivism: The events of 2023 suggest an implicit increase in hacktivism, particularly during major global events like the 2024 Paris Olympics. also, global conflicts and the U.S. Presidential Election could present further openings for similar exertion.
• Same Attacks, Same Success: Unfortunately, 2024 is likely to see a plethora of successful attacks against associations using familiar tactics. Despite multitudinous case studies warning of these attacks, numerous people online are failing to apply the information learned. Social engineering, word exercise, and lack of multi-factor authentication( MFA) remain common sins, fueling cybercrime in the coming year.
• Workforce Development with AI: Many small businesses are floundering with an incapability to attract and retain cybersecurity professionals. AI tools can add capabilities to traditional robotization tools. Perfecting the power of AI tools not only benefits the cybersecurity folks but empowers IT operations professionals to take on further cyber functions, especially in associations that do not have a devoted cybersecurity staff.
• Ransomware Attacks Grow Significantly: Ransomware attacks will become more common and easier for threat actors to launch. This increase will result in a greater impact on organizations of all sizes. Ransomware defense, remediation, and recovery plans should be on every business leader’s radar.
• Privacy and Personal Information Protection Concerns Rise: In a significant shift, more ransomware victims will report their attacks to the United Securities and Exchange Commission( SEC) and other nonsupervisory bodies. This development will be redefining incident response strategies, with an increased focus on translucency and legal compliance.
• Ransomware Continues to Evolve: In a significant shift, more ransomware criminals will report their attacks to the U.S. Securities and Exchange Commission (SEC) and other regulatory bodies when their victims fail to report the cyber attack. This tactic will be used as a means to pressure organizations into complying with ransom demands under the threat of public disclosure and potential regulatory consequences. This development will necessitate reevaluating incident response strategies, with an increased focus on transparency and legal compliance.
• Rise of AI in Social Engineering Attacks: The use of AI-generated content in phishing and social engineering attacks will rise. These sophisticated ways will make attacks more satisfying and harder to descry, as cybercriminals will produce largely realistic videotape and audio content to impersonate trusted individuals or produce fabricated scripts. This trend will challenge cybersecurity measures, pushing for advanced discovery tools and heightened mindfulness training among organizations to identify and combat these further nuanced pitfalls.
• Targeting of Cloud Service Providers: Most associations, including governments, have moved at least some information to the cloud. Indeed as the drive for sustained remote work has dropped in 2023, the business world has acclimated to further and further cloud-native services. With such an important structure counting on the uptime of the systems handled by a sprinkle of cloud service providers( CSP), these providers become juicy targets for cyber troublemakers concentrated on large-impact attacks. Indeed the perception of an attack on a CSP has wide-ranging consequences, and outages due to misconfigurations or other IT-centric issues that have nothing to do with a cyber attack can lead to fear and distrust. As a result, some hackers may claim responsibility to gain notoriety or sow disharmony in target communities.
• Move Toward Automated Understanding of Threats: The development of technology continues to outpace the speed of understanding. To help address this lack, numerous associations are likely to direct their security tools and capabilities that work automated processes to help or alleviate cyber pitfalls in real time. To implement further robotization, associations will need to apply more control over operations and take a further visionary part in confining unauthorized operations and services from running in their surroundings.
• Intersection of Cyber, Public Policy, and Economics: Over time there’s been an ongoing debate about making cyber security mandatory vs. voluntary, with the pendulum shifting in the current administration towards obligatory action. But there’s also a lot of instigation, especially among state governments, to incentivize( frequently through some kind of “ safe harbor ” provision) the enhancement of cyber defense.
• Activism and Cooperation by the U.S. Government: We’re seeing rising activism by the usual players in the U.S. government. What’s different is the shift towards further visible and direct action(e.g., The Joint Cyber Defense Collaborative, public leadership in major incident response, the Cyber Safety Review Board) and further systematized enterprise-position action(e.g., USG and DoD zero trust enterprise, nonsupervisory adjustment). And this includes more common,multi-agency bulletins, advisories, and guidance. These are healthy signs of recognition that we must face cyber problems as a public imperative with coordinated original action.
• Need for Focus on Burnout Among Cyber Professionals as well as Workforce Shortages: Collapse and the health of professionals will continue to be a concern in the face of ever-adding sophisticated pitfalls and arising technologies, unrealistic prospects, and the weight of responsibility to address times of inattention to cybersecurity. Organizations will need to develop strategies to reduce burnout, including the use of AI support, staffing and resourcing applicable to workload, heartiness programs, and setting realistic prospects for cyber places. In addition to combating collapse, new and innovative ideas will be necessary to address the continued pool deficit. More SLTT associations will exclude the need for a degree in favor of experience and/ or softer skills (problem-working, critical thinking, communication, etc.) Specialized skills can frequently be learned on the job. Fresh creative results, which are being seen, will include flexible and remote work arrangements, tapping traditional aspirants, uniting with advanced education on externship and training programs, and more competitive compensation and benefits packages.
• The Internet of Things (IoT) Evolving: The expanding Internet of Things (IoT) creates further openings for cybercrime. The Internet of Things refers to physical hotspots which connect to the Internet and share data. This includes wearable fitness trackers, smart refrigerators, smartwatches, and Amazon Echo and Google Home. It's estimated that by 2026, there will be 64 billion IoT installed around the world. The trend towards remote working is helping to drive this increase. This is changing the dynamics and size of what's occasionally called the cyber-attack face – that is, the number of implicit entry points for vicious cyber criminals. Compared to laptops and smartphones, IoT locations and devices have smaller processing and storehouse capabilities. This can make it harder to employ firewalls, antivirus, and other security operations to guard them. As a result, IoT attacks are among the largest cyber-attack trends.

The post 2024 Cybersecurity Threats: Predictions and Warnings appeared first on MoneyThumb.

However, every technological breakthrough gives rise to those who seek to use them for criminal purposes. With the ever-changing nature of cyber attacks, organizations, businesses, and individuals need to remain vigilant in 2024 more than ever before.

To keep you up to date and ready to defend against these threats, in this article, we’ll explore the latest trends in cybersecurity. As well as taking a look at emerging cyber threats, we’ll discuss the best security measures you can employ to protect yourself and others in 2024, such as identifying fraud with Money Thumb's thumbprint fraud detection tool.

Emerging and Evolving Cyber Threats

First, let’s take a look at the newest threats to cybersecurity. Since cyberattacks evolve to overstep the latest cybersecurity measures, you may well have heard about many of these threats before. However, it’s vital to understand the nuances of these potential attacks so you can adjust your cybersecurity measures accordingly.

Automotive Hacking

Modern cars, especially electric cars, run on software that controls everything from the radio to the airbags. Also known as cyber-carjacking, automotive hacking takes advantage of vulnerabilities in this software.

According to a report by Upstream, in 2022, automotive hacking increased by 380%. But it’s not just the cars themselves that are at risk. Electric charging points can be accessed remotely by hackers, who can slow them down or stop them from working entirely.

Once a hacker has accessed a vehicle, they can do several things. These include listening in through microphones to gain sensitive data or installing ransomware that demands payment before the car can work normally. By 2024, the industry is expected to lose $505 billion to these attacks.

However, defending against automotive hacking isn’t easy. With so many electronic control units (ECUs), sensors, and components, hackers can take advantage of numerous entry points. To add to this, developing patches and rolling out software updates takes a significant amount of time.

AI-powered Threats

There are a variety of ways that AI can be used by cybercriminals, such as:

Automated Attacks: Data mining, finding vulnerabilities, and launching attacks can all be automated with the help of AI.

Deepfakes: AI-generated audio, video, or text content is used to impersonate individuals in social engineering scams.

Adversarial Machine Learning: AI is commonly used to recognize and defend against cyber threats. Adversarial machine learning techniques can deceive these AI-powered security tools.

Data Poisoning: Training data for AI security systems can be compromised to introduce biases and increase the likelihood of incorrect decisions.

Again, defending against these attacks is difficult because protection relies on finding and fixing vulnerabilities in existing AI security systems.

Cryptocurrency Attacks

In 2023, cryptocurrency continued to gain popularity, with many new coins made available for purchase. From hacking wallets to creating scam coins and making off with the proceeds, cybercriminals use this popularity to their advantage.

According to many advocates of cryptocurrency, its unregulated nature is one of its biggest benefits. However, this is also one of its weaknesses. There are no organizations to seek help from when crypto-based cyberattacks happen. In particular, cybercriminals using ransomware often ask for payments to be made in cryptocurrency. This is because the funds cannot be tracked.

Statistics published by Reuters show that this practice is only becoming more common. In the first quarter of 2022, there were $175.8 million worth of ransomware payments made in Bitcoin. In the same period in 2023, this number reached $449.1 million. In 2024, we can only expect this number to increase once again.

Third-Party Breaches

Outsourcing work has become very popular for businesses of all sizes. It allows businesses to cut costs on office space and salaries, and increase flexibility. Korn Ferry found that about 40% of businesses now outsource their hiring processes to external HR organizations. To add to this, Fiverr shared that, in 2022, 78% of businesses were more likely to hire freelancers than employees.

While this does have advantages, it also opens the door for potential malicious figures. Third-party attacks occur when cybercriminals use suppliers, services, or anyone with connections to their target to gain access to their systems. This may be through vulnerabilities in third-party ISMS, software or authentication protocols, or weaknesses in a supply chain.

IoT Device Hacking

The Internet of Things refers to the growing number of household devices that can connect to the Internet, the cloud, and each other. Google Home and Amazon Alexa are part of the IoT, as well as lights, thermostats, speakers, smart TVs, refrigerators, dishwashers, gym equipment, and much more.

Cybercriminals use these devices to gain access to your network. But, according to Michelle Kradolfer, an IoT expert at Secured by Design, “The adoption of cyber security requirements within these products is poor - only 1 in 5 manufacturers embed basic security requirements in consumer connectable products, although consumers overwhelmingly assume these products are secure.”

As the IoT continues to grow and connect with 5G networks, so do the opportunities for your cybersecurity to be compromised. Hackers may steal your data, capture audio or video footage from inside your home, or add the device to a botnet in preparation for a Denial of Service (DoS) attack.

Bear in mind that simply because these threats are becoming more common, does not mean hackers and scammers have ceased to use other, older tactics to facilitate attacks. If you want to know what to look out for, you can check out our post on spotting and stopping certain cyber threats here.

Cybersecurity Best Practices for 2024

Now that you know about the newest threats to watch out for in 2024, let’s take a look at how you can add to your existing cybersecurity to protect against them.

1. Beat the New with the Old - While you wait for automotive manufacturers to release patches, seemingly outdated measures still provide protection. For example, a steering wheel lock, a branded mechanic, and a car with manual door locking systems can prevent some attacks and mitigate their results. Additionally, wrapping your key fob in foil and putting it in the fridge blocks its signal and stops hacks.
2. Improve Basic Cyber Hygiene - Be sure to change the password to your internet regularly. The same goes for your car’s network and any apps that control your thermostats and heating systems, lighting, TV, or speakers. Never reuse the same password twice, be this on two different accounts or when changing passwords. Store passwords offline or in an encrypted password manager to keep track. Finally, always log out of accounts shut down hardware when you’re not using them, and delete accounts that you no longer use.
3. Due Diligence - If you run a business that outsources tasks or works with several suppliers, it’s vital you do your due diligence and ensure their cybersecurity practices are up to scratch. Don’t shy away from requesting reports or conducting cybersecurity audits, and always be explicit in your requirements.
4. Multi-Factor Authentication (MFA) - Usernames and passwords are no longer enough to ensure cybersecurity. MFA requires another form of verification and ensures that no one but you or other trusted individuals can log into accounts on your network. Always enable MFA on your accounts where possible.
5. Identity and Access Management (IAM) Measures - With the rise of remote working, employees may need to access sensitive data on their networks. VPNs and encrypted devices are ways to secure this process, but IAM measures can take it a step further. Essentially, IAM checks logins against a secure database of individuals who are permitted access to your systems, then grants them only the level of clearance you have afforded them. For businesses and organizations, combining MFA with IAM provides a robust security framework even where remote and hybrid working are concerned.
6. Zero Trust Security - A relatively recent security model that is becoming more common is Zero Trust Security. It works in tandem with MFA and IAM and works on the principle that no one should be automatically granted access to your systems. Following this model means continually checking and verifying employees and third parties who have access to your systems, and thoroughly investigating any anomalies.
7. Consolidate Licenses - Your security software, such as ad-blockers, antivirus, anti-spyware, VPN, firewall, and intrusion detection and prevention systems should ideally be handled by as few companies as possible. This ensures that you can keep on top of software updates and patch releases, and install new security measures accordingly. Software License Management tools can help you with this.
8. The Human Element - While automated cybersecurity systems are becoming the new norm, these can still be vulnerable. On the other hand, leaving cybersecurity entirely up to humans means mistakes can, and likely will, be made. A combination of AI-powered, automated threat detection systems subject to daily or weekly checks by cybersecurity professionals is best.
9. Keep Up to Date - As we go into 2024, be sure to keep up to date with news of recent cyberattacks and new cybersecurity measures. As mentioned, knowing what threats you may be up against can help you choose the right cybersecurity measures and implement them early. A proactive approach to your cybersecurity helps find and fix vulnerabilities and keeps you safe in the digital age.

In Conclusion…

Cybersecurity threats are only going to become more advanced in 2024. Technological breakthroughs like AI and factors such as remote working have changed the landscape of digital security.

Emerging trends in cyberattacks include automotive and IoT hacking, a growing number of third-party breaches, using AI against automated security systems, and ransomware that demands payment in untraceable cryptocurrencies. However, that doesn’t mean there aren’t ways to defend against these threats.

In 2024, basic cybersecurity such as password management, keeping devices up to date, and avoiding unsecured networks and sites will be just as important as ever. On top of this, recent measures such as Zero-Trust models, IAM protocols, and cybersecurity audits will be essential for businesses and organizations.

Cybersecurity is an ongoing battle, so prepare yourself by learning about threats and seeking expert advice. By remaining proactive, and consistently checking and refreshing your cybersecurity measures, you can navigate the digital realm with confidence.

Sources

• https://www.simplilearn.com/top-cybersecurity-trends-article
• https://www.embroker.com/blog/top-cybersecurity-threats/
• https://upstream.auto/reports/global-automotive-cybersecurity-report/
• https://www.forbes.com/sites/stevetengler/2023/10/25/new-auto-cyber-study-reveals-threat-intelligence--or-lack-thereof/#
• https://www.ncsc.gov.uk/collection/annual-review-2023/technology/case-study-cyber-security-ai
• https://www.forbes.com/sites/forbestechcouncil/2023/06/23/ai-and-cybercrime-unleash-a-new-era-of-menacing-threats/
• https://www.reuters.com/technology/crypto-ransom-attacks-rise-first-half-2023-chainalysis-2023-07-12/
• https://www.investopedia.com/articles/investing/032615/can-bitcoin-be-hacked.asp/
• https://hbr.org/2019/05/your-approach-to-hiring-is-all-wrong
• https://www.fiverr.com/news/fiverr-business-data-aug-2022
• https://www.securedbydesign.com/about-us/news/are-you-ready-for-april-2024
• https://www.byos.io/blog/iot-attacks/
• https://sprinto.com/blog/best-cybersecurity-practices/
• https://eu.usatoday.com/story/tech/columnist/komando/2023/04/06/how-keep-hackers-taking-control-your-car/11594806002/
• https://support.microsoft.com/en-us/topic/what-is-multifactor-authentication-e5e39437-121c-be60-d123-eda06bddf661
• https://www.microsoft.com/en-gb/security/business/security-101/what-is-identity-access-management-iam/
• https://www.asrcfederal.com/securing-the-digital-frontier-understanding-the-pillars-of-zero-trust/

The post The Latest Trends in Cybersecurity to Be Aware Of Going into 2024 appeared first on MoneyThumb.

A robust cybersecurity strategy, based on your hardware, software, and data requirements, will help you stay one step ahead. Not only will cybersecurity practices protect your data if an attack does take place, but they can also give you peace of mind when using your devices in everyday life.

In this article, we’ll be delving into the types of cyberattacks you may come up against, some basic ground rules for cybersecurity that everyone should follow, and the best cybersecurity practices based on your needs as an individual or business owner. Let’s get started…

Types of Cyberattack

The methods cybercriminals use are constantly changing to get the best of cybersecurity practices. However, there are some common cyberattacks you may fall victim to. Understanding these attacks can help you recognize when you’re being targeted, and better select which cybersecurity practices you should implement first. Some common cyberattacks are:

1. Phishing

One of the most prevalent cyberattacks is phishing. If you’ve been using the internet for a while, you’ve likely already come up against phishing attempts. By posing as a legitimate entity through emails, texts, phone calls, or websites, cybercriminals seek to trick you into revealing sensitive information like passwords, addresses or financial details.

2. Malware

Malware is an umbrella term that is short for malicious software. Cybercriminals seek to trick you into downloading malware through various means. This software is designed to infiltrate and damage your data and devices. Some of the most common forms of malware are spyware, which can allow cybercriminals to see exactly what actions are taking place on your device, and ransomware, which can lock you out of your device until a ransom is paid.

3. Man-in-the-Middle

Businesses are the most likely victims of man-in-the-middle attacks. Cybercriminals intercept and alter communication between two parties in the hopes of eavesdropping, manipulating data, and eventually stealing sensitive information. This information can then be used for blackmail or other malicious purposes.

4. Denial of Service

Denial of Service, or DoS attacks, aim to disrupt how a website, service, or entire network functions by overwhelming it with traffic from external sources. This can render it useless to users, and cost businesses their profits, time, and resources needed to fix the damage caused by the attack.

5. Social Engineering and Insider Attacks

Cyberattacks that utilize social engineering involve manipulating an individual to gain access to their sensitive data and devices. This is much easier to do when an ‘insider’ is involved to assist with emotional manipulation. Insider attacks are also common in the business place, wherein an individual with access to the organization’s network exposes sensitive data to attackers.

6. Zero Day Exploits

These cyberattacks seek to exploit insecurities and holes in new software before an update or patch is released. Zero Day Exploits are particularly dangerous for individuals and businesses alike because, without help from developers, there’s not much you can do to protect yourself against them.

7. Advanced Persistent Threats

Advanced Persistent Threats or ATPs occur over a long period. Cybercriminals gain access to a business or organization’s network and attempt to remain undetected while they extract data and other sensitive information. ATPs may involve repeated attacks and usually go unnoticed for some time.

General Cybersecurity Tips

Though there are many kinds of cyberattacks, there is also a multitude of cybersecurity practices that can protect every device, from networks at the Pentagon right down to your smartwatch. Here are a few general cybersecurity tips you should always try and adhere to:

• Keep Software Up to Date

When software becomes open to cybersecurity attacks, developers are proactive in releasing updates and patches to close these holes and protect users. Failing to update your software can leave you without the latest security, so update your software as and when upgrades are released.

• Use Strong Passwords

Passwords that use a combination of capital letters, numbers and special characters are best. But sometimes these long strings of random letters can be hard to remember. An encrypted password manager is an easy way to keep track of passwords, and this software will remind you when it’s time for a change. Best practice indicates you should change your passwords every 3-6 months and never use the same password for two or more sites.

• Watch What You Share

You’d be surprised what unassuming information can give cybercriminals the upper hand. Even if you’re not posting sensitive company secrets online, posting about a recent birth, vacation, birthday, wedding, or family issue can give attackers enough information to launch a social engineering attack against you. Keep social media sharing to a minimum to ensure you stay as protected as possible.

• Enable Two-Factor Authentication

Though it’s a little more time-consuming than simply inputting your password and logging in, two-factor authentication (2FA) can weed out a multitude of attacks on your accounts. 2FA requires you to use another secure device or account to confirm a log-in, and this second form of verification adds an often unbeatable layer of security.

• Educate Yourself

Finally, the best cybersecurity practice is to learn the warning signs of cyberattacks and how you can avoid and respond to them. Many of the most basic phishing or social engineering attempts will follow the same pattern, so watching out for misspelled words, suspicious email addresses, urgent requests that play on your emotions, or unsolicited contact, in general, can prevent you from falling victim to low-level cyberattacks.

Cybersecurity Practices for Individuals

Though there is a large overlap between what individuals and businesses should do to protect themselves from cyberattacks, the best practices to secure your devices may vary slightly. Here are a few cybersecurity practices that individuals should prioritize:

Keep Track of Your Devices and Accounts - Though we use our phones and laptops daily, often we have more devices at risk of attack than we think. Any device that is connected to your internet should be secured, including home assistants, games consoles, speakers, gym equipment, security cameras, and even your car. On top of this, you likely have a myriad of accounts on various websites. Keeping track of these and closing those that you no longer use can help you stay secure and, in the event of an attack, determine where the threat originated.

Secure Your Internet Connection - An easy way to ensure your devices are protected when you’re at home is by securing your internet connection. Ensure that your home WiFi network uses WPA2 or WPA3 encryption protocols. As the administrator, you should log into your WiFi settings and change the standard password regularly. Also, disable remote access to these settings to ensure no third parties can change them. Avoid using unsecured or public WiFi and if you must do so, utilize a VPN (Virtual Private Network) to ensure your data remains secure.

Perform Regular Data Backups - If your devices are compromised, you could lose sensitive information and other important data such as your photos and documents. Purchasing a remote hard drive or USB stick remains one of the most secure ways to store your backups. Ensure these devices are encrypted or password protected, and store them in a safe place in your home. If your device does come under attack, you’ll have access to everything you may have lost, and will also be more equipped to deal with the attack as you’ll know exactly what was taken.

Change Your Privacy Settings - It’s good practice to limit the amount of information available about yourself to potential malicious forces online. Many cybercriminals will comb social media to select the easiest and most vulnerable targets and to gain information that can be used to manipulate or blackmail them. Ensure that your settings on social media and your email are adjusted so that your profiles are only visible to those who you approve. You should also use an email that has a built-in spam filter to get rid of any phishing attempts before they appear in your inbox.

Use Secure Sites - When browsing the internet, ensure that every site you visit has an SSL certificate, usually denoted by a lock icon before the hyperlink. This ensures that all of the data sent between your browser and the site’s server is encrypted and protected from third-party access. On top of this, when purchasing from online stores, check that the payment process is PCI-DDS compliant, review their privacy policy, and check for any relevant site seals that confirm the website has been verified to meet security standards by a reputable agency. If you regularly shop online, monitor your financial statements to find any suspect charges early.

Cybersecurity Practices for Businesses

Cybercriminals that target businesses will likely be slightly more sophisticated than those who attack individuals. This is why, as well as those methods listed above, most businesses will need to take extra steps to ensure cybersecurity. Some of these may include:

Employee Training - With so many links in the chain, businesses not only need to ensure the security of their networks but the individual security of every employee and device they use. Regular employee training regarding best practices and internal policies will raise awareness of the importance of cybersecurity and the warning signs they may need to spot. While software updates and password resets will be handled en masse or by an IT team, training employees can help remove the human element that cybercriminals often rely on when targeting businesses.

Incident Response Planning - As well as policies relating to cybersecurity, your business should have a clear and thorough incident response plan in place. This plan will detail the steps that need to be taken to identify a threat, analyze and minimize the damage to data and other sensitive information, and rectify the issue as quickly and with as few resources as possible. You may also like to test these plans if other employees are involved and make changes regularly to keep up with the developing nature of cyberattacks.

Third-Party Security Assessments - It’s not just your intranet and employees you need to worry about when it comes to security breaches. Any company you work with from suppliers to couriers will have access to your business’s sensitive data. This is why it’s good practice to evaluate any company you intend to partner with to make sure their security practices are up to standard. Implementing contractual obligations for security and performing regular security audits are sound ways to do this, and can help identify vulnerabilities and mitigate risks.

Data Encryption and Access Controls - As standard, all data that is stored on your network or transferred through it should be encrypted. A business-wide VPN is a simple way to do this, as well as protocols regarding where and when an employee can use their work devices or access materials. On that note, implementing strong access controls based on what roles employees hold within the company can help avoid unwarranted access. On top of this, user authentication protocols should always be in place.

Network Security Measures - There is no end to the amount of protection you can install and implement on your business’s network. VPNs, as mentioned, are a great choice and should be standard practice alongside firewalls. Cloud data storage and backups can encrypt your business, employee, and customer data, keeping it safe and easily retrievable on an external server should a cyberattack take place through your intranet. Another robust network security measure is intrusion detection software, which highlights any unusual or unauthorized access as and when it takes place.

In Conclusion…

Cyberattacks come in many forms and are constantly evolving. Individuals and businesses can fall victim to a wide range of cyberattacks and suffer large losses of sensitive data and financial information as a result. However, several simple security practices can prevent cyberattacks and protect your devices.

General cybersecurity measures like password protection, up-to-date software, and mindfulness on social media, email, and other sites should be practiced as standard. For individuals, updated privacy settings, strong and secure WiFi and firewalls, and data backups can mitigate the risks of cyberattacks and protect your data should an attack occur.

Businesses have slightly different needs when it comes to cybersecurity. If you’re a business owner, company-wide VPNs, employee training, incident response planning, and third-party security assessments should all be implemented. Data encryption, access controls, and other security measures are crucial to maintaining the integrity of your operations.

Ultimately, educating yourself about the various kinds of cyberattacks, and what you can do to spot and stop them, is an ongoing obligation. Stay informed, adopt a proactive approach, and regularly assess your cybersecurity so you can navigate the digital landscape with confidence.

Sources

• https://www.crowdstrike.com/cybersecurity-101/cyberattacks/most-common-types-of-cyberattacks/
• https://www.cisco.com/c/en_uk/products/security/common-cyberattacks.html
• https://www.lepide.com/blog/the-15-most-common-types-of-cyber-attacks/
• https://www.cisa.gov/topics/cybersecurity-best-practices
• https://www.ekransystem.com/en/blog/best-cyber-security-practices
• https://www.titanfile.com/blog/cyber-security-tips-best-practices/
• https://leaf-it.com/10-ways-prevent-cyber-attacks/
• https://www.moh.gov.sg/licensing-and-regulation/cybersecurity-for-healthcare-providers/common-signs-of-a-cyber-attack
• https://www.cisco.com/c/dam/m/en_ca/business-transformation/pdf/5-ways-to-detect-a-cyber-attack.pdf
• https://southeastcyber.police.uk/cyber-advice-individuals
• https://cipher.com/blog/10-personal-cyber-security-tips-cyberaware/
• https://www.morganstanley.com/articles/personal-cybersecurity
• https://www.kaspersky.com/resource-center/preemptive-safety/small-business-cyber-security

The post Best Cybersecurity Practices That Will Help Avoid Cyberattacks appeared first on MoneyThumb.

However, this reliance on our devices provides hackers, scammers, and criminals with ever more opportunities to gain access to our personal information, finances, and even our workplace data. The more sophisticated our devices’ firewalls and anti-viruses become at preventing these attacks, the better the hackers get.

But where did cybersecurity start and how have the tried and tested methods of prevention come to be? We can learn more about the best tools and techniques for online safety, as well as the changing nature of cybersecurity, by exploring its development. In this article, we’ll take a look at the history of cybersecurity and how experts believe building upon old systems can still protect us today.

The History of Cybersecurity

Let’s take a look at the origins of cybersecurity and how responses to past threats have shaped today’s preventative landscape.

Creeper and Reaper

Ironically, the malware wasn’t created with malicious intent. Instead, it was an almost-accidental discovery by BBN Technologies employee Bob Thomas. In 1971, while attempting to create a system that would allow multiple users to ‘share’ the resources of a single CPU, known as a time-sharing system, Thomas discovered that a computer program could move through a network of computers and leave a trail.

Interested in the potential for a self-replicating program and communication between computers, Thomas designed the malware to move through time-sharing terminals on the ARPA network. He named the malware ‘Creeper’, and in a move that would inspire many a hacker movie in the years since, programmed Creeper to print a message from all infected devices; ‘I’M THE CREEPER: CATCH ME IF YOU CAN.’

While Thomas never intended to do damage, and while Creeper never acted maliciously beyond annoying ARPANet’s users, it did highlight the importance of catching and stopping such malware. Creeper met its match with Thomas’s research colleague, Ray Tomlinson, creator of email. Named Reaper and designed to delete Creeper, Tomlinson developed the first actual self-replicating program and anti-virus software.

The Morris Worm and Commercial Anti-Virus

Almost 20 years after Reaper, commercial anti-virus programs were the newest, and by many accounts, the first instances of coordinated cybersecurity made available to the masses. Andreas Lüning and Kai Figge, working to protect the Atari ST personal computers, created the Ultimate Virus Killer. In the same year, NOD antivirus came into use and McAfee was founded with the release of VirusScan.

However, despite more people installing anti-virus on their personal and work computers, the malware was about to evolve yet again. In 1988, graduate Robert Tappan Morris was intrigued by viruses and wanted to create his own. Looking to impress MIT, he released his worm, which exploited weak passwords, onto their network. In a mistaken move, Morris tried to one-up system administrators by instructing the virus to replicate itself. As a result, some computers were infected several times, slowing them down until they were barely usable.

Although an impressive evolution for malware, the Morris Worm landed its creator with a fine of $10,050 and 400 hours of community service in violation of the Computer Fraud and Abuse Act. People quickly became aware of how important strong passwords were to protect their information and hardware. It also caused many defense agencies to rally for the creation of a central network that could prevent and remedy coordinated attacks like the Morris Worm. This was realized with the establishment of CERT/CC in late 1988.

The Dawn of the Information Age

The internet had become a part of millions of lives by the beginning of the 1990s. An unprecedented amount of data was available on the new world wide web. This also meant that organized criminals could gain access to valuable information with historic ease, using the techniques that had been pioneered by researchers back in the 70s.

Attacks and scam attempts were more frequent than ever, and commercial anti-viruses quickly kicked up a gear to protect the average citizen’s data. But, in 1998, the most sophisticated cyberattack yet seen was launched on the Department of Defense. The subsequent investigation, named ‘Solar Sunrise’, involved the CIA, FBI, NSA, NASA, and DOJ, who suspected Iraqi information warfare. Instead, the attack was launched by three high school students.

The Solar Sunrise incident made it clear how important constant cyber vigilance was to everyone from the individual in their own homes, to governments protecting entire populations, and how cybercrime could be used to steal national secrets and incite information warfare. Improved intrusion detection and early warning systems for cyberattacks were pioneered by the National Infrastructure Protection Center and quickly filtered down to the masses.

The New Millennium

The battle between cyberattacks and cybersecurity became a vicious cycle, as both evolved to keep up with the other. The new millennium saw the number of online attacks using viruses, malware, scams, and frauds skyrocket. In response, new laws were created across the world to criminalize these actions and ensure victims were adequately compensated.

As the 2010s progressed, the Blaster Worm and SQL Slammer caused widespread disruption on both home-based and industrial computer networks, while governments battled through state-sponsored cyberattacks like the Stuxnet Worm and Operation Aurora. In 2013, the Edward Snowden leaks brought increasing attention to government surveillance, as well as to the value of our information and data being stored and shared online.

In the decade since, the growing number of devices and an exponential amount of data being shared on the internet have made clear the need for advanced preventative cybersecurity, from the highest echelons of government to the smallest smartwatch. Nowadays, many individuals receive cybersecurity education as part of ICT in schools, and attack prevention software is standard on all operating systems. But, as the cat-and-mouse game between attacks and security continues, what does the future of cybersecurity look like?

The Future of Cybersecurity

Throughout the last 40 years, it’s become clear that anyone can fall victim to a cyberattack. However, how we protect ourselves is much the same no matter how valuable our data is. This united front is all-important according to Brad Smith, President and Chief Legal Officer at Microsoft:

“We are witnessing a rise of large-scale attacks on critical infrastructure. Governments, the private sector, and individuals all must play a part in strengthening our ability to safeguard the digital world we depend on.”

No matter if we’re at home or acting as an employee, we all have a shared responsibility to protect our devices and prevent viruses, malware, and online fraud attempts from spreading through our networks. Analyzing disruptive attacks such as the WannaCry ransomware of 2017, it becomes clear just how important one device can be in the spread of malware to millions of others. A coordinated prevention effort and understanding of where we sit as individuals in the Internet of Things will be key to protecting our data at large.

However, Kevin Brown, former Managing Director of BT Security in the UK, provides a slightly gloomier outlook on the future of cybersecurity. As we come together to avoid falling victim to attacks, and in the process protect our networks and each other, cyber-criminals are expected to do the same.

“We’re in a period of evolution. My prognosis is that we’re going to start seeing a clustering of cybercrime, with particular criminal expertise focusing on different aspects of attacks. When it comes to thwarting that and getting the right level of intelligence to deal with it, we’re a long way from that yet.”

These groups of cybercriminals do and will work as their own organizations, with certain programmers and hackers holding specialisms in certain areas. Far from being teenagers in their bedrooms or researchers creating self-replicating programs, these sophisticated organizations will work together to launch larger and more devastating attacks, profiting off them and then wiping their presence from the affected devices to avoid repercussions. By joining together, cybercriminals are expediting their evolution, and according to experts, individual action will do little to stop this.

Fortunately, another group of experts believes individuals won’t have to act. Mark Orlando, CTO of Raytheon Cyber Security, which specializes in large-scale cybersecurity audits through simulated attacks, believes we aren’t too far away from computers being able to protect themselves.

"In the coming years, we will see more automation and AI applied to security solutions so that human analysts can focus their efforts on strategic, complex threats...In the cyber arms race, we need every advantage we can get and that means arming ourselves with innovative technologies."

AI has several applications in several industries, but when it comes to cybersecurity, machine learning may be able to detect anomalies caused by malware, alert human security administrators, initiate security protocols on individual devices and networks, analyze the behavior of malware, hackers, and fraudsters to provide detailed reports and aid in their capture. Similarly, with a combination of AI and biometric data, device security will become much harder to bypass for imposters or robots.

Of course, this poses the problem that, in using AI for security, hackers and cybercriminals will use it for malicious means, too. However, with a synthesis of human intuition and experience, alongside AI’s software-based capabilities, predictive analysis, and subsequent security insights, it may just be enough to ensure we can stay one step ahead of cyberattacks.

In Conclusion

The history of cyberattacks and cybersecurity are one and the same. By understanding this history, we can stay on top of the near-constant need for improved preventative measures. The importance of protecting our personal information, financial data, and networks only grows as we become increasingly reliant on technology.

The future of cybersecurity, according to experts, will require us to collaborate with best practices used by security agencies and governments. Potential advancements in AI and automation will help us stay ahead of cybercriminals, but we certainly haven’t seen the limits of the damage that cybercriminals can do.

While there are challenges ahead, with a united and proactive approach, internet users across the globe can strengthen our ability to safeguard the digital world we depend on, ensuring a secure future for all.

Sources

• https://www.crowdstrike.com/cybersecurity-101/cyberattacks/most-common-types-of-cyberattacks/
• https://www.techtarget.com/searchsecurity/CyberResiliency/5-Key-Elements-of-a-Modern-Cybersecurity-Framework
• https://medium.com/cybernoobing/the-people-that-put-the-cyber-in-cyber-security-cyber-noobing-806e4d00519a
• https://www.lifewire.com/brief-history-of-malware
• https://en.wikipedia.org/wiki/Morris_worm
• https://nsarchive.gwu.edu/briefing-book/cyber-vault/2023-02-28/solar-sunrise-after-25-years-are-we-25-years-wiser
• https://cybermagazine.com/cyber-security/history-cybersecurity
• https://www.siliconrepublic.com/enterprise/bt-eagle-i-cyber-security-platform
• https://www.latimes.com/world/europe/la-fg-europe-computer-virus-20170514-story.html
• https://www.washingtonpost.com/podcasts/post-live/brad-smith-on-cybersecurity-and-microsofts-role-in-aiding-ukraine-against-russian-cyberattacks/

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Since scammers are evolving, the methods you need to protect yourself against their actions also have to evolve. In this post, we’ll take you through the ways technology has upped the game for scammers, common techniques scammers use, and exactly how you can prevent them from getting their hands on your money and data.

 How Do Scammers Use Technology?

 Understanding how you might be targeted is key to preventing scams. But scammers use technology in some unexpected ways, so it’s always best to be on your guard. Here are some examples of technology that has upped the game for scammers:

 Social Media - From Facebook to Instagram, Twitter to dating apps, and even forums, social media has made it so much easier to connect to others. However, this means it’s also much easier for scammers to find and reach out to potential victims. Scammers also know those who use social media regularly or for work are much more likely to engage with messages from those they don’t personally know.  In fact, according to legaljobs.io, 91% of those approached by scammers on social media, opened or responded to the initial message. Fifty-three percent ended up losing money as a result of this.

Data Leaks - As well as social media, another way scammers can find sensitive information about you is through data leaks. Chances are, if you’re an internet user, you have quite a few accounts registered with different sites. While this is a necessary part of using the internet, these sites often suffer data leaks. Using software that can harvest information from these datasets, scammers can find your email, phone numbers, and even passwords. This gives them other ways to contact you and more information to trick you with.

Messaging Apps - While phone scams have long since existed, with the help of messaging apps these scams have also evolved. SMS phishing attempts, often called smishing scams, come as a result of scammers finding your phone number. Using sites like WhatsApp that offer end-to-end encryption, it’s much harder to find the identities of those behind these malicious attacks. Scammers may impersonate bank officials, delivery companies, or even close family members. These messages may ask you to click a link where they request your details, or solicit money or passwords from you on the spot.

Technical Support - For many people, technology isn’t as easy to navigate as it is for scammers. By taking advantage of those who are technologically illiterate and more likely to trust someone who knows what they’re doing, scammers will illicit payment for technical support services. This is usually done by impersonating a staff member of a computer company over the phone. However, some technical support scams are more sinister. Using software that can give them remote control of your computer, scammers can steal your information, leaving you susceptible to further attacks.

Malware and Ransomware - While scammers usually trick victims into giving them money, hackers gain access to your accounts or devices through your WiFi or out-of-date software. However, scamming and hacking do overlap, with some hackers using the information they’ve gained through hacks to scam you. Also, some scammers will send phishing emails with attachments that can infect your computer with ransomware after a single click. This ransomware locks you out of your device and demands money, a ransom, to regain access.

 How Are Scammers Evolving?

 While some scammers will scour data leaks and a few will use hacking techniques, there’s no doubt that technology has made it easier for them. Since scammers made their way online, various tips and tricks have been spread to improve awareness and prevent successful scams. For example, we all know that those spam emails promising billions of dollars by wire transfer are too good to be true. However, as these scams stop working, scammers search for the next hook. The methods they use evolve, and it creates a vicious circle. As preventative measures improve, so do the scammers.

 Warning Signs of a Scam

Though scammers use a variety of techniques, there are some common red flags that you should look out for. These include:

• Unsolicited Messages - Messages that come from any sender you don’t know, however intriguing, may be more harmful than they seem. These messages should be left unopened with the sender blocked. If you receive a message from someone you know that seems suspicious, make sure to check their account and double-check through other means.
• Random Links - These low-effort scams are still surprisingly popular. Links in messages or emails from senders you do not recognize can carry harmful malware or phishing for your sensitive information. Make sure to use caution when following links sent to you, and never enter your details on any site sent to you in a message.
• Emotional Appeals - Scammers know you’re more likely to act irrationally if you’re over-emotional. They may try to scare you, anger you, worry you, and stress you out, or they might get you excited over promises of money. Be aware of attempts at emotional manipulation, and if you’re not sure, take a few minutes to breathe or call someone you trust.
• Requests for Money - Any request for money that is made to you through social media, email, SMS, or over the phone should be regarded with suspicion. Scammers often request that you send them money by purchasing gift cards and giving them the codes. This is so you cannot ask your bank to recall the payment.
• Unreal Promises - While many people are aware of lottery scams, investment scams are some of the most prevalent. Scammers solicit large amounts of money and huge returns are promised. As well as investment scams, job scams with the promise of great employment and high pay are common. These can be harder to spot as scammers create believable profiles and false companies. It’s always best to be wary when you’re giving money or information away.

How to Avoid Technologically Advanced Scammers

Now that you know what to look out for, you can better protect yourself against scammers. However, there are still some more simple ways to prevent yourself from becoming a victim of a scammer in the age of technology.

1. Always Double-Check - If you’re ever suspicious that you may be the target of a scam, it’s best to double-check the information they’ve given you. For example, many impostor scams can be prevented with a simple search of a company name. You can also call many companies and ask them to check an employee’s name.
2. Manage Those Passwords - Regularly changing your passwords is good practice for safety on the internet as it is. However, this action can prevent scammers from accessing your account information. It’s recommended that you change passwords for any site that has your financial information every 3 months. Use a password manager to keep track of all the passwords you’re currently using.
3. Use Secure Sites - Before purchasing from online sites or providing them sensitive information, make sure the site has ‘https’ in the URL and a secure lock sign is displayed in the search bar. This means your data cannot be accessed by scammers and your browsing activity is protected.
4. Scroll Back to the Start - If you’re trying to prevent scams that use information about you, it may be time to check your social media profile. It’s a good idea to read through your posts, captions, and bios, and check your privacy settings to make sure your information is safe. It’s always best to use a private account if you can.
5. VPNs - A VPN is a virtual private network. This tool encrypts traffic when you’re browsing the internet. VPNs are especially useful if you regularly use public WiFi networks, where scammers may have hijacked the connection.
6. Update Your Software - Out-of-date software is dangerous because it may include security systems that are not fit to tackle evolving malware and ransomware. Installing updates is important to receive the necessary security patches. As well as updating apps and protection software regularly, you should update your device operating systems as and when new updates are released.
7. Don’t Respond - Finally, the most basic and yet successful way to avoid falling victim to a scam is to not give scammers the chance. Any messages, emails, texts or calls you receive that seem suspicious should be ignored. In many cases, it’s worth just sending that message to the trash and blocking the sender.

Conclusion

Scammers are constantly upping their game and technology is helping them do it. From social media to fake companies, there are a variety of ways you may be targeted by scammers. As ways of evading scammers improve, so do the scams, so staying vigilant is key. To avoid falling victim to scams, be on the lookout for warning signs like random messages, suspicious links, and requests to send or receive money. Make sure to protect your devices with software updates, secure your sensitive data, and access the internet safely with VPNs.

Sources

https://www.centralbank.net/personal/security/security-news/seven-tips-to-avoid-online-fraud/

https://legaljobs.io/blog/scam-statistics/

https://besedo.com/knowledge-hub/blog/the-evolution-of-online-scams-moderation-methods/

https://www.scamwatch.gov.au/types-of-scams/investments/investment-scams

https://www.doj.state.or.us/wp-content/uploads/2017/06/six_signs.pdf

https://www.texasattorneygeneral.gov/consumer-protection/common-scams

https://www.ag.state.mn.us/consumer/Publications/ModernTechnology.asp

https://www.usa.gov/online-safety

https://support.microsoft.com/en-us/topic/protect-yourself-from-online-scams-and-attacks-0109ae3f-fe61-4262-8dce-2ee3cd43bac7

The post How Technology Has Upped the Game for Scammers and How To Avoid Them appeared first on MoneyThumb.

Thankfully, data protection laws mean companies are greatly restricted in what they can do with this data. However, if you make some of this information available, on social media for example, or if one of these companies suffers a data breach, you can turn into an easy target for scammers using advanced fraud tactics.

In 2021, the FTC reported that it had received over 2.8 million fraud reports, with consumers losing up to $5.8 billion. In this article, we’re going to explore what the most common types of online fraud are, as well as how you can best protect your identity when using the internet, so you don’t become part of these statistics.

The Basics of Online Fraud

 What is online fraud?

Fraud is any attempt to solicit money, goods, or gain from individuals or organizations by using deception. Online fraud then, is a fraud that is committed using various means of connecting with people on the internet.

Why do fraudsters use the internet?

 Arguably, with how simple it is for anyone to construct an entirely false identity online, as well as the sheer amount of information we share about ourselves publicly, the internet has made committing fraud easier than ever.

Why is your online identity valuable to fraudsters?

Sometimes, fraud will result in scammers gaining access to your online accounts or email address, which they will then use to scam others who trust you. This identity theft is a huge concern online because it can result in you losing important documents and data, as well as your reputation, and the (sometimes very large sums of) money needed to reclaim your identity.

The Warning Signs of Advanced Online Fraud

Below are some tactics that online fraudsters employ to get your details or money. Familiarising yourself with these warning signs will help you spot scams from the moment fraudsters make contact.

Creation of Urgency -Fraudsters need to push you into a corner, to get you to give them what they want as quickly as possible. Emotional manipulation and social engineering are frequently employed by scammers. Any legitimate business or contact will understand that you need to take your time if payment is concerned.

Too Good to be True - One of the early warning signs of fraud is being offered a prize or price that is irresistible. Fraudsters know that if they offer you something you want, you’ll be much more likely to fall into their trap. The same goes for an overwhelming amount of positive reviews on a site’s products or services. Remember, if something seems too good to be true, that’s probably because it is.

Cash in Gift Cards - Any cash transactions you make can often be traced and recalled by your bank. This is why fraudsters who are attempting to solicit payment from you will often ask you to send it to them in gift cards. As soon as someone asks you to send payment through gift cards, cease all communication.

Links in Emails - Many fraud attempts will originate in your email inbox. Any email that requires you to click on a link should be regarded with suspicion. It may seem harmless, but sometimes a single click can give away very personal information about yourself. Only open links or attachments from senders whom you trust, and block any that you don’t recognize.

What Are Some Advanced Fraud Tactics?

One of the easiest ways to protect yourself from online fraud is to familiarise yourself with the most common scams that individuals fall victim to. Below we’ve listed the 5 most reported frauds in the US, as well as how you can spot and stop them.

1. Imposter Scams

These fraud attempts involve a scammer taking on a false identity, chosen specifically to make you more likely to trust them and give them what they want. For example, a common imposter scam involves receiving a distressing phone call or email from a long-lost family member who has found themselves in an emergency, that will only be solved if you pay up.

You should be wary of any correspondence from people who you don’t immediately recognize. If this is truly someone close to you asking for help, they will be willing to wait while you double-check the information provided.

2. Job Opportunity Scams

These fraud attempts target those of us who are looking for employment, by advertising ‘dream’ jobs, usually on job boards and listing sites. By hosting a fake interview, the fraudsters gain a lot of valuable information on your identity that they can use against you in the future.

Be sure to scrutinize any information about the company and interviewer you are provided with, and be wary about any interview that is conducted remotely, over instant messenger, or through phone calls.

3. Shopping Scams

Fraudsters who use online shopping scams will create fake stores, filled with products at discounted prices, and often with a whole host of 5-star reviews. It can seem even more legitimate if you have visited a fake store through a social media ad. By purchasing from these fraudulent stores, you give away not only your money but incredibly important information such as your card details.

Use third-party sites such as Trustpilot to check independent reviews on any store you have concerns about. You should also make sure that the URL for the site begins with ‘HTTPS’, as these sites will encrypt any data you give to them. Finally, if you do choose to purchase from an online store you’re a little skeptical of, be sure to use a payment method with consumer protection.

4. Sweepstakes and Lottery Scams

Have you ever visited a site and received a pop-up telling you that you’ve won a new iPhone? Then you’ve come across this type of fraud before. By informing you that you’ve won a prize, these fraud attempts draw you in with the promise of something valuable. However, it turns out that you can only claim your prize by giving away your details, or even by paying a deposit.

You should ignore any prize for a competition that you have not entered. This goes for pop-ups on sites and emails. To add to this, any lottery that requires you to pay out for the prize is almost always illegitimate.

5. Technology Support Scams

These frauds originate with a pop-up, email, or call informing you that a virus or fault has been found on your device. The scammer may try and impersonate someone from your device’s manufacturer to come across as trustworthy. Then they’ll ask you to download some software that will allow them to fix the issue, but in reality, they will take control of your device and have access to everything stored on it.

Your device’s manufacturer will rarely if ever, reach out to you first if there is an issue with your device. If you do receive correspondence of this kind, do not give out any information, and instead reach out to your chosen tech support using official emails and phone numbers found on their website.

Determining Your Online Identity

To best protect yourself from fraud on the internet, you should know when and where you have and are currently sharing information about yourself online. Once you’ve got a hand on these sites, you’ll be far better equipped to protect your online identity.

Most websites will have access to your IP address, which can also give them your location, as well as details about the device and browser you’re using. To protect this information, a paid VPN is a useful tool.

Any site on which you have an account has access to your email, so it can be worth trawling through them and deleting your accounts on sites you no longer use. On top of this, there are services you can use that will identify which of your accounts may have been compromised. Once you know this, you can change your password.

As for social media, putting your accounts private or limiting the people who can view your profile will protect any personal information you decide to share. Moving back to basics, you should never share your address, current location, contact details, or place of work on your social media.

How to Protect Your Online Identity 

Protecting yourself from fraud attempts online isn’t a difficult or time-consuming undertaking. In fact, with a few simple tweaks in your behavior, you can ensure that online fraudsters will not be able to find out enough about you to initiate a scam.

1. Use different usernames and passwords for each account

If you use the same password across a range of websites, once fraudsters have access to this password, all of these accounts are compromised. It can get tricky to remember such a range of passwords, so be sure to utilize a password manager to keep them stored and safe. This trick also means it’ll be much harder for fraudsters to track you between sites.

2. Change passwords regularly

Even if you’re using different passwords for each site, one can still become compromised through data leaks. This is why it’s important to change your passwords for your most regularly used accounts at least every 3 months.

3. Use a different email for work and personal correspondence

Access to your email can give fraudsters a huge amount of information on your identity, as well as allow them to use your identity to scam those in your contacts list. A useful tactic to limit the sites that have access to your email is to use different addresses depending on what you’re signing up for. For any important correspondence, a separate email address with a strong password that is regularly changed will help protect your online identity.

4. Keep any device software up to date

Using out-of-date software opens your device up to attacks from those looking to commit fraud. Completing software updates as and when they become available will help protect your devices with the latest anti-virus from your device’s manufacturer.

5. Block suspicious emails or accounts

Any account or email address that you don’t recognize that reaches out to you should be regarded as suspicious. For the best protection, block these contacts and accounts straight away. Most email servers will have an automatic spam filter, but if one of these fraudulent emails does make its way into your inbox, avoid any links and block the sender.

 Sources

https://www.ftc.gov/news-events/news/press-releases/2022/02/new-data-shows-ftc-received-28-million-fraud-reports-consumers-2021-0

https://www.experian.com/blogs/ask-experian/most-common-types-of-fraud/

https://www.arborfcu.org/blog/10-warning-signs-its-fraud

https://www.webroot.com/gb/en/resources/tips-articles/how-can-i-protect-myself-from-identity-theft-online

https://www.esafety.gov.au/young-people/protecting-your-identity

https://www.globalsign.com/en/blog/what-data-is-collected-about-you-online

https://www.pewresearch.org/internet/2015/05/20/americans-views-about-data-collection-and-security/

https://www.met.police.uk/advice/advice-and-information/fa/fraud/online-fraud/cyber-crime-fraud/

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