Online Fraud - A threat in the digital age

The development of information technology and telecommunications has contributed to changing consumer shopping habits. With an increasing number of consumers shopping online and using digital payment methods (such as mobile banking, internet banking, e-wallets, etc.), opportunities for cybercrime to engage in fraudulent activities have emerged. This poses a potential threat to individuals and organizations, as cybercriminals constantly evolve their tactics, behaviors, and adopt more sophisticated methods to attack and steal sensitive consumer information.

Crime perpetrates fraudulent behaviors through various cunning tricks and diverse forms. Some common forms of fraud in the current context include:

1. Identity Theft and Account Takeover:
Criminals gain access to existing bank accounts by stealing identities and extracting information from accounts to carry out unauthorized transactions.

2. Cyber Fraud
Criminals conduct attacks over the internet with the aim of collecting and exploiting sensitive information from individuals or businesses illegally for financial gain. This is the most common form of fraud in today's context.

3. Card-Not-Present Fraud (CNP Fraud):

This is a type of fraud where the customer does not physically present the card to the seller during the transaction. CNP fraud can occur with transactions conducted online or over the phone.

4. Authorized Push Payment Fraud (APP Fraud):
Criminals deceive consumers or individuals within a business to make a payment to an account controlled by the criminals. Because the payments are made through real-time payment methods and cannot be reversed, victims are unable to cancel the transaction once they realize they have been deceived.

Given the potential risks mentioned above, what should individuals and organizations do to react promptly and proactively prevent the risks of fraud?

Stay tuned with HPT in the upcoming period to find solutions to this question!