3 Key Types of Cybercrime

Cybercrime is one of the fastest-growing forms of illegal activity and is growing globally at an unprecedented scale. It is a sobering fact that recent estimates on the total worldwide cost of cybercrime put the value at over $1trillion. One key factor in the rise of cybercrime has been the onset of the global Covid-19 pandemic. As a result of this worldwide virus, millions of employees were required to work from home or at least adopt hybrid models of working to control the spread of the outbreak. Home internet connections posed an easy entry point into corporate IT infrastructures, allowing some form of cybercrime to rise. This article explains three types of cybercrime that are commonplace in 2022. The article also includes some measures and solutions that can be taken to fight against cybercrime in the outlined forms.

Online fraud

Online fraud comes in many forms but typically involves identity theft as a method to achieve crimes and financial fraud, where money is obtained through illegal measures. A key part of the fight against online fraud is for companies to regularly check fraud protection levels across the organization and upgrade systems and software. Automated software solutions can proactively check systems and activity at an increasingly sophisticated level. Today’s automated fraud prevention systems can use a mix of AI and machine learning to stay one step ahead of fraudsters and continue to adapt to emerging techniques and tactics used by online fraudsters. It is recognized that consumers lost $56 billion to identity fraud alone in 2020, making it an extremely costly criminal enterprise to both businesses and their customer bases.

Malware attacks

Malware attacks cover a wide range of means. They can include anything from computer viruses that can slow down or cripple IT systems and ransomware that, once released onto a system, can steal sensitive information in the form of personal details or financial information, which is then “held to ransom” by the criminal in exchange for money. Ransomware is typically activated by unsuspecting IT users clicking on a malicious link that then installs the ransomware software. Malware takes a variety of other forms, but there are several ways to make businesses and the public more resilient. By raising the knowledge and awareness of cybercriminals’ methods, consumers and employers can be more vigilant and better at spotting such attempts. In addition, regular upgrading systems and applications with firmware and software updates help reduce the risks of cybercrime.

Identity theft

Identity theft is the process of stealing a person’s online identity to commit an act of theft or fraud. If a hacker can gain a person’s sensitive information, such as credit card or password details, they can then use this information to pose as the consumer. Typically, this involves stealing credit or debit card information and then using this to make purchases online. It is a highly common form of cybercrime and affects millions of consumers every year. Consumers can help protect themselves against identity theft by securing their home internet access with strong passwords and encryption systems. In addition, most businesses now offer secure forms of online payment so that details are not stolen during transactions, along with sophisticated firewalls that help to make hacking systems more difficult.