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Internet Frauds

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Internet Frauds

  1. 1. An INFORMATION TECHNOLOGYFOR BUSINESS MANAGEMENT Presentation Presented By:Hisham Ahmed Rizvi 50269 Drishti Rana 50256 BBS I-B
  2. 2. WHAT IS INTERNET FRAUD?“The term ‘Internet fraud’ refers generally to any type of fraud scheme that uses one or more components of the Internet - such as chat rooms, e-mail, message boards, or Web sites - to present fraudulent solicitations to prospective victims, to conduct fraudulent transactions, or to transmit the proceeds of fraud to financial institutions or to other connected with the scheme.” Source: US Department of Justice
  3. 3. WHY DISCUSS INTERNET FRAUDS? Complaints received in 2008 Up from about 207,000 in 2007. The total reported dollar loss. $25 million more than in 2007. of Internet users have purchased goods from spam emails lost to phishing attacks in the KEY United States in 2007.STATISTICS Of all emails in Europe are spams. It costed $51.1 billion worldwide.
  4. 4. TOOLS USED FOR INTERNET FRAUDS Email Chat rooms Websites Message Boards Portals Web Application
  5. 5. TYPES OF INTERNET FRAUDSCredit/Debit Card Fraud Business Deceit Recruitment Deceit Counterfeit Cheque Scam Advance Fee FraudNon-Delivery of Goods/Service Fraud
  6. 6. TYPES OF INTERNET FRAUDSSpoofing/Phishing Scam Investment Rip-Off Identity Theft Ponzi/Pyramid Fraud Auction FraudNigerian 4-1-9 Scam
  7. 7. CREDIT/ DEBIT CARD FRAUDThis involves the use of credit/debit card toobtain money or acquire propertieswithout appropriate authorization.Fraudsters obtain credit/debitcard numbers of victims fromunsecured web media anduse them carry out illegal orunethical transactions.
  8. 8. BUSINESS DECEITIn this case, fraudsters masquerade themselvesas genuine business people and attempt tocollect personal information such aspasswords, PIN numbers anddate of birth from respondents,in order to use the data forpurchasing goods whichwould most likely betransferred or shippedout of the country.
  9. 9. RECRUITMENT DECEITGeneric public or private job or recruitmentportals can be used for advertising spurious jobopenings with the intention to collect vitalinformation fromapplicants, and deploythem for purchasinggoods or use for someother illegal purposes.
  10. 10. COUNTERFEIT CHEQUE SCAMSThis entails the use of counterfeit cheque to payfor goods purchased online, such that the facevalue of the cheque would be far higher thanthe requirement; thus theseller would be instructedto return the overageamount to an account.
  11. 11. ADVANCE FEE FRAUDThis is popularly known as 4-1-9. It refers to thetype of fraud in which a substantial amountwould be demanded for payment of processingfees that stand as requirement for release of non-existing merchandise or large amount of money. NON DELIVERY OF GOODS/ SERVICES FRAUDThis refers to scam in which people areencouraged to pay for goods and or service via aweb portal, and thereafter nothing would bedelivered to the buyers.
  12. 12. SPOOFING/PHISHING FRAUDSSpoofing is a type of fraud in which a fraudstermasquerades as another person by usinganother person’s identity to transact businessand obtain vital informationsuch as bank account numbers,credit card numbers andassociated passwords.Phishing is a form of spoofing in which thewebpage of a particular entity can be duplicatedand positioned with url for the purpose of luringpeople to divulge vital financial information.
  13. 13. IDENTITY THEFTThis entails the use of another’s personalinformation without appropriateconsent, for the purpose of fraudulentpractices.Often personal informationmay even be leaked onlineor stolen during websurfing.
  14. 14. PONZI/PYRAMID FRAUDThis is a system of luringinvestors to invest in ascheme in which theinvestment firm promisesabnormally high returns,meanwhile the earlyinvestors shall be paidwith investment capitalobtained from successiveinvestors.The payment chain wouldcontinue till the point ofcollapse.
  15. 15. AUCTION FRAUDIn this auction frauds, people are encouraged toparticipate in online auction and when moneymust has been paid for specific items, thefraudster would send either a lower standarditem or counterfeit.
  16. 16. HOW TO BE SAFE FROM INTERNET FRAUDS?Know who you’re dealing with. Look for information about how complaints are handled. Be aware that no complaints is no guarantee. Don’t believe promises of easy money. Understand the offer.Resist pressure.
  17. 17. HOW TO BE SAFE FROM INTERNET FRAUDS?Think twice before entering contests operated by unfamiliarcompanies. Be cautious about unsolicited emails. Beware of imposters. Guard your personal information. Beware of “dangerous downloads.”Pay the safest way.