Fraud and Financial Crime Convergence

Fraud and Financial Crime Convergence: It’s Really Here!

We were all so thankful to abandon our 2020 calendars. Fraudsters took advantage of COVID-19 conditions, but not all needed a pandemic to pull off some big frauds. We’ve distilled a long list of cases to give you a few shockers. When you imagine identity theft, you most likely picture someone thieving your Social Security number, Bank Account Details, or hacking your email account.

Moreover, Alas! It’s much beyond reaching that. A fraud event defines any of the following when such an event results in direct financial loss to “you.” Here, we also try to make you understand the Do’s and Don’ts forwarding the challenge of financial education to be available for those who haven’t just started their journey into the digital financial world. So, there are some reasons for Fraudulent Events and measures to correct them

• Fraud through Phishing Links

Phishing is a kind of social manufacturing attack frequently used to steal user data, including login credentials and credit card numbers which involve sending misleading email/ messages that come out to be from trustworthy sources, such as a person you know or a genuine organization you do business with.

 What Happens If You Click on a Phishing Link?

Clicking on a phishing link or opening an attachment in one of these messages may install malware, like viruses, spyware, or ransomware, on your device. Thus, the phishing attack can lead to devastating results. For individuals, it may include unauthorized purchases, the stealing of funds, identity theft, etc.

Phishing messages can come from an emergent several sources, counting:

• Email
• Phone calls
• Fraudulent software (e.g, anti-virus etc.)
• Social Media messages (e.g., Facebook, Twitter, etc)
• Advertisements
• Text messages,