Internet fraud is a type of fraud which makes use of the Internet and could involve hiding of information or providing incorrect information for the purpose of tricking victims out of money, property, and inheritance. In these cases, the victim voluntarily and knowingly provides the information, money or property to the perpetrator. Internet fraud is not considered a single, distinctive crime. But covers a range of illegal and illicit actions that are committed in cyberspace.
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According to a study conducted by the Center for Strategic and International Studies (CSIS) and McAfee, cybercrime costs the global economy as much as $600 billion, which translates into 0.8% of total global GDP.
Cyberspace online fraud appears in many forms such as:
- Charity fraud:. The scammer poses as a charitable organization soliciting donations. To help the victims of a natural disaster, terrorist attack, ok regional conflict.
- Automotive fraud:. A fraudster uses the web to advertise a nonexistent vehicle, typically a luxury or sports car, at well below its market value.
- Internet ticket fraud:. A variation of Internet marketing fraud offers tickets to sought-after events such as concerts, shows, and sports events.
- Gambling fraud: Internet gambling has become a $15 million industry with great fraud risk.
- Online gift card fraud: Cybercriminals have more recently been focusing on taking advantage of fraudulent gift cards.
- Social media and fraud:. Lastly people tend to disclose more personal information about themselves (e.g. birthday, e-mail, address, hometown and relationship status) in their social networking profiles. This personally identifiable information could be use by fraudsters. To steal users’ identities, and posting this information on social media makes it a lot easier for fraudsters to take control of it.
Information Source Reference 1
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