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2021 Fraud Research Discloses the Urgent Need For Businesses To Clamp Down on Fraud

Fraud Research Discloses the Urgent Need For Businesses To Clamp Down on Fraud

The reputable UK organizations and/or businesses and their customers are fast becoming prime targets for fraudsters in the day-to-day business running. Reliable statistical information shows that the UK loses over £137,000,000 000 to fraudsters annually!

That's some massive fraud that businesses need to clamp down on. The truth is that poor password security and other web monitoring deficiencies are the major causes of this estimated massive loss. Solutions like dark web monitoring tools are very important in curbing these frauds.

It is becoming more alarming than ever before. The estimated daily cost of fraud in the UK is about £375,342,465. No business would fold its arms and sit back, allowing its business to face the possibility of financial, repute, and customer damage. Hence, the need to implement practical and urgent policies and technologies.

What are the common consumer items that could have been purchased daily had it been for fraud?

If fraud were not a thing, common consumer items like cups of coffee, Netflix monthly subscription, smartwatches, PlayStation 5, round the world tickets, full tanks of petrol, cinema tickets, and family packs of 16 toilet rolls could have been purchased daily.

These fraudsters are cashing in big on these consumer items that should have normally been in the hands of consumers who need them.

You can imagine depriving consumers of these exciting and satisfying items, how dissatisfying! Take, for example, the 62,661,513 Netflix monthly subscriptions fraudsters sam. Can you picture how many subscribers this would cater for; quite a lot of them! Fraudsters use various dark web scams to gain access to consumer data to perpetrate these frauds. How then do they do this so easily to scam billions?

How Are Scammers Gaining Access to Consumers' Data So Easily?

Scammers use different methods to break into passwords of various databases, among other successful forms of fraud. Apart from different forms of password hacking, fraudsters also use two major forms of scams; typosquatting and smishing. These scam forms make it so easy to get data and other information to perpetuate their devious act. How simple? Let's examine them.

For typosquatting, scammers build a lookalike or copycat website resembling that of the reputable organization under which they intend to complete the scam. A customer of that brand or organization, or a random visitor then visits the site thinking it's the real website.

Such a customer or visitor may either get tricked into buying a product or performing other actions. Which would lead to the scammers accessing critical data and information to dupe them.

You can see why it is that easy. These websites are often created with a user interface and experience that makes it very difficult for even a tech-knowledgeable person to detect.

For smishing, text messages and emails are most popular with scammers. Scammers send lookalike text messages and/or emails to customers claiming to be a trusted brand. These emails and texts are structured and sent in such a way that resembles those of the original brand in a bid to fool these customers.

These emails and texts often contain prompts for the receiver to perform an action. Thus, leading to access to data with which fraudsters use. Also, these messages usually contain links that will take the receiver to lookalike fraud websites.

Another form of these fraudulent activities is password hacking. Scammers use different hacking codes and templates to hack into weak passwords. Especially, passwords of reputable establishments and organizations. Once they hack into it, they get to steal data and information to dupe them.

What responsibilities do businesses have to clamp down on fraud, what protection for their business and customers?

Businesses have the responsibility to protect their customers from all data fraud and intrusion. Hence, the need for them to employ data monitoring solutions. Use tools that can monitor fraudulent domains.

Businesses have a responsibility to employ effective trademark policies. They should also register top-level domains to prevent data hacks.

The truth is that not much is being done by the UK government to curb these fraudulent activities. Thus, the onus is on businesses to protect their franchise and customers.

Since we know that most of these scam acts happen on the dark web, it imposes a responsibility on businesses to monitor and track these activities. This is very difficult, especially when dealing with skilled and experienced scammers.

This is where dark web monitoring solutions come in. These dark web monitoring tools are set up in such a way that they detect identity and all data impersonation early enough.

Conclusion

The numbers are staggering, the effect is devastating. Businesses need to adapt data monitoring policies and other fraud detection tools to clamp down on scam activities.

Advisably, businesses should register their trademark domain to make it difficult for scammers to typosquat. Also, consider following other customer orientation policies. You do not want to be losing to scammers, as it's not palatable for your business.

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