Articles, Digital, IT

Cyber Crimes that awashed Organizations with a huge Loss

With new technologies coming live every day, heinous cyber crimes have also grown to a great extent. The growing use of digital technology by hackers is one of the major reasons, but the use of technology is solely not responsible for this. Not only do computers help in committing frauds but access to the internet irrespective of place and time is responsible for the higher number of cyber crimes.
Generally, cybercrimes are conducted to get hands-on corporations’ and individuals’ data. These attacks impact an organization’s virtual body with different data attributes. Our virtual identities are an integral part of our professional lives, therefore, keeping ourselves safe from cybercrimes is highly critical. Protecting your interest is not hard if you are abreast of the latest hacks which protect you from cybercrimes. This post mentions top cybercrime examples that would make you understand how cybercrime can ruin a business.

The wanna cry virus targeted the NHS

This was a nefarious cybercrime that occurred when hackers managed to hack the NHS’ computer system in mid-2017, which resulted in widespread chaos through the UK’s medical system. Moreover, the same tools were used to attack FedEx and infected computers in 150 countries.
Wanna cry aka Ransomware is a type of malicious software, which was delivered through an attachment in mail. A click on the attachment spreads the virus throughout a computer while locking up all files and denying access to data till a ransom is paid. However, a 22-year-old researcher from Devon found out the kill switch, finally prevent it from spreading further.
Pro tip: A cybersecurity training can help in dealing with these types of crimes effectively.

Customer support turns into a liability

This Amazon’s tale would make you think twice while shopping online and give away personal information without thinking twice. This is a story of Eric, “an Amazon’s customer”. The impersonator somehow managed to get Eric’s email address through a public WHOIS registry for website owners. Using this, the impersonator further used it to find Eric’s real address by talking to an Amazon customer support representative.
It turns out, an email ID is enough to get an Amazon’s representative to give you the real address of a person. As soon as he got Eric’s real information, he managed to get a new credit card in Eric’s name. Eric was determined to get to the bottom of the fraud and so he reached out to the customer support executives who gave him the supposed transcript of the conversation his imposter had with them. When reading the customer support transcript, Eric realized that his imposter had a final goal- to get the last four digits of his credit card.
Amazon did not address his problem even he called out to them many times. He decided to go off Amazon altogether after he saw that the Amazon representatives may have given out the last the four digits of his credit card to the impersonator.
Eric’s terrible experience with Amazon explains the fact that even the biggest E-commerce sites are not cyber secure.

JP and Morgan Chase & Co has been the target of hackers

In 2015, three men were caught stealing data from millions of people worldwide.
The trio narrated the whole incident themselves and committed what is considered the largest data leak in the financial industry.
While operating out of Israel, the trio attacked major organizations across the world including the major US bank, JPMorgan Chase & Co, hacking into their database and stealing personal data and forwarding it to other accomplices.
With access to 83 million customers data from JP Morgan, they had made a huge profit illegally. Not only had they stolen personal data but also the data related to news and performance which helped them manipulating stock prices and achieve financial benefits.
They even processed a number of payments for criminals (bitcoin, money laundering) using 200 fake identity documents of 75 shell companies globally.

ATM Frauds

The growing use of ATM has resulted in various cyber attacks. Taking advantage of the latest tools, criminals have developed a way to get data as well as the PIN on the card’ magnetic strip. The information is then used to create fake cards and siphon large amounts of money from the original holders of accounts. According to New York Times, in 2002, about 21,000 American bank accounts had been manipulated in a bid to quip accounts and make illegal transactions.
Additionally, a new type of fraud has begun to occur in shopping complexes through ATMs. These machines are not physically part of a bank. What hackers do is they set up the machines that look similar to ATMs. As a shopper punches in the PIN, the machine shows that it is out order thus fooling them by giving details to hackers.

Conclusion

Offline crimes have now moved online due to technological advancements. Drug dealing has become an everyday online affair as criminals use different currencies and make transactions via fake accounts. This even allows the everyday man to have easier access to drugs without prescriptions. Now that you have read about the possible crimes that occur online, you can take necessary steps to secure your assets while preventing them turning to liabilities.

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