Online crime is estimated to account for approximately 0.8% of global GDP, which is not a small figure. Hackers stole $54.5 million from FACC's (US Aerospace manufacturer) accounts in January 2016. Given the breach of such a large corporation, you can never be certain that your bank account is secure enough. When CSIS's James Lewis says, ""We don't catch most cybercriminals, and we don't catch the most successful ones,"" the crisis becomes more serious. So far, these hackers have gotten away with nothing"""".
So, how can the hacker defraud you?
The Exemplification of Frequent Flyer Miles
More than 10,000 American users were hacked in December 2015, and cybercriminals were able to book free flights and other upgrades using the stolen perks! Hackers gained access to users' login information (frequent flyers) and flew for free for several miles. While these customers received their free miles in due course, the event highlights the importance of changing our login information (passwords) on a regular basis.
Even your medical insurance!
Today, when medical costs are on the rise and we rely on fast food for survival, medical insurance is kept as a backup plan! However, you may be surprised to learn that even this insurance can be hacked and that you are paying premiums for someone else. These identity thieves will obtain all medical benefits you have paid for and you will be unaware unless you require emergency care.
You may be arrested for a crime you did not commit.
In the worst-case scenario, you could be surprised by the police and arrested for a crime you did not commit! While these instances have been rare, identity thieves are always capable of making you the face of a crime. All of this is accomplished by utilizing your personal information obtained from various online sources. The lawyers will cost you a lot of money!
Override for chat
In the past, hackers were able to override a company's chat dashboard and communicate with and conduct business with your clients and customers. HipChat announced in February 2015 that hackers stole encrypted passwords and other user information from 2% of their customers. Following the event, several chat platforms implemented two-factor authentication in addition to requiring users to change their passwords on a regular basis. Though it does not completely protect your credentials from hacking, it does reduce the risks.
Your tax rebates
You should have filed your returns by the 15th of April, but the IRS won't check them until late June or early July. This provides hackers with numerous opportunities to steal your social security number and name, file a false tax return, and receive a refund on their accounts. When you discover that your return application was denied, the money will be long gone.
Credit cards issued in your name
When someone else is issued a credit card in your name, this is the most terrifying act of identity theft. Criminals will happily run debts in your name using your bank login information, social security number, and email address until your credit is exhausted. As a result, you must review your credit reports more frequently and report any transactions that you do not recognize.
Social media hacks
When a friend in need asks for emergency funds, most of us will not hesitate. However, there have been instances where you have transferred funds to a stranger's account after he has hacked your friend's social account and requested assistance via the chat box. These """"social engineering"""" scammers will use your reputation to trick you into sending money.
Your data is being held hostage.
This is one of the most terrifying scams to have circulated on the internet. Hackers will encrypt all of your files on your personal computer with a """"Ransomware virus"""". You won't be able to recover these files unless you transfer a significant sum to the hacker's account! You don't have a choice in this information age.
The key to maximum security is in the fundamentals. Change your passwords, keep your antivirus software up to date, avoid clicking on suspicious links, avoid storing confidential information on your email or phone, and double-check whenever you are dealing with financial information on the internet.
In 2015, cybercriminals gained access to half of all American citizens' personal information (including banking information). The internet was designed for openness and speed, not complete security. As we continue to add more services to make our lives easier, we are becoming an easy target for hackers. Having said that, we make no mention of returning to traditional transaction methods. Breach incidents have become commonplace, and there is no way to completely avoid them. You can, however, make things more difficult for the criminals and hope that they will choose an easier way to earn money - someone else's account! We must begin to fully comprehend the scope of the problem and treat hacking as a nuisance. The crooks on the other end are astute. You must improve your intelligence."""
