In 2017 around 2 million online fraud incidents were reported this is according to new data from the Public Accounts Committee. Note that with only 20% of crimes actually being reported, 2 million is more than likely a much much bigger number. Fraudulent scams are coming along in a lot of different guises, with online being up there, but also scams through cold-calling, timeshare fraud, and scams via the post.
It is difficult as a consumer to keep your cash and personal information safe, however, specialist are predicting that the problem is only going to get worse.
Below are some of the traps you need to be aware of in the upcoming year;
Fraudsters will use news and fake news to get our attention
As fake news is abundant via email and on social media, some analysts suggest that is going to be monetised by crooks in 2018.
Rich Smith, Duo Labs director at Duo Security, comments: “Watch out for fraudsters purporting to be from the government or offering to protect you against something the government is supposedly doing.
“Scams often exploit someone’s emotions rather than rationale, tugging at people’s heartstrings or tempting them with the salacious material. The ‘fake news’ epidemic will get worse before it gets better, so don’t be in a hurry to respond to sensational pronouncements of any kind.”
We’ll be scammed by robots
I know this sounds scary! However, some do believe that we are going to see more phishing attacks that rely on AI over the next 12 months.
Dave Palmer, director of technology at Darktrace, says: “In 2018, we will start to see the emergence of threat-actors harnessing AI technology to launch sophisticated, automated campaigns.
“Imagine a piece of malware that can train itself on how your writing style differs depending on who you are contacting, and leverages this nuanced understanding to send tailored, contextually relevant messages to your contacts.
“These phishing messages will be so realistic that the target will fall for them, downloading malicious attachments or following dangerous links. Such advances in AI will take us to the next stage in defenders versus attackers, and we need to be ready.”
“As these bots evolve, they will become less distinguishable from humans, increasing both their potential influence and effectiveness.”
Definitely, something to be aware of when you are communicating.
There will be more targeted ransomware attacks
A ransomware attack is when a victims’ data is locked away forever or published unless they agree to pay a fee to the criminal and this could be set to soar in 2018. However, unlike with the WannaCry virus that targeted a broad range of computers, some commentators say there will be more personalised attacks, with larger corresponding demands.
Graeme Newman, chief innovation officer at CFC Underwriting, says: “We continue to see ransomware grow as a threat. Last year, ransomware accounted for almost 25 percent of all our cyber claims (up from 10 percent a year ago). Next year, however, we believe this will morph towards more targeted attacks with higher ransom demands.”
The problem is some businesses, that we as consumers work with, they are not very well protected and therefore these swindlers can hack into accounts and send legitimate looking mail to us and we might not know the difference. This could potentially lead to us giving our personal information over to the crooks without a second thought.
Online fraud, whichever guise it takes can be devastating both financially and emotionally and is not something to take lightly. If it feels like its fake it probably is! Trust your gut and if you have any concerns, don’t give your details!
For more information regarding this article or assistance in any other timeshare related issues please contact the TCA on 01908 881058 or email: info@TimeshareConsumerAssociation.org.uk