4.3 Cybercrime Flashcards

1
Q

Cybercrime

A

Is committed by criminals on a computer or over a computer network
Either to steal money from accounts or to damage a system

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2
Q

Examples of cybercrime

A
  • the UK had the highest number of cybercrime victims in 2022, 4783 per million internet users πŸ‡¬πŸ‡§
  • the USA was second at 1492 per million πŸ‡ΊπŸ‡Έ
  • the Netherlands saw the biggest rise in victims (up 50% in 2020) πŸ‡³πŸ‡±
  • Greece saw the biggest decrease (by 75% in 2020) was the top country in The National Cuber Security Index in January 2023 (NCSI) πŸ‡¬πŸ‡·
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3
Q

Main types of cybercrime

A
  • phishing
  • investment fraud
  • ransomware
  • malware
  • authorised pay payment (APP) scams
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4
Q

Phishing

A

Most common form of crime committed online

Criminals try to trick people by email or text into providing sensitive information .

Resulted in the lowest loss to its victims at an average of $136 per individual (AAG 2023)

For example: over a phone call they would tell the victim that they owe money for a product which they never ordered and would help them by asking for their bank details so that they could cancel it on their behalf. Once they have access to the bank account details, they can access their account and withdraw money or sell the details to other criminals.

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5
Q

Investment fraud

A

Most expensive form of cybercrime in 2022

Average victims losing $70,811

Criminals set up fake businesses and provide legitimate sounding information which is actually false.
This can deceive victims into investing in the scheme
E.g, share investment schemes or purchase of property abroad
Victim never see their money again

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6
Q

Ransomware

A

A malicious software that disables a victims access to their data until they pay a ransom.

If a bank is affected , it can temporarily lose access to some of its data, especially if its backup systems are efficient.

Around 236.1 million ransomware attacks were reported worldwide in the first half of 2022

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7
Q

Malware

A

Malicious software placed on a computer or net work that encourages users to click on a link or open an attachment.

When they do this that hacker can take control of the computer and access confidential data.

Example: Spyware
Collect uses personal information without their knowledge or consent

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8
Q

Authorised push payment (APP) scams

A

When criminals trick the customer into making a payment.

Scammers try to panic their victims into taking action in a hurry and without thinking .

Some cases the criminal pretends to be a bank employee or a police officer

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9
Q

Experian

A

Has a website which keeps track of the latest types of scams.

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10
Q

Cybercrime conclusions

A
  • criminals have developed increasingly sophisticated forms of cybercrime
  • Cost of cybercrime has risen
  • Organisations all over the world are spending more money on tightening this cyber security

-Cyber crime increased during the pandemic (due to increased opportunities as there was a lot of remote working practices with employees not using secured control network to access and share data)

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11
Q

Cloud based attacks

A

Practice of storing systems and data on the cloud.

This creates an opportunity to carry out cloud based attacks.
Banks must configure the cloud infrastructure securely to make criminal attacks last likely.

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12
Q

Staying safe online

A

Bank could lose public confidence.
Must have systems that can minor and check all transactions

All these methods make logging in or making a payment slower and more complicated .

  • use 2 factor authentication (2FA)
  • block access
  • warning
  • block card payments
  • inform and help customers
  • regular training
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13
Q

Use 2 factor authentication (2FA)

A

This strengthens the security when customers log on to their accounts.

It requires two separate levels for customers to verify their identity before the account opens.

The first factor is username and passcode and the second is a smart phone number.
The bank website send a code to this number and the customer enter the code.
Fingerprint or facial recognition is a relatively safe method of verification

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14
Q

Block access

A

To an account after multiple unsuccessful attempts to logon

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15
Q

Warning

A

Send customer an on screen warning after log or before payments are made
The customer can verify the payment if it is genuine

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16
Q

Block card payments

A

If suspicious
This could be because they have knowledge of the pay and have blocked payments to it or it may be because the type of purchase and the amount did not fit with the customers normal profile .

Car company sometimes blocked the card until the customer has contacted them

17
Q

Inform and help customers

A

Banks need to informed the customers of the importance of learning how to manage their accounts and how to try to prevent fraud
Special help may have to be given to vulnerable customers who may find it difficult to complete the authentication process .
Customers need guidance on what to do if they are a victim of scam

18
Q

Regular training

A

Banks must also provide the employees read regular training in Online safety

All staff must be aware of the latest scams and know how to deal with them

19
Q

South Africa standard bank

A

Has a security centre where it gives its customers information on different types of online scams and put provides advice on card fraud and online shopping

20
Q

UKs Lloyds bank

A

Has a special scam information page
It gives details of common scams
Provides a video and an example of a scam call
Gives tips on how to keep safe from scams