Financial Fraud in the Digital Age

By   ISBuzz Team
Writer , Information Security Buzz | Jul 09, 2014 05:49 pm PST

Anyone who has a job, uses the Internet, or puts their finances and income in the hands of individuals and institutions, is susceptible to fraud. In some cases, it doesn’t even matter the number of security precautions an individual may take.

The digital age has increased the susceptibility of personal and business finances to fraud. Internet users often understand this, exploring the digital landscape apprehensively. However, most still lack the valuable knowledge of the many ways they could be potentially exposed to fraud. Modern fraudsters have developed a variety of techniques to compromise information, create scams, and alter digital records to benefit themselves in a criminal way.

Some individuals are more susceptible to certain fraudsters than others, but we are all at risk every time we login to our computers. We access the Internet from our home, our car, and even the mountains. This ease of access that we have provides just as much ease of access for modern-day fraudsters.

Financial Fraud in the Digital Age from New England College Online provides an overview of modern fraudsters to be weary of. It details the ways these individuals deceive the unsuspecting Internet user, displays facts that represent the abundance of such a crime, and provides a real-life example for each of these modern fraudsters. Please refer to the infographic below for a closer look:

NEC MSA Financial Fraud 5-7

As shown above, types of fraudsters this infographic recounts include: the identity thief, the creative accountant, the payroll thief, and the corporate crime gang. While topics covered include: spyware, online banking, payroll, embezzlement, cybercrime, and financial institutions.

Here are some takeaways from the graphic:

– Financial fraud crimes have shown to cost the global economy more than $100 billion every year.
– In 2012, identity theft cost individuals over $10 billion more than all other types of theft.
– Three out of five fraudsters are employees of the victim organization.
– Online banking systems tend to be the weapon of choice for most modern payroll thieves.
– Organized crime rings are responsible for more than half of all cyber attacks on financial institutions.

If you have ever wondered where fraudulently obtained money goes, then this infographic is your chance to get an informative taste. Tread lightly in this digital landscape and use your new knowledge to avoid becoming an unsuspecting victim of a modern fraudster.

About New England College

new_england_college_logoNew England College is a private, non-profit college, located in the quintessential New England town of Henniker, New Hampshire dedicated to providing exceptional education for undergraduate, graduate, and doctoral students from all over the world.

Ranked by U.S. News and World Report in the top tier of baccalaureate colleges in the north, New England College prepares students in a manner that is robust, thorough and engaging. We call it “experiential learning,” or learn-by-doing. Whether it be a course in business or philosophy, NEC professors incorporate hands-on experience into the curriculum so students graduate with more than just a degree.

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