Cyber Fraud

What is Cyber Fraud?

Due to the rise of cyber fraud that occurs on a daily basis, the term has grown to cover a wide range of criminal activity. At its core, cyber fraud is any crime that is committed with the use of a computer or to computer data. This can look like many things, such as:

  • Identity theft
  • Stolen bank account numbers
  • Stolen online passwords
  • Hacking
  • Phishing
  • Terrorist attacks
  • Bullying
  • Copyright infringement
  • Cyber stalking
  • Theft of Intellectual Property (IP)
  • Theft of Personal Health Information (PHI)
  • Theft of Personally Identifiable Information (PII)

The list could seemingly go on and on, but these are some of the most common forms of cyber fraud.

Today, not only are individuals victimized by cyber fraud, but companies suffer from the costly effects of cyber fraud within their networks. In response to this growing trend, the FBI has compiled a list of the “Most Wanted” cyber criminals.

One method used to commit such crimes is sending emails with a seemingly legitimate link, but once clicked, the link installs a virus on the victim’s computer that records keystrokes to enable the acquisition of passwords, account numbers, and emails sent to others. All of the information obtained from these types of attacks are collected by the criminal and put up for sale. This kind of attack is commonly referred to as Phishing.

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Victims of cyber fraud are often unaware that anything malicious is happening to them or their computer until it is too late. The advanced technology being used by cyber criminals allows them to infect a person’s computer with a virus within four minutes of the victim logging on to the Internet. The speed at which a cyber crime can occur has also led to the current figure of a person’s identity being stolen every three seconds. Cyber fraud is constantly on the rise, but the fight against it is, as well.

HSNO recognizes the need for forensic accounting professionals in these cases. If you are involved in a case where economic damage has been suffered because of cyber fraud, contact HSNO today. We launched a new service line focused on this area. Visit our Cyber Fraud page and read about the professionals leading the charge in this important endeavor.