Internet Fraud Advice

Internet fraud is a major issue sweeping the online world. If you have an email address then you have more than likely been a target. There are some emails that tell you that millions of dollars of government funds are waiting for you. There are others that seek your assistance to help transfer huge sums of money across national borders (for a commission obviously).

There are still others that offer to provide you with unbelievable discounts from products ranging from Viagra to the latest electronic powerhouse. All of them sound too good to be true, most probably are and all, without exception come under what has come to be known as Internet fraud!

Internet fraud is much more than conventional fraud taken online. In fact, it is much more powerful than conventional fraud as the perpetrators of Internet fraud could operate from anywhere in the globe!

Ever since banking went online, fraudsters have emerged, seemingly from the woodwork, all over the globe. And they are hitting people like you and me without discrimianation. Anyone with an email address is a potential target. Many people become victims and help contribute to the billions of dollars being stolen through Internet fraud.

The modus operandi of Internet fraud operators is simple. Most fraudulent online offers promise money or discounts – things that most people cannot resist. Others offer loans, mortgages and financial services (even if you hold bad credit ratings!) Still others lure you with promises of getting you that unsecured credit cards, fourth mortgages and other goodies. But remember, no legitimate business will want to have dealing with you if your credit history is bad – and that unsolicited e-mail that promises you the heaven and the earth, is surely a prime example of Internet fraud.

Other examples of Internet scams are offers (especially from Nigeria and other African countries) which offer you large commissions to help transfer millions of dollars to your account. This is now commonly known as the 419 scam. Although it sounds lucrative, you need to think again. Every year, hundreds of people are conned out of millions of dollars by these fraudsters. There are even stories of people being so duped that they travel to places like Nigeria to partake in so-called large money tranfers, only to end up being robbed and in some cases left for dead! Although investigations do take place, the fraudsters mostly get away with their crimes.

Normal users of the Internet like you and me, could also end up being victims of Internet fraud. Phishing (pronounced fishing) is the most common type of scam. Pretending to be from your bank, credit card company, eBay, PayPal, etc, fraudsters try and get hold of your account details by sending you an email with links that divert you to a fake website. 

Their goal is to make you log in to your account. Once you enter your personal details, their phishing exercise will have been successful - you took the bait! and they now have your account details, and are able to log in and withdraw all your money.

Phishing may also occur over the telephone, where fraudsters ask for your details and then use it to steal your money. The best way to stay clear of such Internet fraud attempts is to use your common sense. No authorized representative will ever ask for your personal account details like login names, passwords, or pin numbers. If they do, they are most likely fraudulent. Read our article on Identity Theft Protection for some more tips, or visit LifeLock for a new innovative way to prevent identity theft.

No offers of sudden wealth ever come about in the real world. If they do, they are most probably Internet fraud attempts. Get rich schemes, unsolicited offers to get you loans, free credit cards and other such offers are also fraud havens. It is better to keep your eyes peeled, your personal details to yourself and a visit websites like www.fraud.org and www.ifccfbi.gov for the latest on Internet fraud. Not only do these websites provide tips on how to avoid fraud, they also list out the most common examples of Internet fraud and guide you to remedial action if you have had the misfortune of becoming a victim.