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Why Internet Fraud Works: The Tricks Of The Trade

What Is Internet Fraud?

The phrase Internet scam or fraud normally refers to some kind of fraud design that utilizes a few online services to use the internet as a way to trick people out of information. Web fraud can affect anything that uses the internet. This includes chat rooms, message boards, e-mail, or Websites. The web-world is a worldwide marketplace that permits industries to reach customers located anywhere in the world. Unfortunately, offenders also identify such potentials of the web.  Learn how they can get to you.

How It Still Works

Internet frauds are becoming more and more common. Many people are confused and want to know why these are still allowed to happen. Surely by now everyone will already be wary of such scams. Even though people are aware of these scams the scammers are coming up with new tactics everyday to trick us into fraud scams.

You might have received an email from someone from a foreign country. They might tell you that they are a government official and want to transfer a huge sum of money to you. The internet makes it very difficult to correctly identify where people are really from.

The executive requests your assistance by allowing a large sum of currency from a bank abroad to be transferred to your account for protection. If you assist, you'll divide the money, making a profit of millions of dollars. All you must do is give your bank name and account numbers -- and pay some inducement and subsidiary costs that'll be reimbursed once the currency is credited.

Although this scam sounds suspicious, many people will be tempted by the profit of millions and will give it a try.  In the end, they will only loose money and risk the security of their bank account.

Phishing

Other forms of online crime can include phishing attacks. These are where someone posing as your bank or PayPal sends out an official-looking electronic mail. This will normally suggest that someone is about to attack your account. Details will be given showing you that you need to protect your bank account by entering information.  If you enter the information it will go to the scammer who will then use it to steal your identity or use your accounts.

Before the web, fraud efforts were much less confusing. If someone put their hand in your bag or purse then you would normally be aware of it. Even if you didn't notice you would be able to quickly solve the problem by canceling your credit cards.

Thanks to the internet your whole identity can be stolen quite easily. These criminals can easily access your identity and use it to apply for loans and take out credit in your name. Phishing attacks and identity theft are becoming more of an issue thanks to the internet.  All users must be aware.

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In 2003, more than 10 million Americans fell victim to identity theft.

Identity theft costs business and individuals $53 billion dollars annually

In 2003, Americans spent 300 million hours resolving issues related to identity theft.

70% of all identity theft cases are perpetrated by a co-worker or employee of an affiliated business.