Register for our next deep dive! Who is Behind Portal Kombat? Exposing the Pravda Disinformation Machine with OSINT on Thursday, June 27, 2024, at 16:00 CET. Grab your spot now! close
19 Aug 2022

How Fraud Relates to the Cyber Space

Maltego Team

Financial Damage of Fraud and Levers to Combat Fraud 🔗︎

Virtually everyone in the developed world uses the internet, and every four out of five people worldwide admit to shopping online. Even if that only represents slightly over a quarter of the world’s population, it’s still quite impressive. ECommerce and Retail sector is set to see immense growth over the next decade or two. This means fraud will probably flourish, too. Retail ecommerce sales are set to reach $5.5 trillion in 2022. Currently, this represents about 21% of total retail sales worldwide. By 2025, it’ll likely make up a quarter of the total. The problem is that ecommerce presents an excellent opportunity for Fraudsters to take advantage of less tech-savvy people—which means that the more popular ecommerce is, the more common online fraud will be. As successful fraud attempts rise, so do the number of financial losses incurred by both businesses and individuals. In the US alone, the amount lost to fraud in 2021 was over 5 billion dollars. The per dollar cost of ecommerce fraud on retailers has also continuously increased, from $2.40 in 2016 to $3.13 in 2019, $3.36 in 2020 and $3.60 in 2021. See the Chart below for more detailed view of fraud cost and its growth.

Cost for U.S. retailers for every dollar lost to frauds

Furthermore, based on the Federal Trade Commission’s Consumer Sentinel Report, the total amount lost to fraud in 2021 was $5,893,260,382 ($5.8 billion), an increase of more than 70% over the previous year. US retailers faced a 7.3% year-over-year increase in fraud costs and overall, it is estimated that online fraudsters will take more than $12 billion from businesses in 2022.

Money aside, fraud can also severely damage a company’s brand, as 40% of customers state that they will blame the retailer for their accounts not being properly looked after. So, a business could actually lose its consumer base to top it all off. It is a vicious cycle that could heavily impact the economy in the long term.

What are Typical Fraud Workflows? 🔗︎

With regard to fraud, we should differentiate between reactive and preventive measures. Reactive workflows are those which are taken once fraud has already been committed and, therefore, will need to be done under an intense amount of pressure, timewise. Preventive has more to do with company culture and habits, such as not opening spam emails, to prevent the crime before it occurs. With Maltego in particular, a preventive workflow is made up of due diligence, KYC, and attack surface management, among others.

Preventive Measures 🔗︎

In most ideal cases, one would want to prevent the fraudulent activity before it even occurred. In this instance, preventive measures can be taken to protect your data from cybercriminals.

  • Risk assessment: The first step one should take to prevent fraud is to test fraud prevention security in your company. This will give you a clear indication of any possible “weak points” that may need addressing.
  • Use all the available tools: Fight fire with fire and use technology to your advantage. Ensure that all systems are fully up to date, enable authentication and email filters, and make use of anti-phishing and anti-virus programmes.
  • Social media protocols: Seeing as most hackers tend to gather information using social media, it is a good idea to place protocols on social media use in the office. This can include going as far as implementing blocks on certain websites which could be considered harmful.

Reactive Measures 🔗︎

There are situations where fraud has, unfortunately, already taken place before you could do anything to prevent it. However, this is not the time to panic as there are certain reactive measures that can be taken in these cases.

  • Alert your team: This should be done immediately, so that all parties are aware of the danger and can react accordingly.
  • Change passwords: To halt any more harmful activity in its tracks, it would be advisable to change all passwords on accounts which have been harmed or threatened.
  • Implement additional authentication: Now that the harm has already been done, it is a good idea to improve security wherever possible. For example, a two-factor authentication process could help shield from further attacks.

How Fraud Relates to the Cyberspace 🔗︎

Cyber-Enabled Fraud and What it Entails 🔗︎

Internet fraud makes use of Internet-connected/enabled software and services to defraud and take advantage of victims. This type of crime can be done through a variety of methods, which separates it into a multitude of branches or types. Each type of fraud also has its own goals, some of which may overlap.

In this whitepaper, we outline the most commonly known cyber-enabled fraud, their goals, and how they impact an organization or business:

  • Account Takeover
  • Identity Theft
  • Real-Money Trading
  • Insider Threat
  • Returns or Payment Fraud and Promo Abuse
  • Fake Listings and Reviews
  • Affiliate Fraud
  • Triangulation Fraud

Download this whitepaper to gain insights to how each type of fraud is carried out and what goals malicious actors are trying to achieve.

Download the resource

DE +49
Albania +355
Algeria +213
Andorra +376
Angola +244
Anguilla +1264
Antigua And Barbuda +1268
Argentina +54
Armenia +374
Aruba +297
Australia +61
Austria +43
Azerbaijan +994
Bahamas +1242
Bahrain +973
Bangladesh +880
Barbados +1246
Belarus +375
Belgium +32
Belize +501
Benin +229
Bermuda +1441
Bhutan +975
Bolivia +591
Bosnia and Herzegovina +387
Botswana +267
Brazil +55
Brunei Darussalam +673
Bulgaria +359
Burkina Faso +226
Burundi +257
Cambodia +855
Cameroon +237
Canada +1
Cape Verde +238
Cayman Islands +1345
Central African Republic +236
Chile +56
China +86
Cote d'Ivoire +225
Colombia +57
Comoros +269
Congo +242
Cook Islands +682
Costa Rica +506
Croatia +385
Cuba +53
Cyprus +90392
Czech Republic +42
Denmark +45
Djibouti +253
Dominica +1809
Dominican Republic +1809
Ecuador +593
Egypt +20
El Salvador +503
Equatorial Guinea +240
Eritrea +291
Estonia +372
Ethiopia +251
Falkland Islands (Malvinas) +500
Faroe Islands +298
Fiji +679
Finland +358
France +33
French Guiana +594
French Polynesia +689
Gabon +241
Gambia +220
Georgia +7880
Germany +49
Ghana +233
Gibraltar +350
Greece +30
Greenland +299
Grenada +1473
Guadeloupe +590
Guam +671
Guatemala +502
Guinea +224
Guinea-Bissau +245
Guyana +592
Haiti +509
Honduras +504
Hong Kong +852
Hungary +36
Iceland +354
India +91
Indonesia +62
Iran, Islamic Republic of +98
Iraq +964
Ireland +353
Israel +972
Italy +39
Jamaica +1876
Japan +81
Jordan +962
Kazakhstan +7
Kenya +254
Kiribati +686
Korea, Democratic People's Republic of +850
Korea, Republic of +82
Kuwait +965
Kyrgyzstan +996
Lao People's Democratic Republic +856
Latvia +371
Lebanon +961
Lesotho +266
Liberia +231
Libyan Arab Jamahiriya +218
Liechtenstein +417
Lithuania +370
Luxembourg +352
Macao +853
Macedonia, the former Yugoslav Republic of +389
Madagascar +261
Malawi +265
Malaysia +60
Maldives +960
Mali +223
Malta +356
Marshall Islands +692
Martinique +596
Mauritania +222
Mauritius +230
Mayotte +269
Mexico +52
Micronesia, Federated States of +691
Moldova, Republic of +373
Monaco +377
Mongolia +976
Montserrat +1664
Morocco +212
Mozambique +258
Myanmar +95
Namibia +264
Nauru +674
Nepal +977
Netherlands +31
New Caledonia +687
New Zealand +64
Nicaragua +505
Niger +227
Nigeria +234
Niue +683
Norfolk Island +672
Northern Mariana Islands +670
Norway +47
Oman +968
Pakistan +92
Palau +680
Panama +507
Papua New Guinea +675
Paraguay +595
Peru +51
Philippines +63
Poland +48
Portugal +351
Puerto Rico +1787
Qatar +974
Reunion +262
Romania +40
Russian Federation +7
Rwanda +250
San Marino +378
Sao Tome and Principe +239
Saudi Arabia +966
Senegal +221
Serbia +381
Seychelles +248
Sierra Leone +232
Singapore +65
Slovakia +421
Slovenia +386
Solomon Islands +677
Somalia +252
South Africa +27
Spain +34
Sri Lanka +94
Saint Helena +290
Saint Kitts and Nevis +1869
Saint Lucia +1758
Sudan +249
Suriname +597
Swaziland +268
Sweden +46
Switzerland +41
Syrian Arab Republic +963
Taiwan +886
Tajikistan +7
Thailand +66
Togo +228
Tonga +676
Trinidad and Tobago +1868
Tunisia +216
Turkey +90
Turkmenistan +993
Turks and Caicos Islands +1649
Tuvalu +688
Uganda +256
United Kingdom +44
Ukraine +380
United Arab Emirates +971
Uruguay +598
United States +1
Uzbekistan +7
Vanuatu +678
Holy See (Vatican City State) +379
Venezuela +58
Viet Nam +84
Virgin Islands, British +84
Virgin Islands, U.S. +84
Wallis and Futuna +681
Yemen +967
Zambia +260
Zimbabwe +263

By clicking on "Access", you agree to the processing of the data you entered and you allow us to contact you for the purpose selected in the form. For further information, see our Data Privacy Policy.

Don’t forget to follow us on Twitter and LinkedIn and sign up to our email newsletter, so you don’t miss out on updates and news!

Happy investigating!

By clicking on "Subscribe", you agree to the processing of the data you entered and you allow us to contact you for the purpose selected in the form. For further information, see our Data Privacy Policy.