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FINANCIAL TRANSACTIONS AND FRAUD SCHEMES

Computer and Internet Fraud

Computer Fraud

Perpetrator uses/ access the computer to execute the fraudulent activity.

These frauds can be difficult to identify as:

Lack of traditional audit trail

Understanding of technology is required-victim’s computer as well as technology to commit crime.

Requires specialist

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Use of computer in Crime

As an object- as a target of crime. physical sabotage, theft.

As a subject-subject to crime related to technology. Virus attack.

As a tool-tool to commit crime such as embezzlement , theft of proprietary information .

As a symbol-gives an air of credibility.


Computer Hacking

Hacking is an unauthorized access of the computer system.

Unauthorized access can be done from remote location.

Most common way of hacking is to use someone else’s password or generate new password.

Methods of unauthorized access :

1. Social engineering-attackers convince the victim to disclose the personal details by guises.

2. Reverse social engineering-attacker poses as someone who can help victim .

3. Password Cracking-attackers attempts to guess a user’s password . It is easier for the users who keep easy passwords such as date of birth, spouse name etc.


Phishing

It happens when attackers duped the victim into disclosing confidential information such as- bank details, pin NO’S ETC.

Generally it is being done through mails.

In order to prevent this attack-computers should be armed with spam filters, anti virus, anti spy ware etc.


Vishing

Voice phishing or vishing- it uses Voice of internet protocol-VOIP to commit crime.

Confidential information is being taken over telephone.

Smishing/ Tishing- it is hybrid of phishing and text messaging.

SMS’s are used for getting sensitive information.


Other Schemes:

Rock phishing-phisers uses botnet to send massive emails in huge volume to internet users. They act as a financial institute and give a false URL in the mail.

Pharming- a user is fooled into giving the sensitive information into malicious website which looks like a legitimate site.

Keystroke Logging-process of monitoring the key pressings on keyboard.

Backdoor- it let the attacker bypass the system’s security through the use of undocumented operating system.


Data Manipulation and Destruction

Data Manipulation-use of computer to perpetrate the crime.

Data Destruction-unauthorized modification, suppression or erasure of computer data or functions with the intent to hinder normal operations.


Methods of Data Manipulation and Destruction

Malware

Salami Techniques

Data Leakage

Wire Tapping

Input Manipulation

Buffer overflow

Privilege Escalation Exploits


Malware

Viruses

Worms

Trojan Horse

Spyware

Adware

Botnets

Logic bombs


Measures to prevent Infection

Use of Antivirus

Regular updation of anti virus

Use protection while opening e mails

Use of firewall

Keep a backup copy of production files.

Regular updation of operating system,


Internet Fraud

These frauds are widely spread as there is no international laws applicable on internet.

According to 2012 internet crime report-total dollar loss form internet fraud was more than $525 million with average dollar loss of $600 per complaint.

Some of internet fraud includes:

Real estate fraud

Lotteries

Investment schemes

Romance scams


Insider Threats

Input Alteration

Output Alteration

Data file manipulation

Computer Operations

Operating System

Communication System


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Documents

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