Cyber fraud occurs using a computer or mobile device intending to corrupt another individual's personal and financial information stored online. Cyber fraud is the most common type of fraud - businesses and individuals should work to ensure their information is protected from fraudsters.
Cyber fraud rates dramatically increased between 1st March 2020 - 24th March 2021 due to cybercriminals taking advantage of the pandemic. Action Fraud revealed that £34.5 million had been stolen during that period.
The ,UK Finance Annual Fraud Report 2023 reported that fraudulent activity/fraud cases among internet banking usage accounted for £114.1M of losses in 2023. 70% of this was Remote Banking Fraud, with telephone and mobile banking fraud accounting for 9% and 21%, respectively.
A recent example was with an ,educational institution when a hacker compromised a legitimate email account and then fraudulently started instructing clients to pay advanced fees for tuition into a false bank account. A staff member from the educational institution fell victim to an email that appeared to be legitimate which instructed them to reset their password via a supplied link.
The email to the staff member appeared genuine; it used a known 'exact' email address. But once the staff member attempted to reset their password, the web page would not load properly, leaving them confused. The staff member did not know the email address/password combination had been compromised.
The staff member and the educational institution were alerted to the issue when their clients began contacting them regarding the payments they had made without receiving any confirmation follow-up. Only the educational institute discovered they had not received any funds when investigating.
https://www.youtube.com/watch?v=qyuqL4BuN0Q&t=6s&ab_channel=NorthWestCyberResilienceCentreCriminals are experts at ,impersonating people, businesses, and the police. They spend hours researching your company for their scams, hoping you will let your guard down for a moment.
Law firms rarely change bank details or payment information. If you receive an email or telephone call stating a change in the bank details, question its authenticity.
At the North West Cyber Resilience Centre, we can work with your ,legal practice through our ,membership packages that help you identify your risks and vulnerabilities and the steps you can take to increase your levels of protection.
Through our memberships, you get regular updates on new threats, designed to help you stay safer and be able to access affordable cyber security services designed to help improve cyber resilience.
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