Cybercrime is defined as the abuse or misuse or perpetration of a computer or smart device for the advancement of illicit and illegitimate acts such as; committing fraud, child trafficking, financial crimes like money laundering, intellectual property/identity theft, or privacy violation(s).
It can be performed from a safe distance and is becoming increasingly difficult to detect unless, you’re an expert in Cybersecurity or a malicious, threat actor.
Email and fraudulent fund transfers can occur when people impersonate others either by breaching victim’s email systems or by establishing new, similar-sounding email accounts. Threat actors use these and other spear-phishing techniques to mislead/trick their targets into wiring funds directly into the threat actor’s own or other compromised accounts.
We Can Prevent These Crimes As Individuals Or As A Part Of A Business by following these important tips:
1. Secure your email accounts
One of the basic ways to prevent cybercrime from happening to you or your business is to secure your email accounts with strong lengthy, passwords. Ideally, 16-characters and the combination of uppercase, lowercase, numbers, and symbols. Never reuse a password that has been used three or four years ago, use words that can be found in the dictionary and never use your name, birthday, or letters that are sequential on a keyboard.
Implementing the use of Multi-Factor Authentication (MFA) is also highly recommended and can be broken down into three categories:
1a. Something you know.
Can be your password, passcode, pin, security questions, etc., essentially anything you have to memorize or is being asked of you to provide an answer in order to gain entry.
2a. Something you have.
Can be a key fob, a hard/soft token, your mobile phone, SMS, back-up email address, physical token, or a Public Key Infrastructure (PKI) snap card.
3a.) Something you are.
Can be biometrics such as facial recognition, iris or retinal scanning, and fingerprints.
These will all strengthen and affix additional layers of security to better protect any online account and is most commonly used in online banking and secure the Confidentiality, Integrity, and Availability (CIA) of your system’s data.
2. Verbal confirmations
If you receive a call for a payment request that is unusual or suspicious or differs from your regular arrangement, confirm it by phone with your account handler or vendor.
Never rely on emails alone in the case of man-in-the-middle or in the other names (monster-in-the-middle, machine-in-the-middle, monkey-in-the-middle) (MITM) attacks, or other possible sophisticated techniques by attackers!
Every fund transfer or change of transfer instructions should be communicated, verified, and confirmed via telephone or through conversations with the authorized person(s) as a best practice to better prevent and mitigate fraud or human error(s).
3. Expand your knowledge-base
Businesses today should have sophisticated information and cybersecurity governance, frameworks, and cyber hygiene in place and in line with industry standards and guidelines. It should not be a challenge to develop and improve your cybersecurity, information security, and anti-fraud programs.
Banks are sending numerous emails regarding cybercrime trends and you should consider allocating and researching these great sources of information to keep up to date on the current threat landscape. Blogs, books, and seminars are also essential to staying informed of current trends. Knowing who you can ask for help if the worst should happen, is fundamental.
All good and reputable businesses should always concern themselves with whom you are doing business with by performing suitable? Know your customer (KYC)? by identifying your client and business partners. Securitize where the money is coming from and going. If it appears suspicious, investigate.
As a software technology and IT security provider, CRESCOtec detects and combats cybercrimes/illegal online activities. We are an ISO approved company and highly trusted by clients in the region, we operate based on various international standards to keep quality IT best practices. Certified by MQCS UK, an accredited provider we ensure our clients that they only onboard one of the most trusted partners in the IT business.
Clients’ confidence towards a reputable and reliable company should not be compromised in tackling cybercrime whether at the workplace or at their own private space. We are your partner in mitigating these online threats to prevent further business risks.