"> Fraud Archives - Engr Kabir Saleh

Posts Tagged

Fraud

A blockchain/IoT combo could reduce food fraud by $131B in five years

Using blockchain and IoT tracking technology to trace the journey food takes from farms to grocery store shelves will “revolutionize” the food industry, reducing retailers’ costs by streamlining supply chains and simplifying regulatory compliance, according to a new study by UK-based Juniper Research.

The report said blockchain’s immutable ledger, combined with IoT sensors and trackers, is key to creating a more efficient food recall process.

Food fraud relates to mislabelled, diluted or substituted food and ingredients.

“For example, extra virgin olive oil labelled as originating from Greece when in fact it comes from somewhere else,” said Juniper analyst Morgane Kimmich. “Much of the interest in the technology also comes from the fact that blockchain has the potential to give more control to all actors involved in the process, from farmers to retailers, by providing them with a transparent and immutable platform offering full visibility of the supply chain.”

[ Read the Download: Beginner’s guide to blockchain special report ]

With adoption increasing in the supply chain industry, blockchain and IoT will create $31 billion in food fraud savings globally by 2024 by immutably tracking food across the supply chain. Substantial savings in food fraud will be realized as early as 2021 and compliance costs will be reduced by 30% by 2024.

Currently, food tracking systems heavily rely on paper-based transactions to manually track assets throughout the supply chain, an inefficient system that allows records to be lost or unreconciled, Kimmich said. Additionally, paper-based records cannot be shared by all supply chain users, which reduces the overall visibility of the supply chain.

Starbucks mobile app Starbucks

Starbucks’ and Microsoft are creating a mobile “bean to cup” tracking app that may look like this and enable customers to see where their coffee was grown and the journey it took to their cup.

“Furthermore, companies often have to rely on intermediaries to perform these tasks. All of this adds a level of complexity to the supply chain, which in turn increases inefficiency, fraud and waste,” Kimmich said.

Private or “permissioned” blockchains can be created within a company’s four walls or between trusted partners and centrally administered while retaining control over who has access to information on the network.

Blockchain can also be used between business partners, such as a cloud vendor, a financial services provider and its clients.

While IoT devices shipped with goods link the physical and digital worlds primarily via location tracking sensors and temperature and humidity monitoring, blockchain provides a place where the data can be stored and accessed by everyone on the ledger. Ledger users can also be segmented so sensitive business data isn’t exposed to competitors, the report said.

The distributed ledger technology’s innate capabilities have not been lost on enterprises as pilots and proofs of concept are sprouting up across the industry. Twenty percent of the top 10 global grocers will use blockchain by 2025, according to a Gartner study.

“Blockchain can help deliver confidence to grocer’s customers, and build and retain trust and loyalty,” Joanne Joliet, a senior research director at Gartner, said in a statement. “Grocery retailers are trialing and looking to adopt blockchain technology to provide transparency for their products. Additionally, understanding and pinpointing the product source quickly may be used internally, for example to identify products included in a recall.”

Juniper’s research found IoT and blockchain will add significant value to players in the supply chain, from farmers to retailers and consumers. By replacing lengthy procedures with automated smart contracts, blockchain and the IoT save money, reduce risk and bring transparency to supply chains.

Juniper Research recommended that blockchain vendors seek IoT partnerships to appeal to stakeholders across the food production market. In some cases, that’s already happening.

The supply chain industry has been active in the blockchain space for the past two years, according to Kimmich.

In 2017, IBM launched Food Trust, a blockchain network based on the Hyperledger protocol; since then, it’s attracted a large group of leading food suppliers who are piloting it as part of a consortium. The group includesDole, Driscoll’s, Golden State Foods, Kroger, McCormick and Company, McLane Company, Nestlé, Tyson Foods, and Unilever.

In October, IBM announced a blockchain-based supply chain service with AI and IoT integration, adding to the company’s existing blockchain cloud offering.

Last year, Walmart completed two pilots using suppliers of mangoes and pork; after a proof-of-concept, the food-tracking blockchain network is now in production. Walmart told suppliers of produce to get onto its blockchain by the September of this year. The products on the blockchain-based supply chain also powered by IBM’s Food Trust Solution range from poultry and berries to yogurt and lettuce. And Walmart Canada just launched the “world’s largest” blockchain-based freight-and-payment network.

“While IBM’s Food Trust is the current market leader in blockchain-powered food tracking with 188 organizations shaping its network, other players are building on their solutions this year,” Kimmich said.

Oracle plans on strengthening its existing asset tracking solutions with supply chain temperature monitoring along with warranty and usage tracking, Kimmich added, while SAP currently supports 565 different products and engages with 70% of the US market.

walmart shoot bison winnipeg blockchain Walmart

Bison Transport was a carrier partner in the Walmart Canada’s pilot for a new freight and payment network based on blockchain and IoT. According to Rod Hendrickson, vice president of finance for Bison Transport, the end result is “a mutually beneficial solution.”

Meanwhile, Starbucks has partnered with Microsoft to build a blockchain supply chain aimed at tracking coffee beans from farms to stores and create a mobile app that lets customers track the supply chain journey of the beans they buy and the coffee they drink.

GrainChain, a blockchain-based supply chain service based in McAllen, Texas, is also being piloted by roughly 10% of Honduras coffee growers, or about 12,000 farmers, with an eye on going into full production around April 2020.

“When coffee farmers don’t have access to formal financial systems and formal contracts for purchase, they are the ones pushed down in the industry,” Macias said. “One of the larger focuses in the overall industry…is to find solutions to not only have more financial inclusion but enhance the ability for coffee producers to have a marketplace.”

supply chain blockchain coffee beans hand with coffee cup of coffee by nathan dumlao via unsplash Frankie / Gerson Cifuentes / Nathan Dumlao / Modified by IDG Comm. (CC0)

Copyright © 2019 IDG Communications, Inc.



Source link

How Credit Card Fraud Works and How to Stay Safe

It’s common knowledge to keep your credit card safe from fraud, but how does it work? How do hackers get your card details in the first place?

Let’s explore how scammers do credit card frauds, and how you can stay safe.

How Hackers Get Your Credit Card Number

For a scammer to do credit card frauds, they first need all the necessary details. There are several ways they can get these details, and they range from the very basic to the more technologically complex.

Getting Details via Phishing

Phishing is an old strategy that is still effective today. The scammer gets in touch with you via phone or email, usually posing as your credit card issuer. From here, they can talk you into giving them your credit card information.

It sounds like something you’d be able to spot right away, but some phishers are very skilled. This is very similar to the tactic that was used in the British phone-hacking scandal a couple of years ago. Thankfully, you can learn how to spot a phishing email


How to Spot a Phishing Email




How to Spot a Phishing Email

Catching a phishing email is tough! Scammers pose as PayPal or Amazon, trying to steal your password and credit card information, are their deception is almost perfect. We show you how to spot the fraud.
Read More

, so be sure to study up before you become a victim!

Gleaning Details From Database Leaks

Scammers also get credit card details from online data breaches.  Hackers have successfully breached big-names like Target, Home Depot, and the PlayStation Network in the past. These companies tend to have saved payment information listed under each customer, which scammers can use for fraud.

The numbers stolen from those sites often end up on “carding” shops, where people go to buy stolen credit card numbers for use online. ZDNet mentions how some accounts sell for as little as $5 on the dark web. This makes it easy for thieves to buy hundreds of cards at a time, potentially including yours.

Monitoring Your Inputs With Keyloggers

If a hacker manages to get a keylogger or another type of malware installed on your computer, they could quickly steal your credit card information when you use it for online shopping. The silent nature of keyloggers makes them particularly nasty, so be sure to protect yourself against keyloggers as much as possible.

Forging Payments Using NFC Skimming

Someone paying for goods using the NFC on a credit card.
Image Credit: AllaSerebrina/DepositPhotos

These days, credit cards have NFC scanning built-in. NFC is also known as “contactless,” and it’s when you place the card up against the payment terminal to buy something.

Scammers can use devices that act like these payment terminals. When they pass close by to someone with a credit card in their pocket, the skimmer makes a fraudulent payment to the card. The victim may not even realize this has happened until they notice odd fees on their statement.

How Scammers Use Your Credit Card

Once a thief has your credit card, the hardest part is complete. Now all they need to do is use it or sell it on. The credit fraud they choose depends on their ulterior motive behind why they stole the details in the first place.

Making Contactless Payments

Contactless payments with cards don’t require PINs or signatures, so they’re perfect for credit card thieves. Even though the limits for contactless payments are rather small, they add up quickly. Online payments don’t require PINs or signatures ether, so going on an Amazon shopping spree with a stolen card is remarkably easy.

Fortunately, there are constraints for the scammer. The upper limit of a credit card will stop them from spending too much. On top of this, credit cards typically allow a set amount of contactless payments before it asks for a PIN. These restrictions mean the scammer can perform only a small shopping spree before they’re locked out without a PIN.

Selling the Card Online

If the hacker doesn’t want to “dirty their hands” with a stolen credit card, they sell the details online. These credit card markets thrive on the dark web, where all kinds of identifying information is up for sale. Sellers need to keep their practices under wraps to protect their business from law enforcement, and the dark web gives them the protection they need to operate.

Buying and Flipping Goods

A range of different gift cards.
Image Credit: dennizn/DepositPhotos

If the hacker has enough information to make large purchases with the cards, they can buy goods and sell them on the black market. This is safer for them, as it hides their tracks better than if they transferred money directly into their bank account.

Scammers will typically buy gift cards. They can then sell these cards on the black market for less than face value. For instance, a $100 gift card will sell for $60. This makes them highly desirable for buyers and gives the scammer a way to wash their hands of the evidence.

How to Protect Yourself From Credit Card Fraud

There’s a lot a scammer can do with a credit card. As such, it’s important to keep yours secure. By following a few guidelines, you can decrease the chances you’ll encounter credit card fraud.

Don’t Share Credit Card Information Freely

First, don’t share your card information over the phone or in an email. Credit card companies, banks, and stores won’t randomly ask for your credit card information. If someone asks for them out of the blue, exercise extreme caution. If you need to share your information over the phone, be sure that no one is around to overhear you.

Keep Track of Data Breaches

Second, pay attention to online security news. If a service you use suffers a database breach and leaks payment information, contact your bank immediately.

You could wait to see if you get any suspicious charges on your account before alerting your bank, but this is risky. For example, ABC News reported on how the Bank of America fraud department can be hard to convince that a scam occurred in the first place. Waiting for fraud to happen may result in lost money that you have to wrestle back.

Protect Your Card’s RFID

Third, consider buying an RFID-blocking wallet


What Is an RFID-Blocking Wallet? (And Which Should You Buy?)




What Is an RFID-Blocking Wallet? (And Which Should You Buy?)

If you have cards, passports, or devices with RFID chips, then an RFID-blocking wallet could be important for keeping your data safe.
Read More

, so your card is protected while it’s in your pocket. By blocking RFID signals, the wallet prevents any device from reading the information on your card until you take it out to use it.

Double-Check Payment Points

Fourth, be careful with where you insert your credit card.  Scammers can operate at ATMs, pay-at-the-pump gas stations, small stores, and restaurants. If the payment terminal looks weird somehow, use another method to pay. Make cash withdrawals from within your bank, pay at the counter when you buy gas, and don’t let your card out of your sight.

Keep Tabs on Your Records

Finally, make sure to monitor your credit card statements, bank statements, and credit reports. The earlier you catch a potentially fraudulent transaction, the better. These days, you can get a credit report for free without harming your score. This makes it easier to spot any weird purchases and quickly report them.

Staying Safe With Payment Cards

Credit cards are a hot commodity for scammers. From small NFC skims to large-scale gift card selling, there are multiple ways they can make use of your details. Keep them safe to avoid headaches in the future!

You now know not to trust a phishing call, but can you trust your browser with your credit card information


Can You Trust Your Browser With Credit Card Information?




Can You Trust Your Browser With Credit Card Information?

Shopping online and tempted to save your credit card information in your browser? Here’s why you might not want to do that.
Read More

?



Source link

Top 8 Internet Fraud and Scams of All Time

As long as the internet has been around, malicious people have used it to rip others off. Between fraudulent sites, email scams, and other forms of deception, countless people have lost billions of dollars to internet fraud and scams.

Let’s take a look at some infamous examples of online fraud and scams, many of which people still fall for. By pointing them out, you can better recognize the worst offenders to keep yourself and loved ones safe.

1. Email Phishing

App Store Phishing Receipt Email

While cyber fraud takes many forms, it’s often done through email since that’s a ubiquitous and cheap method of attack. As a result, one of the most common scamming examples is the general phishing email.

In this scam, you receive a message claiming to come from a legitimate entity, such as your bank, email provider, or online retailer. The email lets you know that the company has made some changes and needs you to confirm your information to make sure everything is up-to-date.

If you follow the link in these fishing emails, you’ll be brought to a fraud site. While it might look like the real page, entering your credentials here will send them right to scammers.

Review our tips on how to spot a phishing email


How to Spot a Phishing Email




How to Spot a Phishing Email

Catching a phishing email is tough! Scammers pose as PayPal or Amazon, trying to steal your password and credit card information, are their deception is almost perfect. We show you how to spot the fraud.
Read More

so you don’t fall victim to them. It might sound silly, but scammers have evolved to create much more advanced phishing schemes.

2. Tech Support Scams

One of the most concerning internet fraud cases in recent years is the onslaught of tech support scams. In this scheme, someone calls you and pretends to be from Microsoft or a computer security company. They convince you that your computer is infected with some kind of malware and coax you into letting them remotely control your machine.

From there, they might cause actual damage to your system by stealing your data or installing ransomware. They’ll then try to sell you a worthless “security suite” or demand payment for their “services,” getting upset if you refuse.

This scam is easy to fall for if you get caught up in the caller’s lies. But by being aware of it, you can know what you should do about tech support scams


What Should You Do About the Windows Tech Support Scam?




What Should You Do About the Windows Tech Support Scam?

If Windows Tech Support calls you, it’s a scam. But what should you do? Hang up, lead the callers on, or report them?
Read More

in case you’re ever contacted with one.

3. Online Dating Scams

While online dating has a lot of benefits, it’s also a hotbed for cyber fraud. Criminals use online dating to get money from legitimate users by building fake profiles and trying to get others to fall for them.

Usually, online dating scammers have limited profiles with few pictures and not much additional info. They’ll often profess love at an unusually early point and try to get you to chat on an alternative app, so the dating site doesn’t shut them down.

To take your money, the scammer will ask often you to “cover the cost” of something. This could be a plane ticket to supposedly come meet you in person, or shipping a package they send to you. Of course, they’ll never actually meet up with you or even contact you via video chat.

If you use online dating services, you must know how to spot and avoid online dating scams


How to Spot and Avoid an Online Dating Scammer: 8 Red Flags




How to Spot and Avoid an Online Dating Scammer: 8 Red Flags

Do you date online? Here are several tips and red flags to help you spot and avoid scammers on online dating sites.
Read More

so you don’t become a victim.

4. Nigerian 419 Email Scams

This is one of the oldest internet fraud examples in the book. Someone from a country (often Nigeria, but not always) contacts you via email in broken English. They explain that a rich person they know has died and the money has nowhere to go; if you can help them get the funds out of the country, they’ll give you some as a reward.

Of course, this is completely bogus. If you follow along, they’ll continually ask you for money to cover various “expenses” associated with the fund movement, until you realize they’ve been stealing from you all along.

Due to their notoriety, these types of emails usually go straight to your spam folder, so you probably haven’t seen one in a while. But if you do, simply ignore it and move on. There’s no reason to fall for this classic scheme.

5. Social Media Fraud

Facebook Messenger Video Scam Message

Attackers have many ways to steal from you on social media


5 Ways Hackers Use Facebook to Steal From You




5 Ways Hackers Use Facebook to Steal From You

Thought privacy was the only thing at risk when using Facebook? Here are five other ways Facebook can compromise your security.
Read More

, including taking your money. One popular method is abusing your trust with your social media friends. For example, if someone on your Facebook friend list has their account hacked, the attacker might contact you through a Facebook Messenger.

In many cases, they’ll send a video link with a sensational message like “OMG, is it you in this video?” that tempts you to click on it. If you do click, you’ll go to a dangerous site programmed to infect your computer with malware.

Other times, the scam is more personal. The hijacked account might send you a message saying that they’re in trouble with the law, or need money to cover a hospital bill after a bad accident. If you take this at face value, you’ll end up sending a thief—not your friend—money.

6. Buying and Selling Scams

Like online dating, purchasing and selling products online is another popular activity that’s been tainted by fraud. Whenever you buy something online or sell your own goods, you must stay vigilant to avoid scams.

What to watch for often depends on the service you use. As an overview, we’ve covered eBay scams everyone should know


10 eBay Scams to Be Aware Of




10 eBay Scams to Be Aware Of

Being scammed sucks, especially on eBay. Here are the most common eBay scams you need to know about, and how to avoid them.
Read More

, whether you’re a buyer or seller. You can apply that general advice to other online shopping destinations, too.

Avoid buying from random websites unless you’ve vetted them through reputable reviews. If you sell goods on Craigslist or similar sites, meet in a public place and only accept cash for the transaction. And if someone offers to pay you more than the item’s listed price in exchange for shipping it to a foreign country, it’s a scam.

7. Fake Virus Warnings

fake malware messages website ads

Most people trust that antivirus warnings mean something is wrong with their computer, which is why attackers create fake virus warnings to trick you. This example of internet fraud can take the form of browser popups, phony websites, or even malicious apps that generate fake messages.

These might demand payment to “unlock” full security features, or offer a phone number that will connect you to scammers. Fake virus messages are even more insidious with the rise of ransomware. These lead you to believe you’re the victim of an actual ransomware attack, while they’re actually nothing more than simple websites prompting you to pay money.

Make sure you know how to spot fake malware warnings


How to Spot and Avoid Fake Virus & Malware Warnings




How to Spot and Avoid Fake Virus & Malware Warnings

How can you tell between genuine and fake virus or malware warning messages? It can be tough, but if you stay calm there are a few signs that will help you distinguish between the two.
Read More

so you don’t walk into a trap.

8. Fake Charities, Sweepstakes, and Others

Don’t put it past scammers to take advantage of a tragic event. Often, after a natural disaster that makes international headlines, fraudsters will reach out via email or other methods to collect money for a “good cause.” Of course, they’re just looking to capitalize on people’s generosity following these events.

Like phishing emails, you should never respond to unsolicited messages like this. If you want to donate to a charitable cause, visit it directly and make sure it’s a reputable organization.

Charities aren’t the only kind of fake message that you’ll run into. If you receive messages claiming that you’ve won a lottery you never entered, have uncollected debt on an account you know nothing about, or similar, ignore it. These are scams trying to take your money.

These scams can also arrive by SMS, so watch your texts as well as your email inbox.

Stay Vigilant Against Dangerous Internet Fraud

We’ve reviewed some of the most notorious examples of online fraud. While you might be familiar with one or many of these, it’s important to spread awareness as much as possible. As more people learn to recognize these scams, they’ll become less effective and hopefully go away for good.

Not all fraud examples take place online. Review the major signs that you’re on the phone with a scammer


7 Telltale Signs You’re on the Phone With a Scammer




7 Telltale Signs You’re on the Phone With a Scammer

Thieves use all sorts of phone scams to rip you off. Here are some telltale signs that you’re talking to a scammer on the phone.
Read More

so you don’t fall for phone rip-offs.



Source link