The rapid advancement of technology has paved the way for Artificial Intelligence (AI) to play a significant role in various aspects of modern life. However, as technology evolves, so does cybercrime. Criminals are becoming more sophisticated, and emerging technologies continue to emerge. Consequently, cybercriminals are constantly on the lookout for easier targets, making it increasingly challenging to differentiate between legitimate and illegitimate communication and leaving victims more vulnerable to victimization.
The landscape of cyber threats has drastically changed over time. In the past, identifying a phishing email was relatively straightforward. However, modern scam emails and SMSs have become more refined, with fewer spelling and grammatical errors, personalized greetings, and harder-to-detect URLs. AI has played a significant role in this evolution, as cybercriminals utilize social engineering techniques, deepfakes, and fake texts to make fraudulent cybercommunications harder to detect. Technology now overlooks spelling and grammatical errors and allows for more personalized communication addressed to individuals.
Gone are the days of generic greetings in communication. Today, cybercriminals have access to detailed information, enabling them to address individuals by their first and last names. In addition to social engineering methods like vishing and smishing, where criminals use voice or SMS phishing techniques, deception criminals are producing fake communications that appear to come from legitimate sources. By utilizing technology to impersonate government officials and fabricating emergencies, these criminals create a sense of fear and panic, prompting victims to act impulsively. Their ultimate goal is fraud, whether it be identity theft or draining bank accounts. Technology plays a dual role in this scenario, as cybercriminals exploit its tools to their advantage, while those fighting against cybercrime leverage technology to combat these threats.
While the delivery of information remains a concern, organizations have been investing in securing their information systems. Sophisticated infrastructure and system infrastructure have been implemented to mitigate the risk of data breaches and hacks. Laptops and smartphones now come equipped with firewalls and protection applications, and network administrators can restrict access to certain websites or links that may contain malicious data.
Protecting oneself from scammers requires a combination of technology and vigilance. Organizations must conduct regular cybersecurity training programs, ensuring that everyone understands the gravity of cyber incidents. Implementing strong passwords, multi-factor authentication, biometrics, and other robust security measures significantly reduce the risk of data loss, identity theft, and financial damages.
Maintaining online hygiene is another crucial defense measure. This involves limiting interaction with online social spaces and removing personal information from websites. Conducting a search of oneself on the internet can reveal unexpected exposure of personal information. Regularly reviewing and deactivating unnecessary social media and online accounts, being mindful of what is shared, and maintaining separate personal and professional accounts are all recommended practices for maintaining online hygiene as a consumer. Similarly, as consumers, it is essential to exercise vigilance and adhere to basic tips to avoid falling victim to scams:
1. Assume that every call or SMS you receive is likely to be malicious.
2. Do not share private data with unverified third parties.
3. If in doubt, call back the institution using a number you know to be legitimate.
4. Never provide passwords, account numbers, or credit card numbers unless absolutely necessary.
5. Avoid clicking on unverified links.
6. Do not act impulsively, especially when urgency is emphasized.
7. Always verify sources before taking any action.
It is important to remember that banks will never request sensitive information such as credit card details or account numbers over the phone. Any messages asking for such information or urging immediate action should be treated with suspicion and clarified with the institution or sought expert guidance. Fraud encompasses a range of activities beyond internet scams and can include financial crimes like money laundering, terrorist financing, bribery, and corruption. In the next section of this article, we will explore fraud from a broader perspective, examining how different types of fraud infiltrate society and how criminals launder their proceeds through legitimate intermediaries.
This article was originally published in Times of Malt.
