INTERNET FRAUD

Internet Fraud

Table of Contents

Introduction1

Types Of Internet Fraud1

Phishing Internet Fraud1

Payment Fraud2

Mail- Order Bride2

White Collor Crime2

Impacts Of Internet Fraud3

Application Of Internet In Production And Theft4

Vulnareble Groups To Phishing And Internet Fraud4

Areas For Future Work ( Issues And Questions)5

Conclusion5

References7

Bibliography8

Internet Fraud

Introduction

Internet fraud began in the early 1960s when universities and certain government agencies and banking institutions began using networked computers to send text messages, for research, financial transactions, and record keeping (Celine 2009,p. 65). The earliest abusers of computer systems were college students who experimented with using them to play games and solve problems. Early abuse involved relatively harmless pranks and computer hacking (i.e., breaking into computer systems) to view files and sometimes manipulate or steal data.

Types Of Internet Fraud

Phishing Internet Fraud

A form of electronic scam, by which fraudsters attempt, often by E-MAIL, to acquire details of the victim's bank account, credit cards, passwords, etc., often by offering some sort of a 'bait'. A common ploy, particularly popular with Nigerian fraudsters, is to offer the victim a large fee for allowing their UK bank account to be used to deposit some enormous sum of (imaginary) money on a temporary basis. If the victim 'bites', and provides their bank details, they will quickly find that their account has been emptied. Phishing is one form of identity theft, and the term was coined in the mid-1990s by computer hackers on the model of phone phreaking, and with a reference to fishing expeditions (Curry Scott 2008,p. 45 ). A criminal internet scam in which a person is duped into revealing personal information (e.g. bank account details) by replying to an official-looking email or by being directed to a fake website where they are asked to fill out a form.

Payment Fraud

Despite frequent occurrences of identity theft and many other forms of Internet fraud, the amount of financial loss and other social and economic harm caused by or associated with Internet and Internet offenses is not truly known, and the accuracy of any estimate depends on how offenses are defined; however, specific forms of Internet crime are periodically estimated for specific forms of crime, and annual economic losses from Internet crime have been estimated to be in the tens of billions of dollars worldwide (Gralla 2007,p. 22). A single release onto the Internet of a malicious virus, Trojan, or worm program has on more than one occasion affected millions of users and cost billions in damages to information systems and loss of data (e.g., the I Love You virus released in May 2000 was estimated to have cost between $1 billion and $10 billion worldwide).

Mail- Order Bride

Spam or email, not requested for commercial purposes, is illegal in varying degrees. The regulation of the law regarding spam in the world is relatively new and usually requires legal rules that allow different levels of spam. Spam law must strictly comply with certain requirements such as allowing the user to choose not to receive such advertisement or be removed from lists of ...