Fraud Detection: The Rise of the Scamming Economy

“Although prevention is always better than cure, detection would be more important as it always keeps you a step ahead”, aptly said by the Payza’s CEO, Firoz Patel. In one of the recent interviews held he talks about the significant increase in fraud due to a rapid growth of online and digital era.

As per him, online fraud and identity theft have increased with the growth in technology, so we need to identify and detect the root cause to safeguard ourselves against cybercrimes. Unless we are unable to detect what causes it, we can never put a hold on the rise of the scams in today’s economy.

What’s Important?
As he announces the launch of “Fraud Prevention Team” of Payza globally, he also talks about 3 major tricks used by cyber crooks to commit fraud nowadays.

  1. Internet Fraud: As the usage and reliability of internet and other forms of electronic media to conduct transactions is increasing; illegal activity using the same media is similarly on the rise. So, to cap down all the knowledge about internet fraud is very important to prevent yourself from being a victim of it.
  2. Identity Theft: With the alarming rise in spam and identity theft, the safety of the personal information is utmost important as it could result in serious consequences for the victim. Identity theft is when someone anonymously uses your personal or financial information to pretend to be you to obtain personal gain.
  3. Credit card Fraud: This refers to the unauthorized use of a credit or debit card (or financial information) to fraudulently obtain personal gain at the expense of a victim’s assets. According to Firoz Patel, indictment for a credit card is increasing and you should prevent yourself from such cyber-attacks.

What to do?
“Trust lesser, verify more!”

  • Protect yourself by avoiding or not sharing your personal and financial information over anonymous phone calls and online gateways
  • Use 3D password secured methodology for any online transaction
  • Investigation and use of common sense is not just necessary but a mandate
  • Memorizing your passwords rather than saving is the key

As per Firoz Patel, indictment for personal and financial information is at peak and so watches out for regular patterns used by tricksters and use the armor of technical device to be protected.

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