What is a fraud?
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Cite any two reasons why online fraud has been increasing?
Answers
Answer:
Two reasons for increasing in online fraud are
1. Lack of awareness among people regarding digitization and importance of their online data.
2. Lack of digital infrastructure which is helpful in dealing with online fraud.
Answer:
Fraud that is committed using the internet is “online fraud.” Online fraud can involve financial fraud and identity theft.
Online fraud comes in many forms. It ranges from viruses that attack computers with the goal of retrieving personal information, to email schemes that lure victims into wiring money to fraudulent sources, to “phishing” emails that purport to be from official entities (such as banks or the Internal Revenue Service) that solicit personal information from victims to be used to commit identity theft, to fraud on online auction sites (such as Ebay) where perpetrators sell fictional goods. The methods used by perpetrators of online fraud are constantly evolving.
On this page, “Online Fraud” is used as an umbrella term to encompass both financial fraud and identity theft. Financial fraud and identity theft can be separate or related crimes. Identity theft happens when a person’s identity is used to commit, aid, or abet any unlawful activity. Often financial fraud can lead to identity theft. For example, an offender may send an email to a victim, pretending to be from a bank and ask for the victim’s bank account information. If the victim releases that information and the offender drains the victim’s bank account, a financial fraud has been committed. The offender may then also use the victim’s personal information to create additional bank accounts through which money is laundered, or to open additional credit cards. This second piece is identity theft. It is important to recognize that the crimes of financial fraud and identity theft are distinct crimes,
Explanation: