CYBER FRAUD ATTACK

[Virtual Presenter] Dear all, I hope this message finds you well. My name is Saravanan Krishnan FROM ITIB2093 Information Security Management course. My lecturer Nur Afeza Ajirah Bt Noor Saaid. I have prepared a video briefing on the topic of cyber fraud. In this video, I will discuss the detrimental effects it can have on individuals, organizations, and our country as a whole..

[Audio] Cyber Fraud - refers to a deliberate and deceptive act aimed at obtaining personal or financial information, manipulating data, or gaining unauthorized access to systems or resources for unlawful purposes. Such attacks can have significant negative impacts on individuals, companies, and countries. When an individual, company or country falls victim to a fraud attack, it can result in severe financial losses, damage to its reputation, disruption of operations, and potential legal consequences. The financial losses incurred may include stolen funds or assets, expenses related to investigating the incident and implementing security measures, as well as potential liability for any damage suffered..

[Audio] Phishing is a deceitful online tactic employed by cyber criminals with the intention of tricking individuals, businesses, and even entire countries into revealing sensitive information such as passwords, credit card details, or other personal data. A malware or ransom attack refers to a malicious activity carried out by cybercriminals with the intention of gaining unauthorized access to computer systems or networks. This attack encompasses various types of harmful software, such as viruses, worms, trojans, ransomware, and spyware. Insider threats refer to the potential risks and vulnerabilities that arise from individuals within an organization who possess privileged access to sensitive information or resources. At an individual level, unauthorized disclosure or misuse of confidential data can lead to personal reputational damage, loss of employment opportunities, and even legal consequences. Social engineering is a type of fraudulent activity that seeks to exploit the human factor in order to gain unauthorized access to sensitive information or manipulate individuals into performing actions that benefit the attacker..

[Audio] Elderly individuals may possess significant savings and retirement funds accumulated over a lifetime, making them attractive targets for financial scams. Elderly individuals often lack familiarity with modern technology and may not be well-versed in identifying fraudulent schemes. Scammers take advantage of their limited knowledge and exploit their trust by posing as trustworthy entities, deceiving them into providing personal information or making financial transactions. Small businesses are often targeted because they may have limited resources and less robust security measures in place compared to larger corporations. Fraudsters take advantage of this vulnerability by exploiting weaknesses in the business's financial controls or impersonating trusted clients or suppliers. Furthermore, small businesses often lack dedicated fraud prevention teams and rely heavily on third-party services, making them prime targets for cyberattacks. Fraudsters prey on people who are desperately seeking quick solutions to their financial problems. They may offer attractive investment opportunities or promise immediate relief from debt burdens, luring victims into fraudulent schemes that ultimately result in significant financial losses..

[Audio] Fraudulence poses severe consequences not only to organizations but also to governments and individuals alike. for organizations, fraud can result in substantial financial losses. When funds are misappropriated or embezzled through fraudulent means, it directly impacts the financial health of the organization and to an employee. Governments will also bear significant burdens due to fraud. Tax evasion schemes and other fraudulent activities deprive governments of much-needed revenue that is essential for public services such as healthcare, education, infrastructure development, and more. The diversion of public funds into private hands undermines the ability of governments to address societal needs effectively. Fraud can have devastating consequences for individuals who fall victim to such deceitful practices. Financial scams targeting individuals can cause them to suffer significant monetary losses.

[Audio] Enhanced Security Measures-Organizations should prioritize implementing robust and AI security protocols and technologies to safeguard sensitive information. This includes utilizing firewalls, encryption techniques, and multi-factor authentication methods to protect data from unauthorized access. Awareness campaigns and education-Educating individuals about different types of frauds is essential in preventing them from becoming victims. Governments should conduct awareness campaigns to inform people about common scams, phishing attempts, identity thefts, and other fraudulent practices. Strict regulatory frameworks-Governments play a crucial role in preventing fraud by establishing stringent regulatory frameworks. These frameworks should include thorough background checks for employees involved in financial transactions or sensitive operations, regular audits of financial records, and imposing strict penalties for fraudulent activities. Vigilance and risk management-Individuals or an organization must remain vigilant when it comes to protecting their personal information and financial assets. They should regularly monitor their bank accounts or data for any suspicious activity or unauthorized transactions..

[Audio] Thank you and Be Vigilant all the time.. THANK YOU.