If there is one thing to keep in mind about people who rely on identity fraud, it is that they are definitely not stupid and they are most definitely creative! These fraudsters continually work to discover loopholes and flaws in established systems, as well as seemingly foolproof ways to exploit them. Fraudsters continue to invent ingenious methods to perpetuate their crimes. These fraudsters tend to target industries that display growth transactions. They are constantly diversifying their targets and using stealthier methods. It is common for fraudsters to change their targets and shift their focus from one industry to another periodically.
Recent trends disclose that identity fraud scams are being designed to trick people into sending money, disclosing their personal information. Impostor scams are also common with fraudsters masquerading as government employees, banks, acquaintances, or relatives. Hacking into computers, phones, and gadgets through the use of spyware or through sending links that introduce malware into these gadgets is an equally popular scheme.
As the landscape changes, these crafty fraudsters also adapt with it.
The tough just got tougher
Think of fraud activities as though there is a hierarchy: bottom-tier, mid-tier, and high-tier.
To the lower tier belong those fraudulent activities that are easily identifiable. The mid-tier houses those which involve errors that are more difficult to spot. Lastly, those which would only be detectable with some form of advanced knowledge rightfully belong to the “hard” fraud category.
Given these fraudsters’ ingenuity coupled with the advancement of technology, “top-tier” fraud cases have only become harder and more complex.. Consequently, this year’s “bottom-tier” fraud was last year’s “mid-tier” fraud.
Scams and schemes are getting even more sophisticated with each passing year. With the rise of online tools, criminals can quickly stockpile copious amounts of information on practically anyone. Yes, this includes those answers to security questions, and, yes, virtually no one is safe.