According to Accenture, almost 70% of business leaders believe that their risk of encountering cybercrime is increasing. It seems they’re right to be worried. The world falls victim to more cases of cybercrime almost year on year, as malware and online scams become increasingly difficult to spot.
And it’s not just business leaders who are at risk. Anyone can be targeted by cybercrime, from viruses to credit card fraud. But which cyber crimes are on the rise in 2020?
This post will list some of the cyber crimes you should look out for this year. By knowing which crimes are the most prevalent, you’ll be better able to protect yourself from some of the most common scams and hacks.
Forex scams
The foreign exchange market – also known as forex – is the largest financial market in the world, trading more than $5 trillion every day. It’s becoming increasingly tightly regulated, but your chance of encountering a forex scam is unfortunately still quite high, as scammers try to take advantage of thousands of people all hoping to make quick money.
The good news is that with some research and careful due diligence, you should be able to spot a forex scam from a mile off. Unlike regulated forex brokers, scammers will never be registered with a regulatory authority such as the Financial Conduct Authority (FCA).
They may also promise unrealistic results in the hope of winning over inexperienced traders. Never trust any forex scheme that ‘guarantees’ profit – after all, the nature of trading is speculative, and results can almost never be relied upon.
Data breaches
In the words of the Economist: ‘the world’s most valuable resource is no longer oil, but data.’ Data breaches are at an all-time high, with both businesses and individuals consistently targeted for their personal details and information.
When the American credit bureau Equifax suffered a major data breach in 2017, for example, more than 145 million customers had their records compromised. This made it the second largest data breach to date, beaten only by Yahoo, who had 3 billion records stolen in 2013.
Data breaches occur when a cybercriminal manages to infiltrate a network, often through malware disguised in email attachments or files. The best way to protect yourself as an individual is to ensure that you don’t use the same password for multiple accounts, tighten the privacy settings on your social accounts, and never open unverified files that you find on your computer.
Credit or debit card fraud
Have you ever made an online purchase in a public space? Using a public network, or even just sitting near opportunistic strangers, can be incredibly risky when using your credit or debit card online. According to the Norton Cyber Security Insights Report, 54% of the American consumers claimed that they’d been a victim of fraud – making it one of the most common cybercrimes by far.
As more of us choose to make purchases online as opposed to visiting stores in person, our credit card details are more vulnerable than ever before. But by being careful about where you use your cards, always paying via secured payment systems, and checking your statements regularly, you can lower your chances of falling victim to fraud online.
Stay vigilant to avoid the cyber crimes that are on the rise in 2020.