Online fraud: 8 keys to avoid new scams and avoid headaches in 2022

One of the most significant changes brought about by the coronavirus pandemic was the shift in people's efforts to digital environments.  From requesting purchases with delivery, to the most expensive bank transactions (Pexels)
One of the most significant changes brought about by the coronavirus pandemic was the shift in people’s efforts to digital environments. From requesting purchases with delivery, to the most expensive bank transactions (Pexels)

Since March 2020, when the coronavirus pandemic broke out around the world, to the present, Cybersecurity became a matter of concern for public and private organizations around the world due to the accelerated digital transformation that was evident at this time.

In the framework of World Cybersecurity Day, VU, a company specialized in digital identity and fraud prevention, developed a report entitled “Cybersecurity Maturity in Latin America” in which it gave an account of the main keys to avoid scams and mitigate possible damage in 2022.

One of the most significant changes brought about by the coronavirus pandemic was the shift in people’s efforts to digital environments. From requesting purchases with delivery, to the most expensive banking transactions, remote work from homes or taking connections from public networks, all implied an abrupt and massive circulation of information and personal data that at another time users would have done everything possible to protect. “From this context, it became a requirement to expose them in different systems, which brought with it a great challenge in terms of cybersecurity,” stated VU, founded by the Argentine Sebastian Stranieri.

New tactics, techniques and procedures that threaten business continuity:

– Protection with “zero trust” models: This scheme implies that organizations should not automatically trust anything, both inside and outside the perimeter of their network. Thus, it is required that everything that tries to connect to the company’s systems must be verified to gain access. Its main objective is to mitigate the risk of cyber attacks.

The specialized firm VU highlighted that crimes such as phishing, malware and, to a lesser extent, ransomeware began to be more and more familiar to users Photo: EFE
The specialized firm VU highlighted that crimes such as phishing, malware and, to a lesser extent, ransomeware began to be more and more familiar to users Photo: EFE

– Comprehensive protection of remote workstations: This guarantees the safety of collaborators no matter where they are or the device from which they connect.

– Prevention against information leakage: It can be through software that detects possible attacks or with the incorporation of tools that prevent filtering. In addition, well-defined policies and procedures must be implemented, prioritizing communication, confidentiality agreements, and the importance of security.

The leak, theft and loss of confidential information can cause brand reputation crises, legal breaches and face fines, which in many countries with strict regulations can reach up to 4% of the company’s annual turnover

Likewise, VU stressed that it is necessary not to lose sight of the fact that the new frontier is digital identity and to be able to build an awareness plan about the importance of cybersecurity in organizations.

“Attacks focused on exploiting people’s vulnerabilities are increasingly being carried out. It is necessary to invest time in informing and training users, so that they have more and better tools to make their decisions. This will minimize the risk of unauthorized access to confidential information, which can have a profound negative impact on the business.”, Indicated the company.

Increasingly, attacks are carried out focused on exploiting people's vulnerabilities (Pexels)
Increasingly, attacks are carried out focused on exploiting people’s vulnerabilities (Pexels)

And he added: “The leak, theft and loss of confidential information can cause brand reputation crises, legal breaches and facing fines, which in many countries with strict regulations can reach up to 4% of the company’s annual turnover” .

According to VU, cyberattacks represent a threat to both users and companies that provide digital services, in addition to significant economic damage.

“This entire framework constitutes fertile ground for cyber attackers and, in the face of this, the protection barriers of the systems must adapt to this growth. Although the threats found are not new, they evolved and became considerably sophisticated with the ability to target more specific targets and in less detectable ways, “he warned.

More and more attacks are being carried out focused on exploiting people’s vulnerabilities. It is necessary to invest time in informing and training users, so that they have more and better tools to make their decisions

Meanwhile, VU highlighted that crimes such as phishing, malware and, to a lesser extent, ransomeware they became more and more familiar to users. Faced with this panorama, he affirmed that those responsible for cybersecurity and IT must face five major challenges:

-New tactics, techniques and procedures that threaten business continuity. All continue to focus on the end user, who operates with technology but in most cases does not have enough training to identify, prevent and isolate a risk.

– Need for dynamic security. Under the philosophy of not trusting any agent, device or individual, Every protection rule has to be dynamic and at the same time not require an individual for its operation.

– Fraud in electronic commerce. With the rise and expansion of online shopping throughout Latin America, the risks also grew. In Argentina, for example, Internet scams increased by 50% in online purchases, while in Mexico, 34% of users rejected unacknowledged purchases.

– Identity Theft. Reports of this crime grew more than 700%. By not having a control center, individuals lose sight of what may be happening and how such fraud affects their lives. The rapid adoption of DiD – identifiers that allow to validate the authenticity of people, organizations or devices; and decentralized identity methodologies will, in a short time, improve the experience.

– Connection from multiple devices. Employees connect from different teams, so they can expose critical systems in organizations. Added to this are the risks of borderless infrastructure, derived from multi-cloud environments.

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