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Learn These 6 Popular Ways Of E- financial Fraud, So As Not To Be Fooled

Learn These 6 Popular Ways Of E- financial Fraud, So As Not To Be Fooled

Fear of theft or e- financial fraud is one of the most widespread Internet concerns among users. The accuracy and professionalism of these attacks, coupled with the lack of a technological security culture, make it difficult for victims to escape or even discover them.

International indicators show that more than 5 million credit records are stolen every day. Despite ongoing security developments in the security technology world, hackers are also in a continuous parallel development. If hackers are constantly seeking to educate themselves in the new world of technology, users must also educate themselves as much as they can to avoid these attacks. Let’s start from here and start by defining both online fraud and payment gateways, the most popular methods of online financial fraud, and how to overcome them.

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What Is E-financial Fraud?!

E- fraud is any kind of deception that individuals or organizations use to exploit users illegally across Internet platforms. The occupiers use Internet services – chat rooms, blogs, websites, online stores or smart apps – to send users deceptive messages and attract them to the trap of stealing their personal or credit accounts.

Financial fraud is a form of private fraud, in which victims are solicited by creating fake websites or by tracking their financial transactions. Fraudsters in this type of transaction are able to steal users’ money, exploit their bank balance in suspicious transactions, or conduct unsolicited buying transactions.

Financial fraud is very common when credit cards are used, so many experts recommend using electronic payment gateways as a secure financial intermediary when conducting e- financial transactions.

What Are E-payment Gates?

Payment Gateways are gateways that act as intermediaries between parts to financial transactions, especially in e-commerce transactions, where they ensure that money reaches the buyer from the buyer and that  products reach buyers.

E-payment gateway acts as the custodian and guarantor of financial transactions. It locks the entire process through a combination of advanced protection and encryption methods, blocking the way for any tracker wishing to track or snoop on transactions.

The use of e- payment gateways varies in e-commerce operations as mentioned above, in bill payments, in money transfer, or in receipt of funds. Payment Gateways provide users with multiple forms of payment methods such as credit card,  e- currency payments, or  bank balance via mobile phone.

E-payment gateways are one of the most secure payment methods for users. It protects them from falling into the trap of fraud by verifying user identities and bank balances, verifying the integrity of the communication process, and encrypting all procedures. However, there is no further damage from the precaution when conducting any financial transaction, and attention to these common methods of fraud.

The 6 Most Famous Methods Of E-financial Fraud

  • Friendly Fraud

Is a process in which the fraudster appears to be the victim rather than the offender, who purchases some products electronically. Once the amount is deducted from his bank balance, he contacts the opponent, claiming that his credit card has been stolen.

This is a highly professional method where the fraudster succeeds in persuading the e-store and the bank to expose his account to theft, and is able to recover the money paid in addition to keeping the goods.

  • Identity Theft

Identity theft is one of the most common scams on the Internet. In which the fraudster exploits the user’s private data in electronic purchases, or in engaging in the termination of suspicious transactions.

Electronic identity theft cases occur because of the vulnerability of the firewall in stores and e-commerce sites,  Therefore, experts often advise that protection should be updated periodically and continuously.

Identity theft is one of the most pervasive frauds for both the user and the e- store. This process is difficult to recover and the money and the difficulty of arresting criminals.

  • Clean Fraud

Clean scams are about using real data and information about the card holder or stolen account. Unlike friendly frauds, the fraudster does not use fake information here, but uses accurate and real details to help him use the bank account freely and buy whatever he wants.

  • Fraud through commission shopping sites

This type of fraud is based on popular commissioning sites, where the fraudster records an account on one of these sites, then through some professional procedures can manipulate visitors’ views, build the site itself, and user accounts and their balance.

  • Triangulation fraud

The triple fraud consists of three elements: the victim, the counterfeiting site, and the financial statements of the bank balance. With the availability of three elements, the crook can attract the victim through many tempting offers on his e-store. Once the victim has made a decision to buy the product, the fraudster can control the user’s credit account and exploit it as he wishes.

  • Merchant Fraud

The fraudster creates fake online stores, attracts victims from a range of tempting offers and discounts, and once the buyer sends the amounts due for the products, the fraudster receives the money and does not send the products.

All of the above are the 6 most common fraudulent transactions in electronic financial transactions. To avoid being caught in any of these, we recommend you the following guidelines:

  • Do not share your credit information with anyone even if you are asked by the merchant or representative.
  • Check the site you visited by adding its address at who is.net to check its history and availability in the Internet.
  • Make sure your site is secure by looking at its address and checking for https in its front.
  • Continue customer ratings around the online store and about the same purchase transactions.
  • Read the product specifications carefully and make sure they match the displayed image, and what will be received.
  • Read the privacy policy of the site and make sure it does not contain any item that violates your data.
  • Ask the site’s support team and make sure they are sufficient experts to answer all your questions.
  • Beware of sites with poor design, poor content and low-quality images, often fake sites created for the temporary purpose of exploiting victims.
  • Beware of the seller who insists on the need to pay immediate or electronic without the guarantee of retrieval or inspection.

In this article, we discussed the most popular ways of fraud on the Internet and how to avoid it. Your role now is to share this information between your close circle and to help spread the security culture. The more vigilant you are, the less money you will get.