Decoding Cybercrime: How Do They Do It! Evolving Tactics of Online Scammers
India is witnessing a surge in sophisticated cybercrime, with criminals continuously adapting to new technologies to exploit vulnerabilities. From Business Email Compromise (BEC) and ATM cloning to SIM-swap fraud, phishing, ransomware, and social media impersonation, these scams affect even the most secure businesses and individuals. This explainer dives into the Modus Operandi behind these cyber attacks, revealing how criminals execute these online scams. Watch this video to know more.
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00:00Welcome to our special explainer on the evolving landscape of cybercrime in India.
00:11With cybercriminals becoming more sophisticated, we have seen a rise in advanced scams targeting
00:18businesses and individuals alike.
00:21Today, we break down the most common techniques used and how they execute these scams.
00:29Stay with us as we explore their modest operandi.
00:38First on the list is Business Email Compromise or in short BEC.
00:43Here's how it works.
00:45Cybercriminals hack into legitimate business email accounts.
00:49Once inside, they observe communications, waiting for the perfect moment to impersonate
00:56key personnel.
00:57They then send fraudulent instructions, often redirecting huge payments to their own accounts.
01:04Now, let's talk about ATM cloning and skimming.
01:12These criminals attach devices to ATM machines that capture card details and PIN from unsuspecting
01:19victims.
01:21One high-profile case was the Cosmos Bank heist in Pune, where 94.42 crore was stolen
01:29using cloned cards over 28 countries in just two days.
01:35Next is the Sim Swap Fraud.
01:38This involves fraudsters obtaining your mobile number's SIM card and accessing your banking
01:45apps through OTPs, eventually draining your accounts.
01:53Phishing and phishing attacks have now become everyday cyber threats.
01:57In phishing, deceptive emails trick victims into revealing sensitive information.
02:04Phishing is voice phishing, where attackers impersonate the legitimate institution to
02:10get access to your personal data.
02:16More advanced attacks, like cryptojacking, involve secretly using your computer's processing
02:22power to mine cryptocurrencies.
02:25Then there is ransomware, where attackers encrypt your files and demand a ransom, usually
02:32in cryptocurrencies.
02:36Ponzi schemes are yet another common cyber fraud.
02:40Hackers lure victims by promising high returns on investments, but once enough money is collected,
02:47they disappear without a trace.
02:52And finally, one of the most prevalent today, social media impersonation and extortion.
02:59Hackers create fake profiles or hack into real accounts, often using them to extort
03:04money or sensitive information from contacts.
03:09As you can see, cybercriminals are using a variety of methods to target us, whether
03:14it is through email scams, ATM frauds, or social media impersonation.
03:20The sophistication of these attacks is alarming.
03:24But there is one defense we all have, and that is awareness.
03:30Simple actions like enabling two-factor authentication, being wary of unsolicited mails, and securing
03:38your accounts can go a long way in preventing these crimes.
03:43Both individuals and businesses must stay informed and practice good cyber hygiene.
03:49That's in today's explainer.
03:51Remember, awareness is your first and the strongest line of defense.
03:57Stay safe, stay informed, and protect your digital life.
04:00I'm Rhea, and this is OneIndia.