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2021 Fraud Research Discloses the Urgent Need For Businesses To Clamp Down on Fraud

The reputable UK organizations and/or businesses and their customers are fast becoming prime targets for fraudsters in the day-to-day business running. Reliable statistical information shows that the UK loses over £137,000,000 000 to fraudsters annually!

That’s some massive fraud that businesses need to clamp down on. The truth is that poor password security and other web monitoring deficiencies are the major causes of this estimated massive loss. Solutions like dark web monitoring tools are very important in curbing these frauds.

It is becoming more alarming than ever before. The estimated daily cost of fraud in the UK is about £375,342,465. No business would fold its arms and sit back, allowing its business to face the possibility of financial, repute, and customer damage. Hence, the need to implement practical and urgent policies and technologies.

If fraud were not a thing, common consumer items like cups of coffee, Netflix monthly subscription, smartwatches, PlayStation 5, round the world tickets, full tanks of petrol, cinema tickets, and family packs of 16 toilet rolls could have been purchased daily.

These fraudsters are cashing in big on these consumer items that should have normally been in the hands of consumers who need them.

You can imagine depriving consumers of these exciting and satisfying items, how dissatisfying! Take, for example, the 62,661,513 Netflix monthly subscriptions fraudsters sam. Can you picture how many subscribers this would cater for; quite a lot of them! Fraudsters use various dark web scams to gain access to consumer data to perpetrate these frauds. How then do they do this so easily to scam billions?

Scammers use different methods to break into passwords of various databases, among other successful forms of fraud. Apart from different forms of password hacking, fraudsters also use two major forms of scams; typosquatting and smishing. These scam forms make it so easy to get data and other information to perpetuate their devious act. How simple? Let’s examine them.

For typosquatting, scammers build a lookalike or copycat website resembling that of the reputable organization under which they intend to complete the scam. A customer of that brand or organization, or a random visitor then visits the site thinking it’s the real website.

Such a customer or visitor may either get tricked into buying a product or performing other actions. Which would lead to the scammers accessing critical data and information to dupe them.

You can see why it is that easy. These websites are often created with a user interface and experience that makes it very difficult for even a tech-knowledgeable person to detect.

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