Sandra

Topics: Confidence trick, Fraud, Credit card Pages: 3 (739 words) Published: September 3, 2013
Internet Fraud

INTERNET FRAUD – ONLINE BANKING

Online banking scams are aimed to steal your account information and your money. Online banking scams are a type of Internet fraud. Internet fraud is a very common issue in today’s society. Victims usually get scammed while they are shopping online. The reason why scammers scam online is because in today’s society technology has developed into every aspect of life. People are doing everything online such as shopping, banking and communicating. This makes it easier for scammers to scam consumers online because their identities are hidden as they are illegally stealing identities and information. Internet scams occur without the victims noticing. The consumers will realise that they have been scammed when their credit card statement or phone bill arrives. Consumers get scammed because it appears to meet their desire or the scammers manipulate through various techniques of pop up.

IMPACTS ON CONSUMERS AND BUSINESSES:

Internet fraud affects consumers and businesses by immediate finical loss and loss of trust and confidence in using ecommerce. The affects on businesses can cause there sales to decrease, the business’s will loose their reputation due to internet fraud, additional fees for transaction reversal and extra costs of time and money to manage each internet fraud incident. In extreme cases, this can cause unemployment to those who work particularly for ecommerce departments of businesses.

The statistic above shows the top ten Internet fraud complaints. The most common Internet fraud is the non-delivery and Auction fraud.
LAW AND RIGHTS OF CONSUMERS AND BUSINESSES:

The government has the duty to protect the consumers and businesses, the government has minimised the amount of fraud and they are trying to educate people (both individuals and the business community) about how to minimise risk of fraud affecting online buyers. The New...
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