Newer Technologies Fraud

Mobile Mobile applications like mobile banking and mobile commerce are affected in exactly the same way as internet transactions. Added to this mobile phones and mobile networks have very weak security and are open to attack. Fraud is rising on mobile applications but slowly. Mainly because there are no international standards for mobile as there is for cards.

NFC We have all seen the clips on crooks stealing data fron NFC cards and phones. Whilst it could happen the fraudster would have to get so close to a wallet or purse (a few centimetres) it is unlikely to happen. Also because of the limits on NFC transactions there are easier ways to do fraud or higher amounts. But when limits go, fraud will rise on NFC devices.

Bitcoin Bitcoin is considered relatively safe due to the blockchain technology and low usage but has some scams below: 1. Bitcoin Ponzi Schemes and High-Yield Investment Programs. These scams lure people in with promises of high interest rates on deposits. As with other Ponzi schemes , early investors are paid out using investments from later investors. When new investors stop joining and payments cannot be made, the scheme collapses. These scams last often only a couple of months, but the organizers are prone to simply repeat the whole process again afterwards. 2. Bitcoin Mining Investment Scams. Bitcoin mining involves validating transactions and providing security for the public ledger, known as the blockchain. This process requires extremely powerful and expensive computer equipment. The mining scams typically involve orders for equipment that are paid for in advance and never delivered. 3. Bitcoin Wallet Scams. A bitcoin wallet is a software program used to store bitcoins. Wallet scams attract users with the assurance of greater transaction anonymity. Once the deposit level rises above a certain level, the scammers simply move the bitcoins into their own wallet. 4. Bitcoin Exchange Scams. These exchanges attract users by offering credit card processing at more competitive rate than their competitors. The fraudulent bitcoin exchanges simply do not return bitcoin or cash after receiving payment. 5. Bitcoin Phishing Scams. Phishing scams can involve emails informing people that they have been awarded or given bitcoins. They are told that they need to log into their bitcoin wallets through a link in the email that unbeknownst to them gives the phishers complete control the account.