Online Frauds : Trading and Sharing Frauds
Online Fraud And Its Types
A number of recent online fraud cases demonstrate the extent to which this medium creates the potential for vast losses. Consider the scenario in which the victim’s account passwords are stolen and his accounts are misused to make fraudulent bank transfers. Another scenario is in which the account passwords, after being stolen, are misused to make unauthorized transactions that result in losses to the victim.
These scenarios tell us that one of the most common forms of security fraud on the internet involves Online sharing trading fraud(Online Fraud). These frauds are done with the motive of illegal financial gain, hatred, jealousy, revenge, etc. The persons who have stolen the password and misused the account causing the miserability of the victim are liable to be punished under sections 43 and 66 of the Information Technology Act and sections 420 and 426 of the Indian Penal Code.
These frauds are carried out by the use of keyloggers in the public computers or the computer of the victim, once the online banking and share trading accounts are logged in using the same computer, all the information of the victim will be e-mailed to the suspect.
Online Scams
Tas Envasion & Money Laundering
Tax evasion and money laundering which are said to be the other forms of Internet fraud are also prevalent in today’s world. Money laundering is the generic term that is used to define by which the criminals disguise the original ownership and control the proceeds of criminal conduct by making such proceeds appear to have derived from legitimate sources. Tax evasion is a process whereby a person pays less tax than the law mandates, through the commission of fraud.
Many unscrupulous businessmen and money launderers (Havana operators) are using virtual as well as physical storage media to hide information and records of their illicit business. To make this evident, consider the scenarios in which the businessmen use the physical storage media for hiding the information i.e. make use of floppies and hard disks. pen drives, iPads, etc.
Also suspect makes use of virtual storage media for hiding information like making use of e-mail accounts, online briefcases, Gspac,e etc. The suspects who hide the information and do not even support the investigations are liable to be punished under the Income Tax Act and Prevention from the Money Laundering Act. The only motive after these frauds is illicit financial gain.
To prevent one from being victimized, one must ignore emails that email sent stocks unless you know Throne knows then if you. Even someone who knows to verify that it’s not the bogus email is not bogus by him over the phone.
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