In 2024, cybercrime cost the world trillions of dollars. The sheer number of financial opportunities attracts both scammers and some of the brightest minds around the globe. Here, we'll look at the most common cyber scams and what you can do to avoid falling prey to them.

Malware

Malware can refer to anything from ransomware to spyware and viruses. Malware often relies on software vulnerabilities, such as access control misconfigurations. For example, you may use a security program to limit the sites your children use, and scammers will look for typical gaps in the software and attempt to exploit them.

Malware is the most popular type of scam since it can be used in various ways, and its versatility calls for strong perimeter defenses. To keep malware at bay, ensure your software is updated and invest in a reputable antivirus service.

Phishing

Phishing scams coax sensitive information - such as logins, passwords, and other financial details - from individuals by pretending to represent an authority. For example, you might get an email - supposedly from your boss - asking you to relay your account numbers because there's a problem with your direct deposit.

The best way to combat phishing is to use a rigorous verification process. For many people, this means setting up Two Factor Authentication (2FA) on their accounts. With 2FA, you may need to input both your password and a unique temporary code sent to your email or phone. This additional dynamic layer of protection presents a significant barrier against scammers, even if they get access to some of your private data.

You could also consider setting up your own verification systems for different situations - for instance, asking a so-called bank representative a few probing questions to ensure you're speaking to the right person. Better yet, contact the company directly through a phone number or website you know to be legitimate.

Social Engineering

Social engineering is related to phishing, though it usually taps into human emotions and desires, such as wanting money, love, or status. For example, a scammer could set up a fake dating site profile and string victims along to collect personal information.

The best way to mitigate the effects of social engineering scams is to approach situations with a healthy degree of skepticism. Keep in mind that even seemingly innocuous questions, such as the name of your pet or your child's birthday, can be used to guess your passwords.

IoT Attacks

The Internet of Things (IoT) refers to the interconnectivity of both residential and commercial systems. With an IoT attack, sometimes scammers only have to compromise one device to break into a larger system. For example, a scammer might break into a smart thermostat to access a building's overall HVAC system.

IoT attacks often stem from overlooked devices, so it's important to upgrade your security across the board. In other words, just because the central system is on the latest version doesn't mean all devices within the system are.

It's worth noting that it's impossible to prevent all cybercrime. Technology moves too quickly to anticipate every possible move. If you're concerned about potential financial loss from cybercrime, talk to your local NatGen agent to improve your coverage.