The Dangers of Internet Fraud

The Dangers of Internet Fraud

Ariel Quinones
Fundamentals of Criminal Law
November 8, 2012

The Dangers of Internet Fraud
Internet crime has become a global threat of vengeful cyber actors and millions of people in the United States are victims of Internet crimes each year. As more businesses and homeowners use web-connected devices, their connection to the Internet also expands cybercriminal’s target market. Cybercriminals typically commit the crime as to steal money or valuable information, although financial gain is not always the intention. Some Internet crime associated with cybercriminals aim for “bragging rights” by overcoming government and corporate cyber security measures. The Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C) is warning the general public to be aware of cybercriminals and offers some tips on reducing cyber threats.
In a 2014 IC3 annual report it stated that the Internet Crime Complaint Center received 269,422 complaints with an adjusted dollar loss of $800,492,073. Frequently reported Internet crimes include auto fraud, government impersonation e-mail scam, intimidation/extortion scam, real estate fraud, and confidence fraud/romance scam. The Internet crime report revealed two budding Internet crime trends, social media and virtual currency. Social media is a popular platform for cybercriminals. The IC3 complaint data shows 12% of the complaints submitted in 2014 contained a social media aspect. And in most cases, victim’s personal information was exploited through compromised accounts or social engineering. Many online businesses are using virtual currencies, known as Crypto-Currency as a form of payment. As virtual currency becomes more popular, cybercriminals have found new ways of capitalizing on this market. In the IC3 2014 report, virtual currency schemes more than doubled from the previous year.
May 15, 2014, in an article on reviewjournal.com, a man named David Camez was found guilty for embezzling funds. Camez...

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