Top Four Common Types of Cybercrimes

by Shirley Carter Sales Manager

The Internet has indeed given an edge to businesses of all types. Every business fancies going online and digitalizing its operations to reach out to its customers in an efficient manner.

There is no doubt that Internet has quite a few advantages for businesses all over the world. But as every coin has two sides, the Internet too has a darker side which is also known as Cybercrime.

There are several different types of cybercrimes that continue to plague operations of businesses, thereby causing unmeasurable loss to them. You can get a piece of legal advice in Kane County from a fabled lawyer.

In this article, we have rounded up four common types of cybercrimes for the avid readers.

Tax-refund fraud

Tax-refund fraud is a case when an individual or business entity intentionally alters any piece of information related to tax return in order to limit the amount of tax liability. Many businesses try to falsify the data related to the tax return in an attempt to avoid paying the tax obligation. Claiming false deductions, not reporting income, showing personal expenses as business expenses used for expansion are some of the cases reported under the tax-refund fraud.

According to a report provided by the Internal Revenue Service in 2015, the tax-refund fraud was expected to hit a gigantic $21 billion by 2016, from $6.5 billion two years ago.

If your company has become a victim of any sort of cybercrime, approaching fraud defense lawyers in Wheaton would be your best bet.

Corporate Account Takeover

This ranks among the fastest and most stealthy type of cyber-attack. Individuals engaged in such activities surreptitiously obtain a company’s or a person’s financial banking details using software to hijack and steal funds from the bank account, thereby causing loss of thousands of dollars.

Statistics have revealed that account takeover scams cost U.S. Corporations more than $1billion a year. Such crime is certainly a terrifying threat to the country’s economy.

Identity Theft

As the name suggests, an incident is called a case of identity theft when a cybercriminal sneakily gains access to a person’s personally identifiable information. This type of crime actually does not benefit unless there is a financial reward, thus it is a gateway to other cybercrimes namely credit-card fraud, tax-refund fraud, and other cybercrimes.

The stolen information is used for the following malicious purposes:

* Opening a line of credit
* Renting or buying a house or apartment
* Receiving medical care
* Purchasing goods or services to name of the victim
* Obtaining employment

Theft of Sensitive Data

Sensitive data includes unencrypted credit card information, source code, customer information, and trade secrets stored by an individual and an entity. This type of cybercrime takes a toll on a person’s or entity’s reputation and financial health, too.

If you are a victim of any of the above mentioned cybercrimes or others related to the same, approach fraud defense lawyers in Wheaton to get the best possible assistance.

Shirley Carter is a professional writer and have good knowledge about criminal, legal, Fraud Defense, divorce, family law and drink driving laws. He loves to write about legal advice in Kane County IL and fraud defense lawyers in Wheaton.