The world of fraud and risks in the private market has undergone significant transformation since 1999, as mentioned by Paulo Nascimento, a special guest on the fifth episode of STWCast.
Working in information security since that time, he talks about how technological evolution, changes in payment methods, and increasing digitization have opened doors to new types of internet scams.
Internet Scams: From Physical to Digital | The Evolution of Risks
In the late 1990s, frauds were often associated with physical credit card cloning. The cloning of the magnetic stripe of cards was the focus, but with the introduction of EMV chip cards in 2008, this dynamic began to change.
The migration from physical to digital fraud was driven by the increasing adoption of technologies such as smartphones and the development of electronic payment systems.
This transition to the digital environment brought with it a series of new types of frauds. From barcode tampering on bills and invoices to altering invoice layouts via email, criminals have been exploiting vulnerabilities in the online environment.
Scams have evolved into organized crime structures, often using social engineering to impersonate legitimate institutions and obtain confidential information from victims.
Collaboration between Private Entities and Law Enforcement
The response to these challenges has required closer collaboration between private entities and law enforcement.
The exchange of information and knowledge between the intelligence cores of companies and legal authorities has proven essential for resolving cybercrimes.
The interaction between the private and public sectors, when conducted legally and coordinated, results in more effective investigations and the identification of perpetrators.
The Role of Digital Forensics in Investigation
Digital forensics plays an important role in fraud investigation. Analyzing digital data, records, and logs can provide valuable information to identify the origins of scams and track down criminals.
Collaboration between digital forensics departments and law enforcement increases the effectiveness of investigations and helps ensure proper chain of custody.
But how to protect yourself from social engineering?
A proactive approach to combating fraud is knowledge. Private entities need to be increasingly aware of the importance of providing information about current frauds and encouraging safe practices for users.
Paulo Nascimento says that if a private institution provides knowledge to its users about a type of fraud that is happening and that they need to be alert, the chances of that person falling for the scam decrease.
Another important factor in avoiding digital scams is the use of two-factor authentication and verification tools.
The fight against fraud is constant
Many believe that the number of people falling for internet scams has increased, but in Paulo’s perception, it’s not that the number of people falling for scams has increased. It has actually increased the number of people entering the virtual environment. Therefore, there is supply and demand.
This is why the fight against fraud and risks in the private market is a constantly evolving battle.
As criminals adapt and explore new opportunities in the digital world, companies and law enforcement must evolve to protect users and society as a whole.
To access more knowledge about what STWBrasil’s partners and guest Paulo Nascimento have to say about fraud, watch the episode below.
