The internet fundamentally changed the way we conduct business: we can order goods, make payments and complete entire transactions with just a few mouse clicks. Few of the traditional barriers to commerce - such as time, distance and currency issues - pose the same problems in the internet age as they did before we took our business online.
The story doesn't end there, however. The internet also led to the social media phenomenon. Naturally, humans are not all business, all the time – we are inherently social creatures, and this inclination took root online as strongly as any practical applications. We chat online, we connect with friends, family and colleagues on Facebook, LinkedIn and similar sites, we use Twitter to share thoughts and commentaries... some even use online dating sites to find the next romantic partner. We share details and information about ourselves with others across the internet. Unfortunately, however, it is not only our friends, family and colleagues who can find this info. The fraudsters are tuned in, as well.
A new white paper from CRI Group, “Risks of Cybercrime and Social Media,” explores the troubling crossover where social media meets fraud. The paper's author, CRI Group CEO Zafar I. Anjum, details the factors that make our online socializing so risky: the loss of privacy, the vulnerability to identity theft and other issues. Statistics are presented that provide a comparison of cybercrime losses among the countries where its incidence is highest (note: the U.S. leads in dollar losses).
The paper also highlights the newest regulations to combat cybercrime. Yet, as you'll read, these measures are thus far falling short in seriously controlling the damage caused by this type of crime. More action is needed by government and regulatory authorities worldwide, a point that is clearly asserted, but with one important caveat: individuals using social media also bear a responsibility to take more care, protect themselves, and not become the next cybercrime victim.
Click here to read the white paper in full.
Lara Jezeph is the Marketing and PR Manager (EMEA) at the CRI Group.