Cyber investment fraud: a real danger in the digital space

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Cybercrime on the Internet has risen sharply in recent years. Fraudsters are using increasingly sophisticated and brazen methods to deceive investors online and steal their money.

The methods used by cyber criminals range from phishing (where fraudsters try to obtain personal information via email or text message) to social engineering (where attackers try to exploit a person's willingness to help by contacting them to obtain confidential information) to scams involving fake investment platforms.

Cyber investment fraud can have devastating consequences for individuals and businesses. Victims of cyber criminals often lose large sums of money, which can lead to financial hardship and emotional distress. Businesses often face reputational damage and loss of clients following a cyber attack. Banks and financial institutions play a key role in combating online threats by educating their clients and implementing robust defences. The security of banking transactions is a top priority, with IT security a key issue.

Unfortunately, in my career I have also had some experience with cyber fraud. When I suspect investment fraud, I contact the client and ask why the funds were withdrawn. In some cases, clients have reported that they were offered online investment opportunities that appeared to appreciate rapidly. At VP Bank, we take this issue very seriously. We sensitise and inform both employees and clients. In my opinion, education and regular, personal communication with clients are the key to success. In addition, we provide all important information and tips on cybersecurity on our website. We also run regular campaigns in our e-banking and on our social media channels.

There are always new issues and scams in the area of cyber investment fraud, so it is important to stay updated.

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