E-Mail Frauds Targeting Exporters


According to the Federation of Indian Export Organisations (FIEO),cybercrime involving overseas gangs is turning into a fast-growing menace  for small exporters who have seen a five fold jump in fraudulent transactions in their accounts over the past three years or so. Cyber frauds have increased 25-30% in the past one year alone.About 100 such cases occur every month.To make things worse,small-time exporters and start-up companies who fall prey to these gangs do not report the incident because the exporters are too busy managing their main business and prefer to avoid litigation while preventing their clients from knowing any such thing that may demonstrate inefficiency.

International fraudsters, which run syndicates across the world, normally follow two ways to swindle exporters using electronic methods of funds transfer: Read more of this post

Beware The New E-mail Frauds

wealthymattersWealthy Nigerian businessmen and lonely Kenyan women flush with funds, soliciting your bank account details over an email, to transfer millions of dollars are passé. As Indians migrate to the internet en masse, so are the not-so-friendly neighbourhood scamsters. These fraudsters now land up in your inbox as advocates, police officials and friends through emails personally addressed to you and laced with links to malicious software that can steal your personal information including those related to credit cards and bank accounts.

The rise in email scams is directly proportional to the increase in internet penetration in the country, especially with the number of first-time internet users going up each day.A recent Cisco study found that India is the world’s largest source of internet spam, followed by the United States, South Korea and China. With over 130 million users, India’s internet population is one of the fastest growing in the world. Most of these scam emails are targeted at average, technically less sophisticated email users.  Read more of this post

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