Financial cyber crime is an act in which financial gains or profits are made through criminal activities such as identity fraud, ransomware attacks, e-mail, and Internet fraud. Attempts to steal financial accounts, credit cards, and other payment card information also comes under cyber crime.
Financial cyber crime affects companies of all sizes and sectors, as well as individuals, and can have devastating consequences. To avoid falling victim to financial cyber crime, one needs to understand how the technology responds to the decisions someone makes, says Adrian Constantin Stanila, Head of the Visma Cyber Security Incident Response Team.
At the same time, it is a fact that financial institutions will always suffer from cyber attacks – sometimes because of vulnerabilities and some due to insider greed. But, the victim will remain unsuspecting customers.
A lot of times, people investing their hard-earned money in trading are scammed and lose out on their money because of fraud and cyber crimes. The best way to avoid it is to make sure that one does all transactions with a reputable broker. The financial services industry is a lucrative target and is disproportionately affected by the rise of cyber crime.
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