The Online Threats of 2019

How you can stop them from happening.

Like a biological virus mutates – as technology advances, so does the complexity of phishing and identity theft schemes. With major services adopting cloud technologies and storing private data online, anyone is vulnerable to hacking.

To make matters worse, hackers continue to come up with some pretty creative ways to profit from stolen information.

Without wasting time, these are the things you should already be doing to avoid being exposed to hackers in the first place:

In order to keep these cybercriminals out of your lives and computers, let’s take a look at some of the actual schemes to watch out for in 2019.

Hacking

We all know what hacking is by now – the term has almost become synonymous with internet security. So a question is: do you love watching movies on Netflix or jamming out to your summer playlist on Spotify? If the answer is yes, then you’re at a pretty high risk of getting hacked.

DynaRisk, a UK cybersecurity firm, recently found that cybercriminals most commonly target these brands, along with adult-oriented sites (you know what we mean) and then, online gaming services.

Identity Theft

A few weeks ago, authorities caught a New York-based gang who had used identity theft to steal over $19 million worth of iPhones. Quartz reported that this operation ran for seven years.

So-called “Top Dogs,” the ring leaders, would organize lower level members of their organization to steal identities and create clone credit and identity cards. Then, affiliates fanned across the nation, signing up for mobile phone plans to acquire iPhones, which were later sold for a profit by the Top Dogs.

Because phone payment plans take the shape of nominal fees over the course of several years, victims often wouldn’t notice the fraud until it was too late. Learn how another scheme dubbed sim port attack works in the diagram below:

Ransomware

Hacking can happen to anyone – including our favorite bands. In early June, a hacker managed to steal the minidisk archive of Thom Yorke, the lead singer of Radiohead. This included previously unreleased demos and audio material from around the time of “OK Computer,” the band’s 1997 worldwide hit album. The hacker then demanded $150,000 on the threat of releasing it.

Holding files for ransom is so common nowadays that it even has its own name: “Ransomware.” Either pay over the ransom or lose your files—or, even worse, have them released onto the unforgiving Internet.

In response, Radiohead released all 18 hours of material on Bandcamp themselves, winning against these ransom hackers.

Most security experts recommend the same route as Radiohead—never pay the ransom, because there’s no guarantee you’ll recover files or prevent their release.

Sextortion

If you think ransomware is bad, there’s an entire subgroup of it aimed to profit off sexual shame. Cheekily named “Sextortion,” some hackers creatively upgraded the classic email phishing scam to scare victims into handing over Bitcoin.

According to Fortune, hackers have already racked up over $900,000 with sextortion. In these phishing emails, the sender claims to have spied on you while you watched porn—and has webcam footage of the salacious deeds. The message then demands a Bitcoin ransom, or else face the social and professional consequences of this lewd video getting sent to all your contacts.

To make the threat even more believable, the sender references a previous password tied to the user’s email account. According to Krebson Security, a sextortion phishing message might look a little like what’s written in the sidebox.

In rare cases, the threats are real—and hackers get their hands on some sexually explicit photos. Recently, American actress Bella Thorne fell victim to sextortion. Last Saturday, she took a similar, albeit more risqué, route as Radiohead, opting to release her nude photographs on Twitter in order to take the power away from her hacker.

Last thoughts..

So, what’s the best way to avoid your personal, or, business from costing thousands in virtual currency? Since most of these emails are fake, you can just avoid them with a spam filter. And you should probably buy a webcam cover…just to be safe. When it comes to general browsing- we suggest using a VPN.

Read more about VPNs here

There are now more secure anti-hacking tools that use the Blockchain and offer great protection especially against identity theft. Have a look at our feature on Tokenisation.

Most online services now like mobile banks, offer App-based 2-factor authentication. This should now be regarded as the minimum security for ANY online account or App.

To avoid hacking or phishing scams in general, optimizing your cybersecurity and using online common sense will save you loads of time, trouble and money.

Cybersecurity by Acunetix
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Smoother Online Shopping

As a small online business, it makes sense to ensure that what you are selling is very easy to access. This is especially important when offering something that is common. The purchasing process should be practical and aesthetically pleasing to your clients.

Your online shopping cart software creates that important connection between you and your customers. It must therefore help you achieve three goals:

-Deliver the best and most secure experience for your users;


-Make it simple and desirable for them to complete transactions;


Minimize common ecommerce hurdles (such as shopping cart abandonment).

Customers expect consistency, reliability, and speed. Most users are now accustomed to the speeds facilitated by broadband Wi-Fi and omnipresent LTE mobile networks.

Research indicates that 78 percent of ecommerce consumers completed a purchase on their mobile device in 2016.

This percentage has probably increased since then. Therefore, delivering experiences that embrace mobile best practices has to be one of your primary concerns as you choose a solution.

Some other salient things a good online shopping cart solution should pay attention to:

TRUSTis obviously a huge part of establishing a valuable relationship. Your shopping cart software is an extension of your brand, and your buyers must trust it with their personal and financial information.

As buyers avoid using direct credit card purchases (due to increasing fraud and data breaches) in favour of more secure methods. Your company must be prepared to offer new payment options.

Customers appreciate the SECURITY and ease of mobile wallet payments, such as Apple Pay and Google Pay. This is because they can complete purchases using a single-use virtual credit card number.

Give them the ability to use these alternative payments and if possible, do not exclude Cryptocurrency!

It would also need to link up to your MARKETING and customer service platforms to provide a holistic customer experience.

Naturally, you also want a system that tracks product sales and customer activity with as much detail as possible, and that can also sort transaction data across a multitude of categories.

So, where does one get such software?

Read more about how to get a good shopping cart software here.

Digital Fundraising

The latest abbreviation in finance and crypto-world is ‘ICO’. A word that gives both local and global financial authorities like the U.S. Securities and Exchange Commission (SEC) nightmares for several reasons.

Not to be confused with Initial Public Offering (IPO) which is used by firms to raise cash through the issuing of shares to the public. An ICO (Initial Coin Offering) serves the same function and works like crowdfunding , but for digital currency and tokens only.

We recently covered a feature on raising funds and capital for a business but missed out on one relatively new method. More and more companies are using ICOs to raise capital for their businesses.250x250

The concept of an ICO works similarly to how a company raises capital through shares in that it is all based on contrived value.

Funding raising in effect boils down to sales! If your actual product or service has nothing substantial or intrinsic to offer a client base, then it is nothing more than a scam.

Launching an ICO is quite easy, and to an extent, many tech companies are now catching onto it.

An ICO is the cryptocurrency space’s rough equivalent to an IPO in the investment world. ICOs act as fundraisers of sorts; a company looking to create a new coin, app, or service launches an ICO — Investopedia.

If you still do not believe it is possible, just listen to this testament from someone who did it after unsuccessfully knocking on doors of conventional funders – the angel investors, venture capitalists and banks.

The alarming spurt rate of ICOs often brings with it a scourge of potential scammers. The SEC and other institutions have to step in to monitor and regulate them.

Social media Platforms like Facebook and Google – which house a bounty of users (potential investors) have banned ICOs ads due to possible prey on unsuspecting investors; exposing them to con artists.

Basically, the scammers use fancy websites, laden with impressive figures and terminology to con users into buying into their coins or tokens.

Though the tokens barely even cost a cent, it adds up if they have millions of people buying in.  Once they have reached a certain amount in funding – they close shop and disappear!

Hypothetically speaking if one wanted to create a new coin called ‘DebunqedCoin’, these are the steps:
  • Create a product concept or Business Plan for the coin or what is called a Whitepaper. This describes in great detail what the coin or token aims to do; the core technologies behind it; the team and their qualifications; the product’s lifecycle/growth path etc.

  • Once completed and water-tight, the whitepaper would be submitted along with an application to one of the best Cryptocurrency Exchanges for review.
  • Naturally, the business would need some initial working capital for liquidity. Some of this is raised by the owners and other institutions (through loans) etc. These will serve as collateral/insurance that there is indeed genuineness in the venture for all stakeholders.
  • You must then assure your investors of a solid return on investment (ROI) and deliver – which goes back to sales and growth. Unless your offering is a scam you actually need to do some work! This comes with regular updates (marketing campaigns can have a tremendous or adverse impact on the uptake and price) on milestones reached.
  • The above is necessary to keep the investors abreast with progress and in the process, getting them to possibly increase funding. Growing interest and addition of more funds creates demand for the coin/ token which, in turn, drives up the price and market capitalization.
  • Voila! you would then be in business!

Here are some of the most successful ICOs of all time

NEO:

Known as “China’s Ethereum”, and backed by Microsoft, Alibaba and the Chinese government, NEO uses smart contract applications. It does so, however, with the addition of decentralized commerce, digitized assets and identification.

It enjoyed a considerable hike in token value from $0.03 to $88.20, NEO has big things coming with a 294,000% ROI.

Ethereum:

Unlike Bitcoin, the second-most valuable cryptocurrency in the world has more functionality than just being a coin. Its ledger technology is used to build and deploy decentralized applications a.k.a. “smart contract” technology.

Ethereum’s ROI has been nothing short of jaw-dropping at 230,000%. Having sold its tokens at $0.31, an Ether token now sits at a whopping $713, second in value only to Bitcoin.

Spectrecoin:

The “premier privacy-focused cryptocurrency” enables users to send and receive currency worldwide with total anonymity. It is currencies like SpectreCoin that have most government tax offices quaking in their boots.

If you had repurchased a token in November 2016, that puny $0.001 would be worth $0.64 today, or an ROI of 64,000%.

Stratis:

This UK-based start-up has craftily created a platform that is compatible with .NET and C#. As a result, the product appeals to veteran users of Microsoft products.

Raising 915 BTC in 5 weeks, those who cashed in on the low investment of $0.01 per token have seen a titanic ROI of 56,000%.

Ark:

With Ark, collaboration is the name of the game. The platform’s SmartBridge is a lightning-fast ecosystem designed to integrate other cryptocurrencies into its blockchain.

Investors were eager as any to buy in, and they have made a 35,400% gain given today’s token price of $3.54.

DigixDAO:

DGD, which stands for Digix Decentralized Autonomous Organization, is a self-governing community. It gives out grants to different projects which will promote the growth of the DGX network.

At a current value of $346.88 per token, this gives them a return of 10,722%.

Quantum (QTUM):

QTUM is an open-source value transfer platform which focuses on mobile decentralized apps or Dapps. QTUM is the world’s first proof-of-stake smart contracts platform.

They hosted a highly successful ICO in March 2017, and since that time has seen an ROI of 6,400%.

Source: investinblockchain.com

The prospect can be daunting for a cryptocurrency investor looking to make money off new investment opportunities, while remaining cushioned from fraudulent ICOs and dodgy coins and tokens.

As there is no guarantee that any cryptocurrency or blockchain-related start-up will be genuine or successful. One simply needs to be vigilant and take steps such as getting to know the core team, poring over the whitepaper with a big magnifying glass. Naturally you should be monitoring progress of the token sales.

Most importantly, one must  just using common sense to gauge just how feasible the project is to ensure that you’re not falling for a scam.

Remember, if it’s too good to be true, then it isn’t true!

Bitcoin (Crypto in general) is here to stay and every day, financial institutions, celebrities, and artists are endorsing it. It also has intrinsic value otherwise companies (incl. Microsoft) accepting it as payment for goods and services are either ballsy or just plain stupid!

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