Cyber & Financial Frauds in Chicago: Protect Yourself

Today all companies are vulnerable to cyber & financial frauds in Chicago and you, as a businessperson, need to be more vigilant against cyber frauds and attacks. As we move into 2023, cybercriminals continue to adopt sophisticated techniques & technological methods to perform cyber-attacks.

Other than businesses, private individuals are also at risk of cyber-attacks and financial fraud that can have devastating effects. The motive of these attacks could be financial gains or reputation loss. But what’s most important is to learn about the precautions and safety tips to counter fraudulent attacks.

Be Aware of Man-In-The-Middle Attack (MITM)

Be Aware of Man-In-The-Middle Attack (MITM)
A man-in-the-middle (MITM) attack or Adversary-in-the-middle attack (AITM) is an emerging cyber-attack nowadays, in which fraudsters position themselves between user and application. In a MITM attack, everything seems normal, without signaling any unusual activity, which eventually leads to security and information breaches. Loss of a sizeable revenue with a fraudulent attempt may lead the entire business to bankruptcy in severe cases, specifically if it’s a growing company.

To protect against MITM attacks, it is important to use secure communication channels and protocols, such as HTTPS and SSL/TLS, and implement proper authentication and access controls. It is also a good idea to use antivirus software and keep all systems and devices updated with the latest security patches and updates.

Types of Man-in-the-Middle Attacks

Types of Man-in-the-Middle Attacks
MITM, an increasing threat, occurs when cybercriminal positions themselves between the user and the application (network, web application, mobile application) to gain unauthorized access to the user’s personal and sensitive information. Types of MITM attacks include:

• IP Spoofing
• DNS Spoofing
• HTTPS Spoofing
• Email Hijacking
• Wi-Fi Eavesdropping
• SSL Hijacking
• Session Hijacking

Security Breaches When Organizations Fall Victim to Cyberattacks

Security Breaches When Organizations Fall Victim to Cyberattacks

Man-in-the-middle attacks could be a nightmare for small-to-large-sized enterprises and cause unpredictable damage. A robust security mechanism is required to stay safe from any cyber-attack, mainly MITM.

• Uber Got Attacked by Cybercriminals – Uber became the victim of cyber-attacks twice in 2022. During the latest breach in December, the company’s data was compromised, containing various sensitive details, including personally identifiable and account information of almost 77,000 Uber employees. However, from the preliminary results of the company’s review, it was inferred that the leak is unrelated to the September 2022 incident, and the source code belongs to a third-party vendor, not Uber. So it’s perhaps the right time for companies to conduct high-quality and scalable cybersecurity to prevent fraudulent attacks.

• At Equifax, threat actors launched man-in-the-middle attacks successfully, impacting 2.5 million customers. The incident was reported in 2017 & problem was that thousands of other websites used the same SSL certificate, which was used by the website for hosting. In order to send people to a false website or intercept data from that site, DNS (via fake websites) and SSL spoofing were used.

Advanced IT: Best Defense Against Man-In-The-Middle-Attacks (MITM)

The intention behind MITM is to gain personal information, passwords, and login credentials, particularly banking details to steal information and gain financial advantages. Moreover, cybercriminals trick their victims to perform certain tasks like changing login credentials or completing and initiating bank transfers.

Other Tips to Reduce Chances of Falling Victim to Cyber Financial Fraud in Chicago

Protect Systems with Anti-Virus & Anti-Malware Software

Protect Systems with Anti-Virus & Anti-Malware Software
Undoubtedly, cybercriminals are more advanced and sophisticated today than ever before. They leverage illicit methods to break into your computer systems with unfair and illegal motives. For speeding up their illegitimate methods, they deploy viruses and malware to gain unauthorized access to your computer.
Nowadays, you must encounter all these attacks with resilient and future-ready precautions. So, installing antivirus or anti-malware software to your system is mandatory to guard against cyberattacks or cyber fraud. In Chicago, protect your company’s systems with our reliable & reasonable Cyber Security Services.

Cyber Fraud Protection in Chicago

In Chicago, businesses can fall victim to cyber-attacks by cyber criminals. Companies have faced bankruptcy and reputational loss due to cyber fraud. In worst cases, most companies have to undergo court trial for the leakage of customers’ sensitive information. One of the most common motives behind every attack is financial gain. So, you & your company must recognize the importance of cyber security.

Always Read Fraud Alerts Carefully

Always Read Fraud Alerts Carefully
Today banks communicate with their customers through text messages or emails. They share regular policy updates with their users & most importantly, they send fraud alerts to educate their clients on criminal activities. This practice helps detect suspicious activity, which is an easy way to avoid falling victim to financial fraud.

Hire A Reputable Cyber Security Company in Chicago

Hire A Reputable Cyber Security Company in Chicago
Running a company demands doing numerous tasks simultaneously. It would be cumbersome and expensive to hire a full-fledged team for network or IT security. So, outsourcing your IT security services to a reputable firm would be an ideal option for you. Advanced IT, a cybersecurity provider in Chicago, provides reliable and scalable cybersecurity services for mitigating sophisticated fraudulent attacks.

Feel free to contact us and know how we can add value to user business.

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