Due to lack of awareness, usually people think that we are common people, what cyber hackers do with our data? But when we will be properly aware about hacker’s intention in hacking personal data then only we can be cautious about our data.
Introduction:
When we started awakening people about the importance of data, data privacy and hacking of personal data, many people asked us one question why cyber hackers hack our personal data? And what they do with our data? Many friends also inquired that we are common people, we are not like big celebrities or political or popular personalities, then why hackers will target us? The questions are really very significant. But when we will be properly aware about the intention behind hacking and what hackers do with our hacked data then we will be cautious for the protection of our data. So today we will discuss what is hacking, what kinds of hackers do hacking and what they really do with our hacked data.
What is Hacking?
Hacking means unauthorized access to data in a system or computer. Now a day’s due to extreme digitalization everyone use mobile and computer system. Hacker’s main intention is to gain the access over the bulk amount of personal and corporate data stored in our mobile and computer.
What are the Kinds of Hacker?
There are basically three types of hacker such as Ethical (white hat) hacker, Cracker (black hat) hacker and grey hat hacker. Among these black hat hackers hack and gain unauthorized access to computer systems for personal gain. Their intent is usually to steal personal and corporate data, violate privacy rights, transfer funds from bank accounts etc.
What Cyber Hackers do with our Hacked Data?
1. Selling Personal information:
Once stolen hackers store all the data in their database and make it ready to sell in black market. They first arrange all the data with priority information such as personal data, sensitive personal data and Personal Identity Information (PII). And then they look through the pillaged data files for authentication credentials such as personal information like names, addresses, phone numbers, email id, health information and financial information like credit, debit card details and passwords.
Also read : Personal Data, Sensitive Personal Data and Personal Identity Information are three gems.
Next, the hacker will package up updated personal information like names, addresses, phone numbers, and email addresses and sell them, typically in bulk. Financial information like credit card numbers are packaged and sold in bundles.
The most sensitive is your information that more is the price.
Credit card data and email addresses all can be sold on the Darknet Market for €8 to €40 Euros per credit card record and €15 to €180 Euros for 100,000 email addresses. The research revealed that PayPal and online banking log-ins are among the most valuable types of data to be bought and sold, with a typical sales price of £279.74 and £167.81 respectively.
Darknet Market: Darknet is a hidden and encrypted part of network where illicit trading takes place. Darknet Market or crypto market operates via darknet such as Tor or I2P. It function primarily as black markets for selling or brokering of drugs, stolen credit card details, cyber arms, weapons, counterfeit currency, forged documents, unlicensed pharmaceuticals, steroids and other illicit goods as well as the sale of legal products.
2. Identity theft:
Identity theft means “theft of personality” for criminal and financial benefits. In identity theft criminals use another person’s identity like name, identification number, credit or debit card number for fraud and crime. Identity theft may be used to facilitate illegal immigration, terrorism, phishing and espionage.
For ex:
Personal Identity Theft: Identity thief impersonates someone else in order to conceal their own true identity. Examples are illegal immigrants hiding their illegal status, people hiding from creditors or other individuals, and those who simply want to become "anonymous" for personal reasons. Identity thief use false credentials to pass various authentication tests in everyday life.
Criminal Identity Theft: Criminals sometimes obtained state issued identity in name of other which is called as fake ID. At the time of arrest, criminal fraudulently identifies themselves as another person. Charges may be placed under the victim's name, letting the criminal off the hook.Victims might only learn of such incidents by chance, for example by receiving a court summons or through background checks performed for employment purpose. It can be difficult for the victim of a criminal identity theft to clear their record.
Financial Identity Theft: A cyber criminal can use financial information for simple malicious activities such as applying for loans or credit cards under the user’s name, filing fraudulent income tax returns, paying bills, performing fraudulent online transactions, and transferring money out of victims’ bank accounts.
Medical Identity Theft: Medical identity theft occurs when someone seeks medical care under the identity of another person. If a thief has your health insurance they can claim medical attention in name of yourself. In addition to risks of financial harm common to all forms of identity theft, the thief's medical history may be added to the victim's medical records. Inaccurate information in the victim's records is difficult to correct and may affect future insurability or cause doctors relying on the misinformation to deliver inappropriate care.
3. Advance Fee Fraud:
Advance fee fraud is a type of fraud in which individual is requested by email, phone, letter or fax to pay in advance to receive some high amount money or lucrative product but later cheated by the fraud.
Sometimes you also have received the call or email that you have own a lottery prize of Rs.2 Lakhs or more. And to receive this amount you have to deposit the processing fee of Rs.10,000 or more which later will be refundable. Once the processing fee is deposited, the funds are quickly withdrawn, and the perpetrators either disappear or attempt to coax even more money from the victim.
Some schemes have gone so far as to have victims fly to a country, where they are extorted for even more money through intimidation and violence. No funds are ever transferred to the target.
4. Finance fraud:
Financial Fraud includes Mortgage fraud, Credit and Debit Card Fraud, Fake Charities, Fake Lotteries, Cheque Fraud and Debt Collection Fraud.
Mortgage fraud: Today's mortgage scams are often aimed at distressed homeowners, according to the FBI's Financial Institution Fraud Unit. These scams include foreclosure rescue schemes, loan modification schemes, and equity skimming, among others. They are often carried out by real estate and mortgage professionals who misuse their specialized knowledge and authority.
To know more about mortgage fraud, please go through the article Mortgage Fraud: Understanding and Avoiding It.
Credit and Debit Card Fraud: Credit and debit card frauds are more prevalent these days. Due to the rise of Ecommerce and Online Purchase, many fraudsters are hacking our card details. And after that using our card details for shopping, paying the bills or transferring money from our account.
Fake Charities: According to the Federal Trade Commission (FTC), fake charities use the hacked information to target and steal our money that legitimate charities use to raise funds. Before you donate, make sure you know where your money is going.
Fake Lotteries: The typical lottery fraud targets youths and elderly citizen which originates with a phone call or email.
Bank Cheque Fraud: Many fraudsters use our stolen information to make the unlawful use of cheques in order to illegally acquire or borrow funds that do not exist within the account balance or account-holder's legal ownership.
Debt Collection Fraud: After getting the personal information, there are scammers who call and pose as a collection agency calling to collect a debt. They may try to coerce and threaten legal action to scare you into giving up your financial information. Often, they'll be vague about the amount of debt you owe. Also, they won't give you their address and phone number to prevent you from verifying who they are or their claims.
5. Cyber spying:
Cyber spying or cyber espionage is the act or practice of obtaining secret information without the permission and knowledge of the holder of the information from individuals, competitors, rivals, groups, governments and enemies for personal, economic, political or military advantage using methods on the Internet, networks or individual computers through the use of proxy servers, cracking techniques and malicious software including Trojan Horses and spyware.
Cyber spying typically involves the use of such access to secrets and classified information or control of individual computers or whole networks for a strategic advantage and for Psychological, political and physical subversion activities. More recently, cyber spying involves analysis of public activity on social networking sites like Facebook and Twitter.
In response to reports of cyber spying by China against the United States, in September 2015, the United States and China agreed not to allow parties in their nations to cyber spy on each other for commercial gain, but did not prohibit government spying.
Conclusion:
Sometime we are not aware and sometimes we are aware but we become careless. As long as any accident does not happen with us, it’s the natural tendency to be negligent. In this informative digital world, data is the most valuable asset. With the huge rise in internet all over the globe, cyber crime is increasing in exponential rate. Cyber crimes in India almost doubled in 2017, as per the statistics released by the National Crime Records Bureau (NCRB). According to NCRB, “During 2017, 56.0% of cyber-crime cases registered was for the motive of fraud followed by 6.7% cases of sexual exploitation and 4.6% cases of disrepute. And notably Bengaluru registered the most number of cybercrime cases in 2018. As always said prevention is better than cure. We all must be aware on the inflation of cybercrime and should insure our data as our data is our responsibility.
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