What is an example of electronic fraud?

An example of electronic fraud is a phishing scam.

Here’s how it works:

• A fraudster sends an email, text message, or social media message that appears to come from a legitimate organization, such as a bank, government agency, or well-known company.
• The message asks the victim to click a link and enter sensitive information, such as passwords, credit card numbers, or online banking details.
• The fake website collects the information, which the fraudster then uses to steal money or commit identity theft.

For example, you might receive an email claiming to be from PayPal saying that your account has been suspended and that you must log in immediately. The link takes you to a fake website designed to steal your login credentials.

Other common types of electronic fraud include:

• Online shopping scams
• Credit card fraud
• Business email compromise (CEO fraud)
• Investment and cryptocurrency scams
• Identity theft
• Malware and ransomware attacks used to steal money or data

A good rule is to be cautious of unexpected messages that create urgency, ask for personal information, or contain suspicious links.