Living in a digital world means many things are happening on the internet. Technology has many benefits, but using it exposes us to cyber threats. In the United States alone, the financial toll on individuals and entities of cybercrime is 10 billion dollars. These mind-boggling losses are on the increase, and any person can have their money stolen.  

Hackers access internet users’ personal information to use it to their advantage. Despite the growing awareness, people, regardless of their age, continue to become victims of cybercrime. But why? Let’s take a look.

Digital Dependence

Technology is rapidly developing, becoming more intertwined with our lives. Smart home devices, advanced electronic gadgets, and other things have made life easier and more convenient for everyone. 

High levels of technology dependence are associated with the rise in cybercrimes. Hackers use digital platforms to exploit people’s vulnerabilities and access their personal information.

For example, inattentive phone users often become targets of scammers. Con artists can call people, trying to gain access to their personal and financial details. The goal is to also get hold of people’s bank account information, which results in scammers pretending to be someone from the bank. That’s why it’s important to know who you’re interacting with online. Run a background check on the person on Nuwber to find their social media profiles, contact details, and other relevant information.

Malicious activities are increasing because cyber criminals do not have boundaries. Their schemes are aimed at everyone, from seniors to younger generations, people with education and without, and even tech-savvy individuals who think they can’t be tricked. 

The more people engage with suspicious individuals on digital platforms, the more money they lose. 

Lack of Cybersecurity Education

People’s personal data is a highly prized asset for con artists. People may be aware of the prevalence of cyber threats, but many have inadequate cybersecurity knowledge. They are unclear on how to protect their personal and financial information from cyber threats. 

Most internet users know the dangers of using public Wi-Fi. However, some individuals still share personal and financial information online or fall victim to common tactics, like smishing. In addition, companies may not offer cybersecurity training to their workers, leaving them exposed to attacks.

Malicious con artists can use digital tactics and devious means to launch their attacks. Staying informed about the new scams and threats is crucial to protecting yourself and your family. Following cybersecurity blogs and websites will help you know the latest cyber threats and best practices.

Use of Weak Passwords

Cybercriminals take advantage of weak passwords to access people’s accounts. Once they infiltrate one account, others are easy to access. Many Americans are still using guessable passwords, leaving them vulnerable to cyberattacks. 

Weak passwords have a combination of numbers, words, or characters that anyone can guess. The password that you use across several accounts is also unreliable. For instance, people use common and weak passwords like ‘password’ and ‘123456,’ which leaves millions of personal and financial accounts susceptible to security breaches. 

Another problem is that individuals do not update their passcodes regularly. Remember that it’s very important to change them at least every three months. 

But what makes a strong password? It should include the following:

• A minimum of 12 characters.
• A combination of numbers, special characters, and upper case and lower case letters.
• It should not contain birthdays, names, and other guessable personal information.  

Failure to Use Two-factor Authentication

Individuals and businesses should use two-factor authentication. This method has existed for decades, but Google was the first major technology company to offer it to its users. Two-factor authentication helps you to prove your identity using a password and a security key.    

Criminals utilize compromised passwords to get your data or money. Employing two-factor authentication will protect your accounts when cyber criminals try to log into them.

Without a two-factor authentication code, it can be impossible for an attacker to log in. Yet, most Americans have still not adopted this practice. They feel they are safe from hackers and there is no need for any added protection. Anyone who thinks so usually becomes a victim of scams.

Increase in E-commerce Services

Online shopping is a convenient way to get products and services, and it is on the rise these days. This is exactly what cybercriminals want. They are sure you might not identify or avoid hacking attempts and believe you will use weak passwords for your online accounts. And they want you to use public Wi-Fi to log in to your private accounts. 

Despite the popularity of online shopping, it has various risks, which every shopper should be wary of. Here are some of these risks: 

• Identity Theft: People prefer online shopping for various reasons, and hackers want you to use it. They can hack e-commerce websites and steal your login or credit card details for malicious purposes. 

• Fake Online Stores: Bad actors create fake sites that resemble genuine retailers, tricking unsuspecting individuals into believing they are visiting trustworthy platforms. They usually offer products at low prices to attract people, but users may or may not receive anything at all after the purchase.   

• Unencrypted Data: Some websites have unencrypted data, making them susceptible to cyberattacks. Websites with a URL of HTTP are not secure. Visiting such sites exposes your financial data and other sensitive information to malicious people. Only use safe websites, meaning those with an SSL certificate. 

• Unsecured Wi-Fi: There are various risks associated with unsecured public Wi-Fi. Hackers can position themselves between your device and the connection point. They track and acquire transactions on an unsecured Wi-Fi network, including the personal information you submit.

Conclusion

As technology advances and becomes more integrated with our lives, everyone must be aware of cybercrime threats. The growing involvement in the digital world makes everyone prone to cyberattacks. The financial losses Americans are experiencing due to cybercrime are staggering. 

Learning why cybercrime is rising will prepare you to fight this phenomenon. Digital dependence, lack of cybersecurity education, weak passwords, failure to use two-factor authentication, and growth in e-commerce services are culprits that lead to Americans losing billions to malicious activities. It requires collective efforts to protect individuals and businesses from the ever-evolving cyber threats.