Online fraud is a growing global issue, with cybercriminals using digital platforms to exploit individuals and businesses. It includes activities such as identity theft, phishing, financial scams, and online shopping fraud. Scammers use emails, fake websites, or social media to trick users into providing personal information, which they then misuse. For example, phishing attacks, where fraudulent emails or messages appear to come from trusted entities, are among the most common methods to steal login credentials or financial details.
Recent developments in AI and machine learning have enabled fraudsters to craft highly convincing fraud attempts, making it more challenging for individuals to spot. The financial cost of online fraud is staggering, with businesses losing billions every year due to data breaches, fake transactions, and payment fraud. Online security measures like multi-factor authentication, encryption, and strong password policies are essential in combating this issue, but consumer education remains one of the most important defenses.