In the last couple of years, e-Commerce has become one of the most prominent and accelerated tools for business. No matter what type of business you own, e-Commerce is ready with a suitable tool for you. Adoption of e-commerce brings inherited business communications over Email and that’s exactly a point where one can get caught in the net of Billion Dollar Fraud. Yes, we are talking about email fraud or scam which has increased over the last few years.
Many articles, talks, and posts educate people on how to keep their email or Gmail ID password secret or how to use tools to create a complex password for your email account. One can take all necessary precautions to protect his or her email account, but what if the email ID is compromised without the use of a password?
Yes, it is possible. With help of the fast-advancing tools on the Internet, a hacker can send emails to anyone from anyone’s email address without using having to enter their password. To understand this in a simple way, you can even send an email from Bill Gates email ID offering a job with the promise of a paycheck of thousands of dollars or an invitation to a VIP gesture.
Email Fraud: How Hackers Send Fake Emails
No, there is no rocket science or technology behind this. It is just a matter of using a few lines of codes available free on Internet. Just copy and paste approx 50 lines codes in an ASP file and then you can send email from any email ID from your own laptop. Here is the screenshot of one such fake email to which I got access:
There are ways to check the legitimacy of these types of emails, but a general tech guy like me cannot do it. There is no ready-made tool that can automatically select fake email IDs and alert recipients. To verify the authenticity of a suspected email, you need to dig into the detailed code. Unfortunately, the majority of email users are not familiar with such high-tech information, making it difficult for them to quickly verify the authenticity.
Anybody can write any type of email from any email ID using such codes and forms. In fact, it may prove to be one of the most useful tools for fraudsters sending fake emails to banking customers. These tools allow scammers to send emails to customers that include the email address of a bank, and a link to a website that looks similar to a “fishing website”. It becomes difficult for customers to ignore such emails as they believe they came from their banks only, and the majority of them most likely follow the instructions and lose their hard earn money.
In 2020, the email accounts of many C-level executives around the world were compromised, and access to each executive’s email account was being sold for $100 to $1500, depending on the company size and employee’s role.
Gmail is the widely used email service by Google. More than 2 billion people are using it across the world. To safeguard its users’ privacy, the company uses an internal machine learning (ML) network called TensorFlow.
An email is a good tool for effective and instant communication, but it shouldn’t be used for business transactions information or any serious discussion that could have a big impact on your professional or personal life. No decision or action should be made solely on the basis of an email confirmation. Currently, this is the only way to safeguard yourself from the rising number of Internet email frauds. As they say, “Prevention is better than cure.”