Social Media - A fraudster's playground?

Recently, an interesting article in Securityweek likened social media to a fraudster’s playground. It's a platform that connects billions of people, allowing attackers to perform a number of activities from just a troll to committing far more evil crimes.   

For an individual, social media poses many risks. Using a tactic called “gatekeeper friends”, where the hacker connects with friends and colleagues to appear more legitimate, deceiving a potential target has never been easier. Sharing information such as your full name and birthdate allows hackers to commit identity theft by creating your online portfolio and using it to open bank accounts and get credit cards. Photo sharing sites like Flickr and Instagram are also a hotbeds for identity theft. Your home and work addresses can be identified when location is enabled on your posts.

The risks faced by companies are quite different. Social media has allowed users to directly access companies social media accounts This allows them to post unfavourable feedback and hijack the account. Examples include the 2010, Tourism Australia’s  $150 million media campaign “There’s nothing like Australia” which was “brandjacked” by the Kiwi twitter users.   

 

Sensitive information of the company can be compromised by employees using sites that they think are protected. CEO’s can reduce fraud, bribery and corruption though social media within their organisation by performing risk assessments and enforcing a social media policy.

I still haven’t fallen victim to any social media frauds. However, when I was about 15, I did accept the request from a “gatekeeper friend”. With 9 mutual friends I thought the profile was legitimate. The profile picture of a car should have given it away. He turned out to be a relative who wanted to ensure I was safe online and knowing I wouldn't accept his request, he created the account. If indeed it was a hacker, he/she could have remained dormant and used all the information I posted for sinister activities. It just goes to show how naivety and wanting more “Facebook friends” can get you into a lot more trouble.

Reference List

http://www.securityweek.com/match-made-heaven-fraud-and-social-media  
http://www.eonetwork.org/octane-magazine/special-features/social-media-networks-facilitate-identity-theft-fraud  
http://www.lloydsbank.com/help-guidance/security/social-networking.asp 
http://www.identityguard.com/identity-theft-resources/articles/How-Oversharing-on-Social-Media-Can-Lead-to-Identity-Theft 
http://www.socialmediatoday.com/content/security-threats-businesses-face-social-media