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Beware of “Scareware” Scams
Any heavy computer user has seen it before: banners that announce the risks of computer viruses and how installing anti-virus software can protect against it. However, instead of protecting, majority of these anti-virus programs actually do more harm than good. A number of these types of software make users more vulnerable to identity theft fraud.
Millions of people have already been “scared” into installing the program. They click on legitimate-looking websites that claim that it will clear their computer of viruses. However, what the programs do instead is steal personal information from the computers. Users are literally handing out sensitive data about their personal life, financial accounts, and personal information to cybercriminals.
According to Symantec, a web security firm, over 40 million people have downloaded fake anti-virus software during the last 12 months. Analysts believe that cybercriminals have been highly successful in this practice because they prey on the current public concerns about online fraud and identity theft.
Scareware leaves users vulnerable in many ways. First, they pay around $40 - $120 for fake software. Second, these programs are usually malicious leaving the computer open to attack from hackers and cyber criminals. Users often use their credit cards in paying for the software itself. Their credit card details are open for criminals to see and use for their own benefit.
How the Scareware Scheme Starts
In many cases, cybercriminals will use a “pop-up” advertisement or banner ad that copies the style and font of Microsoft and other established software companies. It is designed to look legitimate and it informs the user that their computer is under attack. When they click on the ad, they are sent to a website to download the software so that their computers can be cleaned up.
It doesn’t stop there. Con Mallon from Symantec said that these attacks are also used as a starting ground for more complex frauds later on. Hackers can hold on to your personal information for blackmail or stop your computer from working so you lose work-related files. At this point, they can extort money from you because you need your files back. A number of identity theft protection services actually work to protect your computer from these scareware tactics.