There is hardly anything that we can’t do easily over the internet, from booking a doctor appointment, organising the manicure to shopping and even applying for a loan. While we are using digital technology and the internet to improve our lives, cyber criminals are doing exactly the same. The development of digital technology, digital transformation of various businesses and our ever growing presence on the internet has allowed them to evolve their fraudulent activities to cause even more damage. For example, while you might use the ease of the internet to conduct your financial activities, fraudsters can use it to gain access to your personal information and use it to request a new credit card, apply for a loan or even pretend to be a loan company and exploit your trustworthiness. Fraud attempts like a payday loan scam can cause significant issues for the business as it can ruin their credit score and cause financial damage, but it also poses a great reputational risk as customers could lose their trust in that business.

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