How does the fraud take place
Stage 1 – Information gathering
Information gathering is the first stage where the fraudster gathers all the relevant data about the targeted or potential victim by keenly and persistently observing the target.
Stage 2 – Engaging with the target
After gathering the required information, the fraudster contacts the potential victim and initiates a dialogue/communication in some way. It is a deliberate attempt to consciously manipulate the victim to obtain information without making them realize that a security breach is occurring.
Stage 3 – Attacking
After collecting the required information the fraudster makes use of the collected data to commit financial theft, hack the accounts, misuse data for accessing accounts for sensitive data, gain unauthorized access to networks etc.,