Recession-based Internet Scams Predicted to be High in 2009

According to Lang Evans, Director of Enforcement for the BC Securities Commission, the downturn in stocks trading has put seniors in a vulnerable situation as far as investment scams are concerned, as reported by iNews880AM on December 31, 2008.

Hence, as the economy is slowing down due to the recession, people become vulnerable to Internet scams like spear phishing or just phishing as well as other scams perpetrating identity theft, according to security experts. In fact, they said that criminals take advantage of the ensuing social unrest and unemployment situation, leading to more online crimes.

Further, other security specialists state that online scams based on recession like phishing will probably affect a huge number of internet surfers in 2009. This will happen because people hoping for good returns would easily fall prey to online scams pledging large investment dividends, especially when there is too much economic pressure.

However, what is not evident is what shape new type of spam would take, according to Evans. He said that people would be targeted as they would troll for liquid money although he couldn't picture the situation, as reported by The Canadian Press on December 31, 2008.

Meantime, neither the Investment Dealers Association of Canada nor the Ontario Securities Commission that enforces law on investment professionals has received any report of recession-based scam so far.

But Evans notes that merely one in 8 victims of investment fraud actually file a complaint; consequently, the BC regulator is combating the menace through greater security awareness among investors and by alerting them about scams through its website, InvestRight.org.

Moreover, security specialists added that since a majority of unfortunate situations relating to phishing, financial misdeeds and other online frauds kick off with an unsolicited junk e-mail, it is worthwhile to rely on a bit of common sense. Also, some amount of vigilance will be very helpful for an individual wanting to avoid becoming victim of any e-mail that promises large returns, especially from unknown agencies.

In conclusion, security experts said that internet frauds have been increasing over the years and 2009 might not be an exception.

Related article: Russian Hackers Break into NOAA to Push Pills

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