Internet Fraud 

BLUF: Internet fraud is a common form of cybercrime that can have a significant impact on its victims through online impersonation. 

Description: Internet fraud “involves using online services and software with access to the internet to defraud or take advantage of victims (Fortinet).” 

Technology’s Contribution: New developments in modern technology have made fraud much more complex and harder to crack. For example, the use of social media has made it easier to get information on vulnerable targets and gain their information, allowing for crimes such as impersonation, credit card fraud and counterfeit purchases. AI has been a large part to play as well, being used for constant phishing and messaging scams. 

Societal Impact: The impact of internet fraud upon society can include certain victims losing their reputation because of something that was said or done while they were being impersonated, a general loss of trust in social media, and certain psychological repercussions that stem from the damage done by fraud.  

Cybersecurity Roles and Challenges: People of the Cybersecurity field combat internet fraud by designing security controls, monitoring systems for threats, and investigating incidents that may or have happened. Key challenges with dealing with internet fraud may include AI-powered phishing and malware, protecting cloud and remote working environments, and ethical dilemmas of user privacy while trying to implement cybersecurity measures.

Statistics: In 2021, Virginia residents lost $172 million due to cybercrime (FBI Crime Report 2021). In 2024, Virginians aged 60 and over filed approximately 3841 complaints with the FBI’s IC3, reporting over $106.6 million in losses from cybercrime activity, ranking Virginia 11th out of all states in elder fraud losses.

Conclusion: Internet Fraud, although not physically damaging to a victim, can come with serious repercussions for victims. This form of cybercrime is very widespread and had a huge financial impact on Virginia in 2021. However, there are methods to combat this crime and to keep users of technology safe and secure.