Advances in digital security

Due to the current situation, people are starting to look for new ways to invest their money and protect themselves against a potential economic crisis. This has led many of these people into the digital world, which offers them more innovative platforms in comparison to the traditional methods. Despite all the benefits that the digital platforms offer, security remains a major issue for this network. According to a study by the Australian Competition and Consumer Commission, 11,011 cases of online scams were reported in March 2020 with losses reaching an estimated of $14,785,283.

There are different types of scams in the digital world, therefore it’s important to understand them and know how to prevent them. According to Scamwatch, a specialized website on online scam statistics, these are the types of scams with the most reports in 2020:

  • Phishing with more than 7,500 cases. 
  • False billing: 3,312 cases. 
  • Online shopping scams: 3,090 cases. 
  • Identity theft: 2,943 cases. 
  • Hacking: 1,698 cases.

The website also states that the most frequent victims of online scams are adults over 65, with more than 5,000 cases reported. While these numbers are high, it’s also important to note that they are down in comparison to last year’s numbers, which means that businesses are starting to work to give better security to their users. These are some of the companies that have already implemented security measures against online crime.

Traxalt, an important digital asset, offers its users a platform based on blockchain technology, which provides high-level security to its users. In addition to this, the company also create efforts to educate its followers about security topics with educational content on their social media channels. Ripple and Monero are other companies in the crypto world that also share this type of educational content with their users.

IBM is another major digital business that has implemented changes to improve the security of its users. The company’s security platform uses artificial intelligence and cloud platforms that can detect threats and protect the information of its users. 

In addition to the measures that some companies have started to use against online crime, some tools can improve the security and protect the user’s information. An example of these tools is the 2FA system. The two-step authentication is an extra layer of security that helps to make sure that the person login to an account is the owner of the information and not a hacker.

While scams in the digital world continue to be a problem, more and more companies are trying to counter them. According to another study by the Australian Competition and Consumer Commission, from 2020 to 2025, the companies’ spending on digital security is expected to exceed a trillion dollars. In addition to these measures, it’s also important that users learn about cybersecurity and take into account all the precautionary measures that companies share to avoid becoming victims of this type of scams.

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Tech Junkie is a small word for Vikas Kaushik. Whether the latest game on the market or a new gadget launch he is the go-to person. He drives his motivation from the fast-paced technological advancements. He ensures that the right news reaches niche audiences. An avid biker and movie buff he has deep-rooted faith in upcoming technological inventions and is a torchbearer for the tech revolution.

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