As internet fraud evolves, staying informed and attentive is essential. University students, staff and faculty can protect themselves from online threats by understanding the types of fraud and adopting preventive measures.

Find out how to detect internet fraud and stay safe online with these expert insights from Andrew Wagg, Manager, Incident Response and Alex Lu, Incident Response Specialist at U of T.

Internet fraud involves exploiting internet-connected software and online services to deceive victims and steal personal information, money or both. Common types of internet fraud include phishing, identity theft and online scams. However, understanding internet fraud is only half the battle. Detecting it is crucial.

Here are some common types of fraud to keep in mind so that you can protect yourself.

According to Andrew, third-party financial fraud is on the rise. Fraudsters often create look-alike URLs for websites related to money transfers, subscription renewals or account access. These deceptive URLs trick individuals into redirecting their funds to fraudulent accounts.

“The issue that concerns me the most is third-party financial fraud. Donors to U of T and business partners of the University may be compromised if targeted by this type of fraud. We’ve encountered look-alike domains designed to deceive and prompt targeted individuals to take action,” says Andrew.

Alex highlights that phishing is a common form of internet fraud targeted at the University community. Phishing involves deceptive messages, often via email or text, designed to trick individuals into providing their personal information or money.

“I deal with a lot of phishing. Phishing is an overarching tactic where the goal is to obtain data unwarrantedly,” says Alex.

Other online scams include impersonation scams, where fraudsters pose as authority figures such as University officials, and extortion scams, where victims are threatened with false evidence of wrongdoing. With new methods of internet fraud emerging, it is becoming increasingly difficult to detect these scams and stay safe online. You can learn more about fraud and scams from the Community Safety Office.

Both experts agree that education is key to preventing internet fraud. Alex emphasizes the importance of being aware of phishing scams.

Andrew adds that training can aid in fraud detection and prevention. The University has rolled out security awareness training, including simulated phishing emails, to educate staff and faculty on recognizing fraudulent activities.

The growth of AI and the implications of deepfakes have significant consequences for internet fraud. Alex shared a particularly concerning case involving a deepfake video of a CEO requesting money. Although not perfect, the video convincingly mimicked the CEO’s voice and appearance, highlighting the potential future challenges posed by AI in internet fraud. With the increased threat of AI deepfakes, it is more important than ever to rely on trusted resources and support.

U of T provides resources and support to help students, staff and faculty stay safe online. If you experience an information security incident such as fraud, learn what steps to take to get help. Security awareness and training programs are also available to educate the University community on best practices for internet safety.