Disturbing statistics released by Action Fraud, the UK’s national fraud and cybercrime reporting service, reveal a staggering 22,530 individuals fell prey to online account hacking in 2023, resulting in collective losses amounting to £1.3 million.
But how are these accounts infiltrated?
One method, known as on-platform chain hacking, involves fraudsters seizing control of an account and assuming the identity of the legitimate owner.
Through deceptive tactics, they coerce individuals into divulging authentication codes sent via text, often masquerading as acquaintances. Once commandeered, these accounts become vehicles for promoting fraudulent schemes, leaving the original owners unaware of the misuse.
Another common tactic involves exploiting leaked passwords and phishing scams. Data breaches, where sensitive information is compromised, provide hackers with a treasure trove of credentials, enabling them to compromise multiple accounts linked to the same password.
To safeguard against such threats, experts recommend taking proactive measures:
- Utilise strong and distinct passwords for each email and social media account. Employing a combination of three random words personalised to the individual is advised.
- Activate 2-Step Verification (2SV) for enhanced security. This feature requires additional verification steps, such as receiving a code on a registered device, thereby thwarting unauthorised access even if passwords are compromised.
Residents of England, Wales, and Northern Ireland who fall victim to fraud or cybercrime are urged to report incidents to Action Fraud via www.actionfraud.police.uk or by calling 0300 123 2040. In Scotland, victims should contact Police Scotland on 101.
Suspected phishing emails can be reported by forwarding them to: report@phishing.gov.uk.
For comprehensive guidance on fraud prevention, visit Gov.uk/stopthinkfraud.
