The advent of Internet in this millennium has given rise to manifold growth in the economy of the entire world. Hitherto, should you want to do business with an associate in another country? You must make preparation to get to see each other physically. Technology has taken care of that, right in the comfort of your room, or office, you are home conversing with each other and the deal is struck, signed, sealed and delivered. However, beautiful as this is, there are criminals whose daily activity is study, research and undermine good intentions of businesses the world over. This article therefore is looking into the effect of the actions of these “Intelligent Criminals” on the global economy. They are so described because of the sophistication they have attained in mastering their nefarious act, which most often is unrivaled.


This has become a recurring decimal every passing day. It is here described as cyber fraud; others generally refer to it as internet fraud, since this is the common word known to most people. The disturbing aspect of this crime is that, it is prevalent very much in the Banking Industry. Again, the crime is not localized; rather it is assuming an international dimension. Each country with its own measure of the effect of the fraud. We read on daily basis how huge volumes of unauthorized withdrawals are made from customer’s account. It thus is becoming worrisome to the entire globe.

Nevertheless, here are some tips to avoid cyber fraud:

• Adequate due diligence on the company or individual you are transacting with.

• Partial reliance on the information that you get through the website of the organization you want to do business with.

• Go into the business with all of your 6 senses, and with the mindset of the fact that about 4billion people are on the internet, then there must some that are criminals.

• Think of the Engineers that designed the Website Portals that they are human beings. This means there is no way they can be 100% perfect to cover all seemingly loop holes.


This is very common and it is on daily basis that we read about it in the news media. The reason for this, I presume is because of the de-emphasis on cash economy to cashless economy. Criminals too device means of perpetrating their crime.

Below are the tips to prevent this crime:

• Do not give your credit card information online if you can help it. It is advised that you can do this, only when you are very sure of the security/encryption code on the website.

• Get alternative means of payment on line, such as e-processors. Examples and widely accepted are; PayPal, Payza, Perfect Money, EGO Pay, Skrill etc. These forms of payment does not disclose you’re banking details, and they are secured.

• Authentication of the website; that is, being very sure of its security/encryption code system. Nevertheless the entire above, internet has been a boost to the world economy, what we must all do is that, extra carefulness on our part is very important.




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