SOURCE: ZapFraud


October 08, 2015 18:11 ET

Is Your Delusional Confidence Making You a Target for Fraudsters?

PALO ALTO, CA--(Marketwired - October 08, 2015) - How vulnerable are you to fraud? Actually you are much more exposed than you would suspect. While most people think they can spot fraud, an absolute majority very quickly fail to detect frauds even from just a few example emails:

As reported by the FTC, 3.5% of the U.S. adult population fall victim to fraudulent emails each year. That's an estimated 9 million that will be reported this year. The 2014 Internet Crime Report (IC3), issued by the FBI, reports that the average loss per Internet scam complaint was $2,971. Since 2012, total losses reported by the IC3 have increased approximately 50%, reaching $800 million in 2014.

Many studies have proven that most people think of themselves as better than average at most things. Whether lovemaking or baking, working or playing, people think they are "above average." Rating one's ability to detect fraud is no exception, as reported by ZapFraud. But while victims are confident that they cannot be fooled, their attackers are truly excellent at their fraud craft.

Online fraud may entail outrageous claims made by "Nigerian princesses" -- which works surprisingly well on the most gullible. As Cormac Herley elegantly explains, fraudsters tell their would-be victims very openly that they are from Nigeria in order to weed out all but the most gullible. Obviously, fraudsters want to avoid wasting time on anyone who could "wise up" before a fraudulent attack on their assets or identity is complete.

Fraud is rising for many reasons, and it's morphing into a well-managed crime that pays off better than ever. Millions of "above average" potential victims need help. Fraud will continue to thrive, until we embrace tools that automate reporting and prevention.

Throughout National Cyber Security Awareness Month (NCSAM), ZapFraud is reporting on fraud and fraudsters and what we can do now to stop them. Watch for ZapFraud news and posts and learn more about fraud and cyber security by following ZapFraud on Twitter and like us on Facebook.

About ZapFraud

ZapFraud is the leading provider of proactive email and online scam protection services for consumers, as well as threat-detection services for enterprises. ZapFraud's patent-pending Fraud Firewall™ protection service helps provide peace of mind for consumers as they face the increasing and ever-changing threat of email, social media and online phishing scammers who attempt to steal intellectual property, identity, online credentials and, ultimately, their hard-earned money. More information about the company can be found at

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