Atome: How to Identify If Your Electronic Identity Is in Danger

by jiatongma   ·  2 weeks ago   ·  

Fraud is a relatively simple term with a wide range of implications. In 2021, the US alone had 847,376 electronic fraud complaints lodged, with total losses reaching $6.9 billion, as reported by the FBI. You should know the basics of fraud and how to identify it. From hacking software to ransomware, you must learn to be careful on the internet.

What is electronic fraud?

Thousands of victims don’t even know what happened to them, so it’s essential to be aware of the meaning of fraud. When you’re taken advantage of through an online platform, it’s electronic fraud.

This category includes spy and ransomware, viruses, unauthorized access to your computer, and hacking into your account to gain personal information such as your credit card or Social Security number.

The latter two are dangerous because it means that not only has your privacy been compromised, chances are that the culprit will use the information to make purchases or transfer your money to their account.

If you’re wondering why people do this, consider Steve Albrecht’s fraud triangle. He says that a combination of three reasons come together when a person commits fraud: incentives like financial pressure, opportunity when they have the means to do something without getting caught, and finally, rationalization, which is when they can convince themselves that they have a legitimate reason.

This is a dangerous cycle and usually targets ordinary people who don’t have hi-tech anti-hacking services employed around the clock. As a result, victims of credit card fraud see their earnings disappear, often with no means of catching the culprit.

The damages of electronic fraud

Fraud in Singapore is also on the rise, with a 2021 mid-year crime report stating that scams have increased by 16% from 7,247 to 8,403. The total amount cheated for scam from January to June was S$168 million. On top of that, cyber crimes took up 43% of the crime share in 2020.

A person guilty of violating cybersecurity laws can be fined up to $10,000 and imprisoned for just the first offense for three years. It seems harsh, but credit card fraud often targets middle-class people who lose their life savings in seconds.

There have been several incidents that also targeted large banks in particular. In March 2020, over 200,000 credit card details were published online from top banks in Southeast Asia, including Singapore. In December 2021, over 790 OCBC customers were victims of a phishing scam leading to a loss of around $13.7 million.

Other than that, when large retailers get hacked, the personal information of millions of consumers can get compromised and used to commit various sorts of identity theft. Often, there’s no set way to trace the source. This interference leads to widespread consequences for both the users and the companies. This has happened to companies like Target and Home Depot in the past.

How to identify fraud

What is fraud? If you’re still unclear on the topic, consider this; you suddenly receive a message that someone made an unauthorized transaction from your account. Or you get payment confirmation for a purchase you never made, but the money’s already out of the bank.

You don’t know what happened, but then realize that there was a text message from an unknown number asking you to confirm your bank account details. Or maybe you signed up for a shady website and entered your information there.

While it’s hard to prevent scams completely, you can take steps to identify them and protect yourself.

For one, never answer texts, emails, or calls from unknown numbers asking you to update your credit card information and passwords. These use a sense of urgency to make the victim panicky, a common way to scam people.

E-commerce websites are designed to look professional and legitimate, but never give them your information. Check social media reviews if anyone has ordered from them and ensure it’s a well-known brand.

Sign up for bank messages and track your transactions to ensure there’s no suspicious activity. And finally, try not to shop on public Wi-Fi because an unsecured connection can allow hackers to steal your information or inject your hardware with malware.

Corporations also use fraud detection techniques to ensure there’s no suspicious activity across their databases. Real-time monitoring, statistical data analyses, and AI techniques such as data mining, pattern recognition, neural networks, and machine learning are used to safeguard their information.

What are the means of fraud?

There are many ways scammers can commit fraud. Sites which ask you to enter your information are hard to detect but easy to set up because millions of corporations use the same method. Since these scammers disguise themselves as professionals, it’s hard to gauge legitimacy.

Just as technology is advancing, the crime sector is moving forward too. Software like ransomware can extort you for money and then completely wipe out its traces. The best you can do is report it.

There are also commercial frauds in Singapore involving entire corporations. Some years ago, there was a significant investigation into ties between financiers and the Malaysian 1MDB fund. The MAS reported that between 2017 and 2018, there were S$16.8 million in financial penalties and S$698,000 in civil penalties, among other punishments.

Atome has set up a system where they ensure that their customers’ information isn’t compromised. As soon as you suspect or witness fraudulent activity, you can inform them by contacting them through their site.

Atome protects your privacy through the PDPA (Personal Data Protection Act 2012) and remains a reliable company with a good reputation.

There’s no catch where you end up paying more money: the only time you’ll have to pay anything extra is if you miss a payment. And that’s if you didn’t have technical or other unavoidable issues, though you’ll have to get in touch with customer service beforehand. You can also terminate your account without incurring any fees.

Why Atome is a Trustworthy Company

Established in December 2019 in Singapore, Atome rose to meet the growing demand for BNPL services in the retail industry. Building a reliable reputation, the company has entered several countries worldwide, including Indonesia, Hong Kong, Philippines, Thailand, Taiwan, Japan, Mainland China, Malaysia, Singapore, and Vietnam.

With over 10,000 online and offline partnered merchants, Atome is the premier choice of thousands of users worldwide. The company’s goal is to encourage careful spending rather than splurging, and flexible payment plans allow you to shop for what you want while staying within a budget.

All you have to do to get started is download the app and register your account to start shopping. With interface, getting your favorite items has never been easier.

Scan QR to download the Atome app
Scan QR to download the Atome app

How to Pay With Atome on Partnered Merchants

  1. Shop from any partner merchant’s online or offline store and select Atome as your payment method when checking out.
  2. Enter your account details after being redirected to the new tab and click checkout again.
  3. Pay 1/3 of your purchase upfront, and the rest can be paid in the following months.

Final Word

Atome is a convenient and modern service for digitally-savvy consumers. The BNPL company doesn’t require extra charges, so you don’t have to worry about interest or service fees. All you need is an account on Atome to shop for your favorite brands with the choice of flexible monthly payments.

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