The international dimension of shipping industry could lead, among others to fraudulent events and circumstances. Cyber fraud is a rapidly developing area of risk and an exponential number of instances have occurred over time. Information theft seems to be the key to successful fraud.
In other words, the ability to make the target believe a transaction is authentic, by using persuasive information and knowledge, could lead to interception or hacking of ships agent's emails and electronic data.
In addition, the lack of experience in IT security or the possibility the associates to be duped into revealing key information, mainly applicable in small companies, could result in cyber attacks and facilitate a variety of fraudulent events, such as diversion of freight and other payments, fraud related to vessel's movement or trade and perpetration of cargo related crimes or even smuggling activities.
As a result, each company either large or small, needs to ensure it takes necessary steps to deal with the challenges of cyber fraud, like for instance with the implementation of the bank account details' verification both by email and telephone and in order to be protected from potential losses and cyber assaults.