The end goal of any hacker is to get money and live happily. Every day we hear news related to online hacking and credit card fraud where common people are hacked and looted. But rarely is the case when a billionaire is hacked and credit card fraud occurs.
But why don’t hackers target billionaires? They have all the money in the world and even 10% of their total sum would be a lot to hackers. There have been instances when billionaires and famous personalities fell into the trap of online fraud.
One such instance is Donald Trump while running for election. Trump’s campaign allegedly paid $35,000 to a business called Draper Sterling for “digital advertising.” The firm, which claimed to be based on New York’s Madison Avenue, turned out to be a three-bedroom cottage in New Hampshire. Draper Sterling, who was listed under the name Jon Adkins, is untraceable, as is the money Trump’s campaign spent.
But this is a case of fraud and not hacking or anything which involves technology. So, did some other money wizards fall into any credit card fraud? Well, Kumar Mangalam Birla, the billionaire business magnate, was a victim of credit card theft in 2011, when his card was stolen and used to make large purchases in Bengaluru. After receiving his monthly account statement, which revealed unusual transactions for jewels and other goods for Rs 2.68 lakh, the head of the multibillion-dollar Aditya Birla Group filed an FIR in Mumbai which led to the arrest of the thief.
But again, this isn’t the case of credit card fraud or online hacking. These are simple credit card theft and fraud. So, how do these billionaires save themselves from credit card fraud and online hacking?
Billionaires Keep Their Money In Different Places
Billionaires are intelligent beings. They know how to make money and how to save it. They don’t keep all of their money in one location, so you can’t just hack one bank account and obtain everything.
Not only that but accessing a bank to make transfers of money is among the most challenging tasks. It is possible, but unless you match it with a ruse that makes the transactions appear legitimate, they might all be reverted when discovered.
What precisely do you consider hacking to be? It’s not magical, and while a hacker may be able to escape with tiny robberies from billionaires, there won’t be enough for any one area to take before the theft is discovered and new security measures are implemented to safeguard the other assets.
Having A Money Manager
Billionaires do not handle their own money. They entrust that responsibility to money managers. Large transactions are verified in a variety of ways by money managers. These transactions are frequently done in a reversible or easily countered manner. If a wealth manager was hacked and committed an illegal operation, the management would be held accountable. As a result, their security procedures are best defined as “severe.”
Everything is still possible. However, you may make a lot of money merely by stealing a few dollars from millions of individuals, which is far easier to do. And, if you want to carry out a large-scale operation, governments and businesses are far superior targets as they have hackable systems which don’t require much expertise and can be hacked with the help of easily available tools.
Having Basic Knowledge
Billionaires don’t make the same mistakes that a common man would do. They have foolproof security measurements installed. They keep their account information restricted to themselves and their money managers. Nowadays, banks have become technologically advanced and their algorithms tell them when it detects fraudulent behaviour on their account. The passwords that billionaires used are carefully crafted and never ‘Password@123’ thus making their accounts more secure. Their money managers have the single job to make sure that the money is safe and sound.
Even a common man can be safe from credit card fraud or online hacking by being vigilant. Billionaires don’t have any magic to keep their money safe, all they have is a keen eye on their money earned. Also, try your best not to give anyone some OTP you have received.