2007 set to smash online fraud records


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	December 04th, 2008 Microsoft and RSA partner on Data Loss Prevention more Worm uses familiar brands to lure people more Company data at the mercy of crooks more Norton AntiVirus Begone! more Criminals Take Control of CheckFree Web Site more Firefox Users Targeted by Rare Piece of Malware more Hacker threat: Rudd promises action more Lib Dems criticise 'shambolic' DNA database more Experts: US cybersecurity needs fresh ideas more Pentagon hacker tries one more time to avoid extradition more Virtually every Windows PC at risk, says Secunia more Sun patches at least 14 bugs in Java more Security, civil liberties experts question data mining more

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December 12th, 2007

2007 set to smash online fraud records

Although the peak shopping days for this year are still ahead, 2007 is poised to set records with online sales set to top $30bn for the season. Experts are also warning that fraud rates, expected to increase by 20 per cent, are also on track for record highs.

Fraud expert Ori Eisen, founder and chief innovation officer of The 41st Parameter, believes that the main reason cyber crooks are more active over the holiday period is because they know that most fraud will not be detected by the ecommerce sites until 30 or even 45 days after it has occurred when victims receive their post holiday credit card statements.

Adding to these concerns, the latest trends signal an increase in the complexity of scams that elude even savvy consumers and corporate fraud departments.

These include rerouting schemes, which take advantage of the fact that during the holidays, organisations are more lenient about shipping to alternate names and addresses, since this is the most common purchase pattern at this time of year.

Other scams include new account creation using stolen info – once a new account is established on an online merchant's site, items are purchased to be shipped as gifts exploiting holiday patterns and leniency so the mailing address need not match the card holder's address. Another scam is fraudulent gift cards – where crooks load gift cards with funds from the victim's card and shop freely either online or at the actual store.

‘Most studies show that this year's online shoppers expect their transactions to be protected by banks and online merchants,’ said Eisen. ‘This is quite concerning to me, because there are many financial institutions and online merchants who are underprepared for current fraud schemes.’

Source: VNUNET

	All news for December 04th, 2008:
	17:31	Microsoft and RSA partner on Data Loss Prevention
	17:29	Worm uses familiar brands to lure people
	17:27	Company data at the mercy of crooks
	17:23	Norton AntiVirus Begone!
	17:15	Criminals Take Control of CheckFree Web Site
	17:14	Firefox Users Targeted by Rare Piece of Malware
	17:12	Hacker threat: Rudd promises action
	17:11	Lib Dems criticise 'shambolic' DNA database
	17:10	Experts: US cybersecurity needs fresh ideas
	17:08	Pentagon hacker tries one more time to avoid extradition
	17:07	Virtually every Windows PC at risk, says Secunia
	17:06	Sun patches at least 14 bugs in Java
	17:05	Security, civil liberties experts question data mining
	All news for December 03rd, 2008:
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	15:17	Your face is easy to fake, says security company
	15:15	Microsoft opens up Vista SP2 beta
	15:09	Latest VB100 malware test brings good news
	14:57	Botnet Master Sees Himself as Next Bill Gates
	14:53	Apple removes Mac antivirus recommendation
	14:51	License server glitch exposes SonicWall users to e-mail security threats
	14:50	U.S. report sees major terror attack by 2013, ignores cyberattack risk
	14:48	Lenovo arms ThinkPads with Intel's built-in security
	14:44	Feds nab more members of alleged identity theft gang
	14:43	Apple's antivirus advice 'big to-do about nothing,' says researcher
	14:42	Opinion: Is there a hidden cost to data protection?
	14:41	Human error is top IT security concern
	14:40	Workers worried about job security might steal corporate data

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