ZOverLord
Premium
join:2003-10-20
Minneapolis, MN
2 edits | Cybercrime Yelds More Cash Than Drugs Quote:
"Global cybercrime generated a higher turnover than drug trafficking in 2004 and is set to grow even further with the wider use of technology in developing countries, a top expert said on Monday.
No country is immune from cybercrime, which includes corporate espionage, child pornography, stock manipulation, extortion and piracy, said Valerie McNiven, who advises the U.S. Treasury on cybercrime.
"Last year was the first year that proceeds from cybercrime were greater than proceeds from the sale of illegal drugs, and that was, I believe, over $105 billion," McNiven told Reuters.
"Cybercrime is moving at such a high speed that law enforcement cannot catch up with it."
For example, Web sites used by fraudsters for "phishing" -- the practice of tricking computer users into revealing their bank details and other personal data -- only stayed on the Internet for a maximum of 48 hours, she said.
Asked if there was evidence of links between the funding of terrorism and cybercrime, McNiven said: "There is evidence of links between them. But what's more important is our refusal or failure to create secure systems, we can do it but it's an issue of costs."
McNiven, a former e-finance and e-security specialist for the World Bank, was speaking in Riyadh on the sidelines of a conference on information security in the banking sector.
Developing countries which lack the virtual financial systems available elsewhere are easier prey for cybercrime perpetrators, who are often idle youths looking for quick gain.
"When you have identity thefts or corruption and manipulation of information there (developing countries), it becomes almost more important because ... their systems start getting compromised from the get-go," she said.
"Another area that begins to expand is human trafficking and pornography because both of these become so much available once you have a communication ability," McNiven said.
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I hope the MOD lets this Post stay here?
It is an attempt to get suggestions on how to Organize some type of FOCAL point to have some central data depository of information that current or newly created agencies can create to grow some teeth and do something about this.
Not sure if everyone is just as upset as me about just seeing post after post of "Wow, I Got SCREWED TOO!".
The major problem with trying to fix this mess is, if we compare this problem to "Street Gangs" we are asking these Street Gangs ("Banks") to police themselves all the way up the chain ("Visa for example is OWNED by member banks.")
We need to come up with suggestions on how to make these entities responsible and forward these suggestions to our politicians.
We have better methods to protect ourselves from SPAM from FREE email accounts then we do from these scams.
There should be some INSTANT way, much as anyone can report SPAM to start reporting Merchant accounts as soon these fraudulent charges appear. This could be as easy as sending email, and with very little private information as well.
Example:
This ONLINE system could include ONLY the first SIX digits on your card ("This is used for routing") and would allow you to still remain anonymous but combined with the Card Type, Transaction Date/Time, Issuing Bank Information, Transaction amount and Merchant information is MORE than enough for the issuing Bank to do a Query on the transaction.
These are just some suggestions that would allow RAPID response as well as accountability while still protecting your privacy and allowing you to also receive followup information of for example any detail on the progress of any investigation.
If a Web Site was created for this, their might not even be a requirement or need for even disclosing your email address, you could simply become a member, choose a Member Name, OPT in or out of email status updates so that you could just LOGIN and check the status of your report and use some sort of a tracking number, almost like a trouble report ID.
Additionally, this might also allow you to become a member of any litigation once these people are caught. The most positive benefit would be to make these ISSUING BANKS of your cards ACCOUNTABLE and most certainly hasten any investigation.
Please, suggest your thoughts, these are just Ideas, my major concern is PRIVACY!
I don't think anyone exposed to these SCAMS should be required to give up ANY more personal information than actually needed to create this type of system, TRUST ME!, banks can and do search their databases and locate transactions with the limited suggested data as we speak.
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