Impact of Online Identity Theft on consumers & organisations

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Written by:

Raymond H


Date added:

August 10, 2011








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5 / 1223


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The main areas that online criminals target are bank details and financial records of customers from various organisations that they can get hold of large sums of money so it is worth the risk of hacking. Credit card fraud scheme is when u use your card to shop online, giving details of your account in order to make a purchase, from here if you are careful you can stumble upon a mimicked site that is monitored by fraudsters using a program to record the details entered and these details is then use to make transactions from the victims account into the another account of the criminal or used for purchasing items instead of gaining hard cash, Phishing is a scheme used by fraudsters to lure online customers to fake websites so they can reveal their bank details either through a purchase or through asking them to verify their account to make sure that the accounts is still active, this had lead to 55% rise in losses from online fraud against banks totally round about 23mil for the first half of 2006...
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chip and pin was introduced in 2004 in the hope to combat credit card fraud, and did decreased by 13% by the end of 2005, but even with this method in place the percentage of bank losing money from fraud carried out over the telephone, online or mail order rose by 5% and fraud using duplicate or counterfeit cards rose by 16%, this is due to the fact that criminals have access to tools and knowledge to the details of individual magnetic stripes behind a card and the card is then used in places where technology is less high-tech or used abroad because it is hard to detect that the card is being used illegally...
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