Cyber Crime
INTRODUCTION
The proliferation of technology devices and other equipment; their pervasive use across age, gender, socioeconomic and geographic boundaries; and, for many, a false sense of information security have merged to create a perfect storm for cybercriminal activity. In fact, cybercrimes have risen so dramatically in recent years that they have seemingly replaced old-fashioned, organized crime.
A cybercrime is defined as an intended act involving the use of computers or other technologies, and the criminal activity must take place in a virtual setting, such as the Internet.
The top five cybercrimes being discussed are:
1. Tax-refund fraud
2. Corporate account takeover
3. Identity theft
4. Theft of sensitive data
5. Theft of intellectual property
Scope Of cyber crime
Virtual environments have become fertile territory for cybercrime, with the number of crimes escalating each year along with the severity of losses. In 2011, online revenue losses resulting from fraudulent transactions were estimated to be $3.4 billion, up from $2.7 billion in 2010.
Revenue losses are based only on fraud associated with e-commerce and exclude fraud involving theft/loss of mobile devices and other forms of cybercrimes. Credit-card fraud was up 32 percent from 2009 to 2010. The average dollar amount of fraudulent transactions also increased by 34 percent.
Federal
Reserve statistics place credit-card fraud costs to U.S. businesses at $52.6 billion annually.
In 2010, 32 percent of U.S. consumers reported a credit-card fraud had occurred in the last five years. In 2009, that figure was 27 percent over the previous five years.
Most of those credit cards were compromised in a virtual setting and therefore should be viewed as cybercrime. Growth in cybercrimes and their attendant costs are documented in a 2012 Ponemon Institute study. In the study, 56 large U.S.businesses surveyed reported an average annual cost of $8.9 million for cybercrimes, with costs reaching $46 million for
The proliferation of technology devices and other equipment; their pervasive use across age, gender, socioeconomic and geographic boundaries; and, for many, a false sense of information security have merged to create a perfect storm for cybercriminal activity. In fact, cybercrimes have risen so dramatically in recent years that they have seemingly replaced old-fashioned, organized crime.
A cybercrime is defined as an intended act involving the use of computers or other technologies, and the criminal activity must take place in a virtual setting, such as the Internet.
The top five cybercrimes being discussed are:
1. Tax-refund fraud
2. Corporate account takeover
3. Identity theft
4. Theft of sensitive data
5. Theft of intellectual property
Scope Of cyber crime
Virtual environments have become fertile territory for cybercrime, with the number of crimes escalating each year along with the severity of losses. In 2011, online revenue losses resulting from fraudulent transactions were estimated to be $3.4 billion, up from $2.7 billion in 2010.
Revenue losses are based only on fraud associated with e-commerce and exclude fraud involving theft/loss of mobile devices and other forms of cybercrimes. Credit-card fraud was up 32 percent from 2009 to 2010. The average dollar amount of fraudulent transactions also increased by 34 percent.
Federal
Reserve statistics place credit-card fraud costs to U.S. businesses at $52.6 billion annually.
In 2010, 32 percent of U.S. consumers reported a credit-card fraud had occurred in the last five years. In 2009, that figure was 27 percent over the previous five years.
Most of those credit cards were compromised in a virtual setting and therefore should be viewed as cybercrime. Growth in cybercrimes and their attendant costs are documented in a 2012 Ponemon Institute study. In the study, 56 large U.S.businesses surveyed reported an average annual cost of $8.9 million for cybercrimes, with costs reaching $46 million for