Internet fraud increases as economy slows
A recent survey conducted by Unisys Security Index has shown that many Australians believe the economic downturn will increase the risk of identity theft and financial fraud, with 63 percent of respondents concerned about their online security.
“The latest Unisys Security Index shows an increase in concerns about the security of online activities such as shopping and banking as well as growing concern about financial fraud,” Unisys Asia Pacific vice-president Andrew Barkla said.
Consumers are increasingly becoming concerned about people obtaining their credit card details online, along with their personal information and email accounts.
Barkla believes that in tough times, people need greater reassurance that their “private and personal information is securely protected against fraudulent and criminal activity.”
The survey comes after Symantec released their Internet Security Threat Report Volume XIV highlighting the increase of malicious activity online, most prominently the report found a 92 percent increase in spam from 119.6 billion messages in 2007 to 349.6 billion in 2008.
Similarly, the report found that the underlying threat for consumers is the misuse of their credit card and personal information.
Symantec spokesperson David Dzienciol said that attackers are “targeting user information for financial gain, with financial motivation dominating “90 percent of attacks.”
Marc Fossi, executive editor, Symantec Internet Security Threat Report XIV said that consumers have to be extra vigilant about their security practises.
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I think that computer fraud rose because the technology in this field has evolved and because the use of internet and computer is growing as well. I don\’t think that internet fraud is an effect of the economic crisis.
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The risk of identity fraud would of risen even without the economic crisis. The first step in order to fight it is to become aware of the great danger and get informed about what we can do.
The more information that passes online, the more all information becomes digital and moves in a digital environment, the more people become disassociated from their own finances. Malaise in these matters contributes to much, if not all of the sharp increases in online fraud. And while we are all aware that fraud exists, it would be nice to know if the rise in “concerns” of internet fraud was proportionate to the “actual” fraud. Meaning: are people more frightened of there security because we’re all fearful of our economic outlook or are our fears grounded in an actual sharp increase in fraud. I’m sure there is an element to both that are true, but it is interesting to note that fears can rise out of uncertainty, not only because of fact.