Al Qaeda’s Economic War and Online Identity Theft: A Perfect Storm
By Online Security Authority on Dec 23, 2006 in ID theft
This post was written by John Bambenek on 22 December, 2006 (13:22) | Read more.
Online identity theft has become a constant concern in a world of online shopping and bill paying. In the rush to move to the internet age, many companies simply neglected security concerns and the result has luckily not been as bad as it could have been.
In 2005, I did an estimate of the amount of money that was compromised because of online identity theft and came up with $24 billion in the United States alone. With the help of Agnieszka Klus, I redid the study recently with more realistic numbers and found over $55 billion was compromised. That amount is enough to pay off the entire state debt of Illinois.
Despite this large amount of money being at risk, very little of that money actually gets stolen. What investigators have found is despite it being relatively easy to steal money online, the current fraud protections make it hard to steal a great deal of money; “The straw is only so big”, according to one government source. The running assumption is that online identity theft would be used for theft and there is a finite limit of the amount of theft that can actually take place. This has allowed financial institutions to build in this amount into their business models and simply write the cost of fraud and fraud protection into the price for their services.
OSA Editorial Comments:
We have to be aware of what is going on in the world, and just how careful you have to be everyday with your personal information! Start now, find out how to protect your ID.
Your Online Security Authority
Bill Wardell
Written by: OSAblogger / Bill Wardell - Please Read Our Latest OSA eZine Edition
Popularity: 5% [?]
OSA Related Posts- 10 Signs That You are About to Become a Victim of ID Theft
- ID theft bill appears again on legislative agendas
- ID Theft - Don't Blame The Internet
- ID theft a concern amid shopping season
- Bank of America has been granted a patent for its Active Card Control solution...
- Identity theft and key logging main security threats for 2007
- Types of ID Theft
- Color me alert to ID theft dangers
- What is Identity Theft?
- The Incredible 3 Quick Money Making Ideas To Make Money Online Today Revealed.
- Online Money Making Ways!
- LifeLock Identity Theft Protection Opens Door To Identity Thieves...Despite Fierce Fight!
- Chinese Paper Money
- Online Money Fraud Hits Home
- Online Money Making Secrets
- $7,353.84 In Online Income!
- Get Acces To Earn Money And Get Rich
- Avoid Identity Theft - 7 Tips To Avoid Losing Your Mind, Money & Identity!
- Consumer Safety Resources from the Government on SPAM, Scams, Fraud, Phishing and Identity Theft









2 Trackback(s)