Identity theft: when your personal information is stolen and used illegally, to open accounts in your name. According to the Federal Trade Commission, identity theft is one of the fastest growing crimes in America.

CNET’s Robert Vamosi talks about how phishing operators can defeat those new controls in online banking security.

The Fraud Collaboration Project was launched in August of 2007 with goal a shared fraud pattern data base and identifying the infrastructure needed to use such a data base on a collaborative basis. Because of the complexity of the project, the team of participants broke into four work groups to complete many tasks that needed to be performed.

Peer-to-peer (P2P) technology goes mainstream. Long used for pirating files, US distributors follow the UK’s lead and begin to utilize next-generation, secure and DRM-protected P2P for mobile content distribution.

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.