Identity Theft, Phishing & Malware: Global Problems Requiring Global Solutions & Coordination
April 23, 2007
|
The world has experienced an unprecedented growth in Identity Theft during recent years, fueled by multiple channels including sophisticated Phishing schemes, Malware and infiltration of organized crime. The globalization of Identity Theft will mean that regional efforts to contain the problem will achieve minimal results at best.
In the U.S. it is estimated that as many as 17.3 Million individuals were victims of Identity theft during 2005 and 2006 on a combined basis, with an estimated total of $106 Billion in associated losses (BBB/Javelin). In Canada, the Canadian Council of Better Business Bureaus estimates that Identity Theft costs the Canadian economy no less than $2.5 Billion annually. In the U.K., Identity Theft complaints increased a staggering 69% during the second half of 2006 over the same period in the prior year. In Australia, it is estimated by Attorney General Philip Ruddock that consumers lost as much as $1.1 Billion to Fraudsters who tricked them into providing personal banking details. In Japan, a single company, KDDI Corp, had personal information of as many as 4 Million customers stolen by Identity Thieves in 2006 (as reported by Computing, June 15, 2006).
|
|
 | Conspirators and Identity Thieves have recently targeted
both individuals and companies in Identity Theft scams. Furthermore,
such criminal activity has evolved to sophisticated rings operating,
sometimes in a synchronized fashion, from multiple countries throughout
the world. Engadget recently reported that conspirators in Japan, China
and Taiwan combined efforts to commit Corporate Identity Theft against
NEC Corp. In such scheme, the conspirators, under the pretext of being
representatives of NEC, convinced manufacturers in China and Taiwan to
manufacture and make delivery of NEC specific products. Identity Theft
has made the world so much smaller, from Spanish based lottery Phishing
schemes, to Nigerian Oil money scams, to Iraqi Exiled Commanders scams,
the list seems endless and "un-abating"...
Consumers
are definitely well served to employ whatever deterrence measures they
can use to try to avoid Identity Theft. However, despite efforts to
combat Identity Theft by both individuals and local authorities,
globalization and outsourcing have made the problem harder to contain.
Servicing companies in India, among other global high tech centers
around the globe, now have access to personal information of Millions
of Americans, including credit card information, security questions,
and more. It is not unheard of that even mortgage applications and
accounting documents (including tax returns), would be processed on an
outsourcing basis at a less costly international location.
India,
one of the largest such locations in the world, recently announced the
voluntary formation of an independent watchdog, to create a 'Global
Safe Deposit Vault' in order to halt data theft. Firms would
voluntarily submit to minimum security certification standards in order
to stamp out Identity Theft. Such step is welcome, but it is likely
that much more drastic measures would be required in the future to
eliminate Identity Theft.
Given the seriousness of Identity
Theft, it is reasonable for consumers to expect the U.S. government to
control the transfer of sensitive personal information from U.S.
companies to other countries. The criteria for allowing such transfer
should include A- minimum security requirements at the
|
corporate level,
B- the passage of adequate Identity Theft laws in those foreign
countries, C- the pro-active investigation of suspected rings and
websites, as well as the elimination and shutting down of those proven
to commit Identity Theft. Many countries throughout the world, such as
India, have staked their future growth plans on the export of
technology services to the U.S. Hence, it is highly likely that if such
growth plans are subject to minimum and reasonable security
requirements mandated by the U.S., those countries would gladly oblige.
In
the meantime, consumers are advised to continue to be vigilant about
deterring, detecting and defending against Identity Theft. Consumers
can learn about how to protect themselves against Identity Theft by
visiting the FTC website, or by visiting http://www.creditlock.com. |
|
To Go Back to Blog, Make Comments or RSS Feeds Click Here |
 |
| Members of Creditlock.com enjoy free access to Credit Lock Down Pro. To access service, Click This Box |
|
|
|
Seed Newsvine