Online crime up 32%, says report
Increase in cardholder not present crime behind the rise
LONDON – A cybercrime report released by IT security consultancy Garlik has found that online financial crime in the UK rose by 32% to 207,000 reported crimes in 2006.
The rise is attributed to an increase in cardholder-not-present crimes, which accounted for 49% of all reported crimes. Cybercrime is now more prevalent than conventional fraud. Its broad definition also hides the wide variety of crimes, which include identity theft, financial fraud, offences against the person, computer misuse and sexual offences.
Finjan, a California-based provider of secure web gateway products, praises the report. “Law enforcement agencies have a major battle on their hands," says Yuval Ben-Itzhak, Finjan's chief technology officer. He states that IT managers need to be aware of this latest evolution in crimeware because they can no longer rely on law enforcement to deter electronic criminals. Finjan’s own research stresses that attempts to pattern malicious code and create signatures, or to categorise known malicious sites, are “too little, too late” to adequately protect from today’s web threats. “The way to detect modern malicious code is to be able to understand in real time what the code intends to do, before it does it,” says Ben-Itzhak.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
FDIC’s McKernan wants single capital stack in Basel III endgame
Rebuffing Barr’s offer of a partial rollback, Republican director also targets op risk framework
European banks search for consensus on credit spread risk
New EBA guidelines spawn diverging interpretations of which products must be assessed for CSRBB
Dutch regulator in new push on algo manipulation
AFM teams up with Oxford Uni academics to develop data models that will identify “harmful” activity in automated trading
Fed relief plan for G-Sib agency clearing welcomed
Rollback may revive interest in European FCM model, as principal clearing still treated punitively
Indian initial margin launch brings operational headaches
Conglomerates with multiple entities trading derivatives pose compliance challenges for dealers
Fed’s new liquidity rule spells more pain for regional banks
Limit on HTM assets follows move to deduct unrealised losses from capital buffers
Ruled out: can regulators settle the pre-hedging debate?
Market participants are at odds over the practice and whether regulation or principles can settle the score
SEC streamlines overhaul of stock trading rules
Tick size and access fee rules simplified from first draft, but Peirce still questions rationale