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Internet Fraud will Increase in 2008

As per the security company, SecureData Security, in 2008 cases of Internet fraud could rise as worldwide hackers grab the opportunities; the Internet is providing them, to gain monetary values with a comparatively low risk factor in getting caught.

The number of users, who gets scandalous phishing mails that direct the users to divulge their private data, has increased heavily over the last year (2007).

Shockingly, the enterprise of cybercrime is almost tens of billions of dollars per year, and now it has surpassed even the dug smuggling trade. The criminals have been fantasized by Internet, as it provides them everything that an authentic business offers, like a worldwide reach, easy access to market compromising several users and the ability to automate transactions.

SecureData said that the hackers also entertain the idea that the Internet provides them an anonymous scope for their business. Also, there is no need to be physically present to hack the personal details of the victim. They can operate from any other area or country, which will minimize their chances of getting caught.

Further, the Internet has become very dangerous as users operate the gauntlet of ever-evolving range of scams. Apart from developed phishing scams, the users are still ignorant about which sites are safer because of the number of Website attacks.

Unfortunately, for South-Africans, the cyber crime is as dangerous as the crimes in the real world. For example, in 2007, one of a Cape-Town based children's charity was hacked of almost R100000 by an online fraud syndicate that was able to get online banking details of the organization by a phishing scam.

Also, as per the recent Banking Banana Skins survey, another major concern for banking executives are to detect the Internet fraud and to manage the expenditure of curing it. The survey also reveals that the South Africans banking executives regret that the future expenditure of executing latest technology to detect fraud in electronic payments and maintaining a convenient payment infrastructure would be substantial.

Related article: Internet Threat Volumes Overwhelm Security Companies

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