Why internet crime has grown more lucrative than the drug trade


Revelations of a flaw in HSBC's personal online banking system has brought about the nightmare scenario for any financial institution potential security failure.

Fifteen years after the birth of the world wide web, people are putting increasing amounts of trust into the medium, and banks have thrown corresponding levels of effort, expertise and cash into their online security. Experts predict that by the end of the decade the banking industry worldwide will have spent 70bn on technology to support their online services and other new methods.

At the same time the direct costs of online fraud are growing rapidly, rising by an estimated 52% last year to around 140m. The indirect costs are also rising as banks and security consultants chase their tails in an attempt to stay one step ahead of the criminal fraternity. Guardian Unlimited Money | News_ | Why internet crime has grown more lucrative than the drug trade

Linked by shanmuga Friday, 11th August 2006 12:37AM