Global cybercrime generated more cash than drug
trafficking last year and is set to get worse as developing
countries see a higher take-up of technology.
Valerie McNiven, who advises the US Treasury on cybercrime, told
Reuters news agency that cybercrime outstripped the $105bn (£62bn)
generated from the sale of illegal drugs in 2004.
McNiven, speaking at a conference in Saudi Arabia on information
security in the banking sector, said phishing attacks were an
important factor in the increased proceeds generated by overall
cybercrime.
She said fake banking websites and hoax e-mails aimed at banking
customers had a more immediate effect on customers in developing
countries, and the problem was set to get worse because of a lack
in underlying internet security.
The Anti-Phishing Working Group, an industry body set up to
monitor and counter phishing threats, has said that “blended”
phishing attacks are an increasing problem.
Blended attacks see hoax bank e-mails being sent to banking
customers that include spyware and viruses, as well as links to
fake bank sites designed to steal customers’ account log-in
details.
At the turn of the year UK police foiled a multi-million pound
fraud attempt on a Japanese bank in London, which had seen
key-logging software being remotely stored on the bank’s
computers.