Feeds

US cybercrime losses reach $240m

Auction fraud means record high

The Power of One eBook: Top reasons to choose HP BladeSystem

Financial losses from online crime reported to US authorities reached a record high last year, topping nearly $240m. Taking into account unreported crimes the real figure is likely to be much higher.

Auction fraud and other forms of cybercrime reported to the Internet Crime Complaint Center (IC3) were up $40m or 20 per cent from those reported in 2006. The IC3 received 206,884 complaints about internet crimes last year, more than 90,000 of which were referred to law enforcement agencies across the US. IC3, which serves as a clearing house for cybercrime, is a joint operation between the FBI and the National White Collar Crime Center.

Although internet auction fraud was the most widely reported complaint to the IC3, other problem areas included non-delivery of purchases and credit card fraud. Computer hacking attacks, spam and child abuse on the net formed the subject of other complaints. Commonly reported scams involved the purchase or sale of pets, cheque fraud, email spam, and online dating fraud.

"The internet presents a wealth of opportunity for would be criminals to prey on unsuspecting victims, and this report shows how extensive these types of crime have become," said FBI Cyber Division Assistant Director James Finch. "What this report does not show is how often this type of activity goes unreported. Filing a complaint through IC3 is the best way to alert law enforcement authorities of Internet crime."

The report provides evidence that the UK is fast catching up with the US in being a hotbed of cybercrime. Despite the fact that the IC3 study is supposedly a national US annual report, the UK is the source of 15.3 per cent of the crime reports, significantly ahead of other cybercrime hotspots such as Nigeria (5.7 per cent).

The 2007 Internet Crime Complaint Report from the IC3 is available here (pdf). ®

Designing a Defense for Mobile Applications

More from The Register

next story
DARPA-derived secure microkernel goes open source tomorrow
Hacker-repelling, drone-protecting code will soon be yours to tweak as you see fit
How long is too long to wait for a security fix?
Synology finally patches OpenSSL bugs in Trevor's NAS
Roll out the welcome mat to hackers and crackers
Security chap pens guide to bug bounty programs that won't fail like Yahoo!'s
HIDDEN packet sniffer spy tech in MILLIONS of iPhones, iPads – expert
Don't panic though – Apple's backdoor is not wide open to all, guru tells us
Researcher sat on critical IE bugs for THREE YEARS
VUPEN waited for Pwn2Own cash while IE's sandbox leaked
Four fake Google haxbots hit YOUR WEBSITE every day
Goog the perfect ruse to slip into SEO orfice
Putin: Crack Tor for me and I'll make you a MILLIONAIRE
Russian Interior Ministry offers big pile o' roubles for busting pro-privacy browser
prev story

Whitepapers

Designing a Defense for Mobile Applications
Learn about the various considerations for defending mobile applications - from the application architecture itself to the myriad testing technologies.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Seven Steps to Software Security
Seven practical steps you can begin to take today to secure your applications and prevent the damages a successful cyber-attack can cause.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.