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NEWS

7:05 AM, 8 Jul 2008

Online crims run a market in stolen financial and identity data

Abstracted from The Australian


There is a significant global online black market for personal financial and identity information. Operations commander of the Queensland Police Service's fraud group, Detective Superintendent Brian Hay, said data such as bank accounts, credit card details and identity information are being illegally bought and sold on secure private networks. According to the Australian Bureau of Statistics, Australians lost almost $A1bn as a result of personal fraud in 2007. The general manager of the Australian Computer Emergency Response Team, Graham Ingram, said data trading on black market web portals is highly sophisticated. Visa International, Mastercard International and American Express are demanding the Payment Card Industry data security standard be adopted by all banks and merchants

Distributed by News Bites. © Lexis-Nexis


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