Hackers on the rise
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Hackers on the Rise. 82,094 reported instances in 2002 52,658 in 2001 and 21,756 in 2000 (Source: CERT, 2003)) 55% increase – How many go unreported? Symantec reported 689 attacks on FI’s 48% of those attacks were severe (Source: Symantec, 2003)

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Hackers on the Rise

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Hackers on the rise

Hackers on the Rise

  • 82,094 reported instances in 2002

    • 52,658 in 2001 and 21,756 in 2000 (Source: CERT, 2003))

    • 55% increase – How many go unreported?

  • Symantec reported 689 attacks on FI’s

    • 48% of those attacks were severe (Source: Symantec, 2003)

  • Symantec reported 616 attacks on e-commerce merchants

    • 19% of those attacks were severe (Source: Symantec, 2003)


Hackers

Hackers

  • 24% of hacker attacks are intended

    • 76% are opportunistic (Symantec, 2003)

  • Hackers fall into 2 groups:

    • Thrill Seekers – hack for the challenge

    • Professionals – usually work for foreign governments and organized criminal gangs


Credit card fraud

Credit Card Fraud

  • Projected Visa fraud in Canada is over $92 million

    • 330,686 fraudulent transactions

      • Average sale = $105.91

      • Average loss = $278.83

    • <1% of transactions are fraudulent

  • Internet fraud accounts for 5% ($4.6 MM) of Visa Canada’s total fraud loss

Source: Visa Canada


Credit card fraud1

Credit Card Fraud


Credit card fraud2

Credit Card Fraud


Identity theft

Identity Theft

Definition:

“Identity theft or fraud involves “stealing” another person’s identifying information, such as SIN number, DOB and mother’s maiden name, in order to to fraudulently establish credit, run up debt, and take over any financial or miscellaneous accounts, and obtain false documents”

- Ariana-Michele Moore

Celent Communications


Identity theft1

Identity Theft

  • Over 100,000 identities are stolen every year in the U.S. (Source: Celent Communications)

  • Rising at a CAGR of 20.7% from 2002 – 2006 (Source: Celent Communications)

  • The Internet has given criminals a new way to obtain personal information

    • Example – Criminals created a spoof eBay site and had customers enter credit card details and personal information.

    • Example – Job posting sites


Identity theft2

Identity Theft


Identity theft3

Identity Theft

Impact on Financial Services Industry

  • Over the past 5 years identity fraud has cost close to $2 billion USD. (Source: Celent Communications)

  • Intangible loss – brand equity and consumer confidence.

  • Increase in security spending and employee training.


Identity theft4

Identity Theft


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