Identity Theft:10,000 Fraud Rings Found In US

Money Enter Key LockIdentity fraud is a group of crimes, of which one of the crimes in this category is identity theft. Identity theft is defined as: The fraudulent acquisition and use of a person’s private identifying information, usually for financial gain. See Identity Theft and Internet Security for more information on identity theft.

Organized crime groups in Russia, Romania, South Korea, Brazil, China and other countries modernized and automated the theft of identities by using phishing scams, and hacking break-ins of user databases.

However, according to an ID Analytics study, there seems to be a new movement of small groups made up of “two or more career criminals”, family members, or friends operating in the identity fraud space. This is probably due to the availability of low-priced packaged phishing and keylogger malware that is sold on hacker Internet sites; which allows almost anyone entry into this lucrative field.

We should take two things from this “grass roots” small gang approach to identity fraud. First, that there will be an increase in identity theft because of having more identity crooks in the game; this will increase the potential of more people’s identity being stolen. And second, that these small gangs are going to be noticed by the large cyber criminal organizations as time goes on; and probably punished severely for their encroachment on the big gang’s territory. Stay tuned, this could be very interesting.

Reference: Net article

Be very careful…it’s dangerous out there.

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Filed under Cybercrime, Internet, Internet Security, malware, security, Warning

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