Phishing

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Phishing

The illegal practice of attempting to steal an identity by setting up a website and encouraging people to input credit card or other personal information. Phishing often purports to present a legitimate web business and asks the "customer" to give personal information in order to receive fictitious products. Alternatively, phishing may involve a criminal sending out e-mail purporting to be from a bank or credit card company asking for information as part of an "urgent" request. Phishers then steal the identity directly or sell to another party for illegal purposes.

Phishing.

Phishing is one way that identity thieves use the Internet to retrieve your personal information, such as passwords and account numbers.

The thieves' techniques include sending hoax emails claiming to originate from legitimate businesses and establishing phony websites designed to capture your personal information.

For example, you may receive an urgent email claiming to come from your bank and directing you to a website where you're asked to update or verify your account number or password. By responding you give identity thieves an opportunity to steal your confidential information.

Phishing is difficult to detect because the fraudulent emails and websites are often indistinguishable from legitimate ones and the perpetrators change identities regularly.

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Banks will have to adjust current risk-based calculations of the balance between e-security investment and e-fraud losses.
Deputy Director of CID for Search and Investigation Colonel Salem Khalifa Al Rumaithi said the department was tipped off about the e-fraud crime, with information about the transfer of US$2 million which was shifted to the bank account of an unidentified company.
Bear in mind so called e-fraud is, on the whole, the same scams people have been doing for years in a new format.
The police said that it has launched an awareness campaign to educate people about the methods of online extortions and e-fraud.
These include: implementing a two-factor authentication for internal banking processes; instituting regulation for card present fraud in a non-EMV environment, and creation of fraud desks for effective e-fraud control.
He added that the law-enforcement authorities in the UAE were upgrading the skills of their staff to carry out e-fraud investigations and bring the criminals to book.
KPMG Forensic Accounting's global e-fraud survey shows that 14 per cent of UK companies experienced e-commerce security breaches last year, with only India reporting a higher amount at 23 per cent.
The threat of e-fraud is still casting a huge shadow over businesses looking to expand their operations on to the Internet.
He was charged with committing e-fraud by abusing the skyward miles system and creating 2,000 bogus accounts [for real passengers] before transferring their air-miles to his account while issuing the tickets.