Source: National Cyber Security – Produced By Gregory Evans
Financial fraud is big business, contributing to an estimated $20 billion in direct losses annually. Industry experts suspect that this figure is actually much higher, as firms cannot accurately identify and measure losses due to fraud, says the ASSOCHAM–PwC(PricewaterhouseCoopers) report titled ‘Current Fraud Trends in the Financial Sector’. The report attributes increasing technology-driven transactions in the financial sector as the main reason for growing cyber frauds. Exploiting technology vulnerabilities has become the weapon of choice for fraudsters. Yet another ASSOCHAM – PwC report ‘Evolution of eCommerce in India: Creating the Bricks Behind the Clicks’ says, eCommerce has grown at a compound annual growth rate (CAGR) of 35 per cent in the past few years. The overall eCommerce business, which is valued at $17 billion now, is expected to cross $100 billion over the next five years. As it expands, so will be the incidence of cyber frauds. As of now, the country’s eCommerce industry is relatively small compared with its size in countries such as the US and China. A big market with high value eCommerce transactions is a rewarding marketplace for cyber criminals. You have to look at some of the cyber-attacks such as Target and Home Depot that […]
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