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Garlik: Financial crisis drives cybercrime wave; Growth in online
financial fraud fuels black market of personal information
(M2 PressWIRE Via Acquire Media NewsEdge)
RDATE:30102008
The number of cybercrimes committed in the UK soared last year driven
by a huge increase in online financial fraud.
The annual �UK Cybercrime' report from online identity experts Garlik
in collaboration with leading criminologists indicates that online
financial fraud grew significantly jumping nearly twenty percent to
250,000 incidents in 2007 compared with 207,000 in 2006. And Garlik
warns that further increases can be expected as more people turn to
financial crime to weather the worsening economic climate.
Overall, this year's cybercrime report concludes that more than three
and a half million online crimes were carried out last year - a rise of
nine per cent on the previous year's figures.
Garlik's study also points to the growing professionalisation of
cybercrime and specifically online financial fraud. This year's
research reveals that Britons' personal details and �stolen identities'
are increasingly being traded illegally on the Internet and, in the
process, fuelling a black market of personal information which has more
than doubled (from 27 to 57 different illegal trading networks) over
the past nine months. In fact, to date this year more than 19,000
illicit traders have been identified.
The �UK Cybercrime' report (available at www.garlik.com) published
annually and the first to chart the extent and types of cybercrime,
reveals �offences against the person' to be, by far, the most prevalent
cybercrime experienced by Britons.
More than two million victims suffered abusive or threatening emails,
false or offensive accusations posted on websites and blackmail
perpetrated over the internet, up from 1,944,000in 2006. The report
suggests the growing popularity of social networking sites has driven
this, providing a new widespread medium for online harassment virtually
impossible to police.
However, the Garlik research also reveals encouraging drops in certain
categories of cybercrime. Online identity theft incidents dropped by 8
per cent to affect just over 80 thousand victims, computer
misuseaffected 132,800 people compared to 144,500 in 2006, and the
number of online sexual offences fell by two per cent to 830,000.
Garlik CEO, Tom Ilube commented on the report findings: "The startling
growth and professionalisation of online financial fraud is the big
story coming out of this year's study. What we're seeing is
cybercriminals increasingly turning to ever sophisticated and
professional techniques for trading and selling personal data for
financial gain.
It's critical in this time of financial crisis that individuals are
vigilant with their personal information because as long as the credit
crunch continues, we can expect to see a real growth in online
financial fraud."
Stefan Fafinski, CEO of criminology firm 1871 Ltd, authors of the
report, said: "Cybercrime remains an issue of significant and growing
public importance. While I would heartily support the Government's new
initiatives to measure cybercrime and raise consumer awareness of the
issue, it's ultimately up to individuals to keep track of where their
personal information appears and assume responsibility for protecting
themselves online."
For a full copy of the report please visit www.garlik.com
Category of cybercrime
Incidents committed in 2006
Incidents committed in 2007
Online identity theft
92,000
84,700
Online financial fraud
207,000
255,800
Online offences against the person
1,944,000
2,240,000
Computer misuse offences
144,500
132,800
Online sexual offences
850,000
830,000
TOTAL
3,237,500
3,543,300
Notes
Criminologists from specialist consultancy 1871 Ltd conducted the
research between January and October 2008.
About Garlik
Garlik, the online identity expert, was founded by Mike Harris,
founding CEO of Egg plc, former Egg CIO Tom Ilube and former British
Computer Society president Professor Nigel Shadbolt. As the first
company to develop a web-scale commercial application of semantic
technology, Garlik enables consumers to find and understand what
personal information is in the public domain about them and manage how
their identities appear online.
Garlik has appointed a panel of world-class ID protection and
technology experts to advise the business including Professor Wendy
Hall CBE from the University of Southampton, Sir Tim Berners-Lee, the
inventor of the Web, Simon Davies, director of Privacy International
and Daniel Cooper, renowned privacy lawyer with Covington & Burling. In
January 2008, Garlik was selected as a World Economic Forum, Davos,
Technology Pioneer.
Garlik is backed by three of the UK's leading blue chip investment
firms, 3i, Doughty Hanson and Noble Venture Finance.
CONTACT: Garlik
WWW: http://www.garlik.com
Sarah Davidson, Band and Brown Communications
Tel: +44 (0)20 7419 7000
e-mail: sarah.davidson@bbpr.com
Andrew Farmer, Band and Brown Communications
e-mail: andrew@bbpr.com
((M2 Communications Ltd disclaims all liability for information
provided within M2 PressWIRE. Data supplied by named party/parties.
Further information on M2 PressWIRE can be obtained at
http://www.presswire.net on the world wide web. Inquiries to
info@m2.com)).
Copyright ? 2008 M2 Communications Ltd.
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