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Enterprise fraud crimes 'growing rapidly'

Published on 9 Jun 2009 under category: legal

Levels of fraud crimes could rise in the coming year as cybercriminals increase their activity, one association stated.

The anti-fraud command centre (AFCC) of RSA, a security division of IT firm EMC, told ComputerWeekly that exploitation of email addresses and intellectual property is advancing.

Sam Curry, vice president of product management and strategy at RSA, said: "Cybercriminals are able to innovate much faster than legitimate business because they do not have any inhibitors like regulatory audits."

The expert added that some enterprise fraud crimes as being done to order, with email addresses for top executives being sold for up to $50 (£31) each.

Research from the AFCC found cybercriminals are realising the full benefits which can be gained from stolen information, adding that advanced crimeware means the groups are evolving faster than ever.

A recent study from payment service provider Sage Pay found over two-thirds of e-retailers think fraud is the most daunting element of their business.