Getting your money on the move

A report from ABI Research has forecast that about 244 million people worldwide will be using their mobile devices to carry out financial transactions with their banks. Indeed, Asia (with India taking a strong lead) is already pushing this technology forward.

Needless to say that while the move towards mobile banking is a positive one, and almost certainly something that we’ll all get a chance to participate in over the coming years, it also opens the door for more security concerns. Back in September, Symantec’s Ray Greenan and Matts Aronsson spoke to TMCnet about just that.

What is clear is that as more and more valuable information is stored on mobiles, the more of an opportunity they present to cybercriminals. Data such as bank account numbers, credit card details, passwords and telephone numbers can all be sold on the underground economy.

For the banks who are rolling this out it’ll be important that as part of their Due Diligence they ensure they put adequate security measures in place and, vitally, educate end users on how to be safe.

February 23, 2010 | Filed Under Miscellaneous, security | 1 Comment 

Credit Card Information… Going Cheap

Symantec’s latest Internet Security Threat Report has updated its figures on the cost of information on the underground economy. Topping the list again this year is credit card information – but the prices is 40% less than last year! How much for your credit card details… a measly $0.06. Or about 4p. Staggering isn’t it. The quantity of information has also gone up, indicating that more people are falling for scams and exposing their credit card numbers and in a typical supply and demand economy there are also more people selling the information. Phishing sites were up 66% on 2007 and the most popular topic… finance.

Email passwords were also on the list and moved up to #3 behind credit card and bank details. Why? Well, there is a lot of information stored in email, including things like credit card details and bank information. Usernames and passwords in general are useful to the cyber-criminal, if its for someone at home, they might have access to one or two pieces of useful information – but if it is a work account, then they might be able to obtain access to complete customer details, or new product details or sensitive financial information.

In tough economic times one of the goals for companies and individuals alike is to save money… and one of the best places to do that is on the Internet. There are a lot of genuine Internet bargains out there but unfortunately there are a lot of scams as well. Just be a little extra vigilant and watch a little closer for them – after all a bargain that appears too good to be true probably is… and you could end up being the victim of fraud.

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April 14, 2009 | Filed Under security | Leave a Comment 

How Much For Your Name?

Symantec recently conducted some consumer research where we asked people to put a monetary value on different pieces of their identity. In other words,  the vital information that we all use when making transactions on the Internet. 
 
Most people thought that their name was worth about a pound, and 89 per cent would happily share it with someone they didn’t know. But when it came to their date of birth, people were a little bit more wary. Only 23 per cent of people said they would share it with someone they didn’t know, and people tended to put a value of £100 on it.
As for other pieces of important information, bank and credit card details, passports and password information, most people valued these at £100 apiece. Only 1 per cent of people said they would share their bank details, passport or password information with someone they did not know.
In reality your personal information isn’t worth all that much to the cyber criminal, unless they’re dealing in bulk.   A recent Symantec Internet Security Threat Report found that UK bank account details are being sold in bulk on “cyber crime supermarket” style underground economies, for as little as £5 an account.

So, how much is your name worth? Unfortunately not a lot, the price has come down for the cyber-criminal, while the impact to you should your information be compromised has gone up.

You can get a complete copy of the findings and recomendations in our new online security guide (3MB).

October 15, 2008 | Filed Under data-loss | Leave a Comment