I had a chance to talk with some heavy hitters in the world of online security during a summit in Seattle. Website owners, law enforcement, and consumers all got together to discuss the latest trends in combating cybercrime, and the latest threats in keeping your personal information safe.
The conference organizers say that information is the key. It's getting harder to keep up with technology, so a lot of us feel overwhelmed, and tend to be a bit naive about the growing threat to our personal information online. Although I hate to toot my own horn (toot toot!), what we're doing here on this blog is so great. I'm going to keep providing you with the information, and you keep telling me what you're seeing: scams, ripoffs, fraud. Together, we'll stay one step ahead of the bad guys.
I talked with USA Today tech writer Byron Acohido at the conference. he, along with Jon Swartz have written an amazing book, "Zero Day Threat". It details how hacking has gone from a game for thrill seekers, to a new and lucrative realm of organized crime. According to a survey of 260 security experts, we can expect to see a huge increase in personal data crimes in the next several years. The experts also predict a rapid rise in debit and credit card fraud online, and funds being hijacked from online accounts.
Next week, I have a shocking story about how pervasive online fraud has become. One expert tells me that 40% of computers have been infected with malware, or have been "botted". That means that crooks have been able to hack into their system, without the user even knowing, and are connecting that zombie computer with thousands of others around the world. They are stealing data, selling data, and using data. The crooks are very saavy. They will activate your computer while you're asleep, and if you left your computer on, the crooks will then wake your computer up, and take your data, organize it, and either sell it, or maybe they will use it themselves. Maybe they will take a couple hundred bucks out of your savings account. A small enough amount that you probably won't notice it. Then they'll switch your computer off and call it a day. making thousands of transactions like these every month, you can see how online fraud has become a $100 billion a year business.
You also won't believe the sneaky ways the crooks are suckering people in to steal the information. It may make you close your online banking account.
I'm Bill Wixey, keeping your money safe.