Telecom fraud on the rise
http://www.billingworld.com/archive-detail.cfm?archiveId=7575 Fraud continues to pound the U.S. telecom industry with little sign of letting up. Fraudulent use of networks and theft of services in all sectors of the telecom industry continue to grow between 10 percent and 12 percent annually. Though accurate fraud figures are nearly impossible to pin down, between $4 billion and $22 billion is lost each year, and up to 10 percent of a carrier.s bottom line is lost to simple subscription fraud and other low-tech scams, such as when criminals sign up for service using fake names.
On Sat, 10 Jul 2004, Sean Donelan wrote: : 10 percent of a carrier.s bottom line is lost to simple subscription fraud : and other low-tech scams, such as when criminals sign up for service using : fake names. If their sales personnel were not allowed to sign up accounts over the phone or online without doing a credit report and they were not forced to meet inflated quotas, a lot of those accounts would never be accepted in the first place. Identity theft is the #1 fastest growing crime right now because it is easy money and easy to get away with. I laugh every time I see those Citibank identity theft ads on TV because, as funny as they are, they speak the truth. Cell providers are the worst offenders of all. -- Scott Savage scott(at)thewaystation.com www.thewaystation.com Random Quote: Deep Thoughts by Jack Handey OF ALL THE warning sounds that animals make, I think the one that's least effective on me is a kind of clicking noise.
On Sat, 10 Jul 2004, Scott Savage wrote:
now because it is easy money and easy to get away with. I laugh every time I see those Citibank identity theft ads on TV because, as funny as they are, they speak the truth. Cell providers are the worst offenders of all.
Sydney, July 12, 2004: The Australian Bankers' Association (ABA) has formed a new industry taskforce to set standards for enhanced authentication of online transactions. The ABA will develop these standards, with its member banks, who will assess the level of risk associated with each transaction and establish appropriate mechanisms to verify the customer's identity. While the new Taskforce works on the industry standards, ABA member banks will continue development of their own authentication initiatives. [...] David Bell, Chief Executive of the ABA, said: "Online banking systems are secure and have not been hacked. However, the banking industry recognises the very real threat posed by identity thieves obtaining customers. Internet banking log-on details in order to complete fraudulent money transfers." http://www.bankers.asn.au/ABA/Online/default.asp?DeptID=7&ArticleID=533
David Bell, Chief Executive of the ABA, said: "Online banking systems are secure and have not been hacked.
Oh, yeah? This guy is on dope if he actually believes that... While I will grant that online banking systems are among (maybe amongst?) the most secure that we deal with, to say that they have not been hacked is pure fantasy. Even in Australia. Jamie -- Jamie C. Pole Founder & Principal Consultant J.C. Pole & Associates, Inc. Office: 203-338-0901 Fax: 203-576-1355 Cell: 203-395-7737 Email: jpole@jcpa.com Purveyors of global threat management solutions... Information Security / Information Warfare / Information Forensics Corporate Fraud Investigations / Secure Electronic Commerce Comprehensive Law Enforcement & Litigation Support Services Law Enforcement Technology Training / Basic Police Training Police K-9 & K-9 Handler Training / Counterterrorism Advisory Services Transportation Security Assessment & Planning Services --
participants (3)
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Jamie C.Pole -
Scott Savage -
Sean Donelan