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Cybercriminals Ready for Banner Holiday Shopping Season
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Written by Daniel   
Thursday, 22 November 2007 09:19
Black Friday and Cyber Monday will kick off a record run for online fraudsters, researchers say

NOVEMBER 21, 2007 | 12:52 PM
By Tim Wilson
Site Editor, Dark Reading

Two days before Black Friday, and cybercriminals are on the brink of some of the best hunting they've ever had, according to companies that study the retail security market.
In the last week, several researchers have released their studies predicting cybercrime trends for the impending holiday shopping season. Unless you're a criminal, the news isn't good.

The cost of cyber fraud will rise to $3.6 billion this holiday season, up from $3.1 billion in 2006, according to the annual study conducted by CyberSource, an e-payment and risk management vendor. The percentage of fraudulent transactions will stay about the same -- around 1.4 percent -- but the costs of handling those incidents is rising, and the total volume of fraud is expected to increase along with the volume of online shopping, CyberSource says.

"The picture is one of merchants swimming harder against an accelerating current," says Doug Schwegman, director of customer and market intelligence at CyberSource... More Comment in the Forums
 

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