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Economic Crisis Fueling New Cybercrime Wave, According to UK Cybercrime Report

The number of cybercrimes committed in the UK soared last year driven by a huge increase in online financial fraud, according to a report released by online identity firm Garlik. "Our annual UK cybercrime report in collaboration with leading criminologists indicates that online financial fraud grew significantly jumping nearly twenty percent to 250,000 incidents in 2007 compared with 207,000 in 2006."

The study also indicates a growing professionalization of cybercrime and specifically online financial fraud. "This year's research reveals that Britons' personal details and 'stolen identities' are increasingly being traded illegally on the Internet and, in the process, fuelling a black market of personal information which has more than doubled (from 27 to 57 different illegal trading networks) over the past nine months. In fact, to date this year more than 19,000 illicit traders have been identified."

Other interesting findings include:

• Overall cybercrime has risen by 9% from 2006
• Online financial fraud is up by 24%
• Online card fraud is up 45%
• 84,700 cases of online identity fraud
• 40% of all identity frauds are facilitated online

For more information about the study and a copy of the report click here.

Read full story: BBC

By CircleID Reporter – CircleID's internal staff reporting on news tips and developing stories. Do you have information the professional Internet community should be aware of? Contact us. Visit Page

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