Cyber Crime Wave

Reuters reports that, as the worsens all over the world, cyber crime is increasing dramatically. Read the full story here.

The crimes include old friends, such as the Nigerian scam and auction , as well as credit card , Ponzi schemes, and, according to sources I have read elsewhere, mortgage relief schemes.

Here is an excerpt:

    Scammers in the United States comprised 66 percent of complaints referred to authorities, followed by Britain at 11 percent, Nigeria 7.5 percent, Canada 3 percent and China 1.6 percent. Within the United States, the bulk originated in California (16 percent), followed by New York and Florida.

    Fraudulent sales on online auction sites like Inc and classified sites like contributed to a 32 percent rise in the hottest area of online fraud — non-delivery of promised merchandise, the report said.

    That area alone made up about 33 percent of all complaints serious enough to be referred to law enforcement.

    Other important areas included investment such as mini-versions of the $65 billion Ponzi scheme committed by New York financier Bernard Madoff in which money from new investors is used to pay existing investors.

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