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Hackers stealing $200billion per year worldwide

September 12, 2008 • Top Stories

Hackers are having it big worldwide, the global economy is losing almost $200 billion per year to the cyber thieves; this is according to Nigerian based Global Network for Cyber Solutions (GNCS).

GNCS say this alarming amount has prompted calls to include the menace as a threat to the security and peace of the world. The infamous scam called Advance Fee Fraud or 419 scam is marked as one of the largest contributor to the misappropriation of global funds, a disastrous to the global economy.

Other prominent cyber corrupt practices in the banking sector are ID theft using spyware, malware, online financial fraud network sabotage, denial of service attacks and hacking.

GNCS also claimed that the African banking industry needs to be protected from cyber crooks who have invented this tantalizing crime. The banks in Nigeria also added that they have lost almost N7.3 Billion owing to fraudulent activities.

Further, almost ever Nigerian internet user has received the fame mail in which the sender expects to provide a list of users’ kind help in shifting millions in funds from his country to the bank account of the user in return for a small commission. These kinds of mails are phishing mails and are not convenient. Mostly, Web users will either erase those mails or block them.

The GNCS also added that the apparent effect of rising challenge fraudulent activities to emerging economies changes into a big digital nightmare to Africa. With rising cheap Internet services because of low cost of Internet connectivity, it is anticipate that cyber crime will increase from the continent, making a fake claim that it will popularize Africa.
Also, it is the latest addition to the ancient Nigerian mail scam attacks, and at least one of them seems to be gaining traction.

The mails on the latest events offer hackers new ways to trap users in these frauds. Several users have been deceived for a variation that plays with people’s lack of information about how bank cashier’s checks operate. It seems to be the world’s most pervasive mail scam. There are several variations with the common theme.

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