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.
: 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.
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