Economics of identity theft

Stephen Dubner and Steven Levitt, the authors of the best-selling book Freakonomics and the consistently interesting Freakonomics Blog have a very interesting piece in today's New York Times on the economics of identity theft and credit card fraud: Identity Theft - Identity Crisis - Stephen J. Dubner and Steven D. Levitt - New York Times. Read more at the blog: Freakonomics Blog » Who Cares About Identity Theft?

US Appeals Court upholds eight year sentence for theft of e-mail addresses

According to Computerworld, a US Appeals Court has upheld the eight year setence for the theft of billions of e-mail addresses from Acxiom: Appeals court: Stiff prison sentence in Acxiom data theft case stands. It's worth noting that the convictions were under the federal hacking staute and not theft of information simpliciter.

Finding the smoking gun in security breaches

In most cases of fraud following a security breach, the biggest problem for consumers seeking a remedy is proving the connection between the breach and the ensuing fraud. According to CIO Blogs, the TJX breach is different and a small bank in New England has made the connection. It has found the smoking gun and says it will seek damages against the company.

This may be the wakeup call that will force companies to be more diligent about security. See: CIO Blogs - The TJX security breach. This one's different. Way different. |.

Thanks to John Gregory for the link.

Behind the scenes in organized online fraud

Wired News recently ran a very interesting, multi-part series that provides a behind the scenes look at organized credit card fraud:

Wired News: I Was a Cybercrook for the FBI

David Thomas ran one of the most popular online crime hubs, while the FBI ran him.

Tightening the Net

The Grifters operation makes headway against the notorious "King Arthur," the Moriarty of cybercrime.

Tracking the Russians

A U.S. agent tells of the frustration of tracking Eastern European criminal masterminds.

The Boards Come Crashing Down

The FBI shuts down its operation, as the Secret Service drops the hammer on the underground carding scene.