Hackers on the Rise 82,094 reported instances in 2002 By
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Hackers on the Rise 82,094 reported instances in 2002 By John Florinis, Scotiabank (Source: CERT, 2003)) Symantec reported 689 attacks on FI’s 52,658 in 2001 and 21,756 in 2000 55% increase – How many go unreported? 48% of those attacks were severe (Source: Symantec, 2003) Symantec reported 616 attacks on ecommerce merchants 19% of those attacks were severe (Source: Symantec, 2003) www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
Hackers 24% of hacker attacks are intended By John Florinis, Scotiabank 76% are opportunistic (Symantec, 2003) Hackers fall into 2 groups: Thrill Seekers – hack for the challenge Professionals – usually work for foreign governments and organized criminal gangs www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
Credit Card Fraud By John Florinis, Scotiabank Projected Visa fraud in Canada is over 92 million 330,686 fraudulent transactions Average sale 105.91 Average loss 278.83 1% of transactions are fraudulent Internet fraud accounts for 5% ( 4.6 MM) of Visa Canada’s total fraud loss Source: Visa Canada presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 www.paymentech.ne As t 21/01/03
By John Florinis, Scotiabank Credit Card Fraud www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
By John Florinis, Scotiabank Credit Card Fraud www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
Identity Theft By John Florinis, Scotiabank Definition: “Identity theft or fraud involves “stealing” another person’s identifying information, such as SIN number, DOB and mother’s maiden name, in order to to fraudulently establish credit, run up debt, and take over any financial or miscellaneous accounts, and obtain false documents” - Ariana-Michele Moore Celent Communications www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
Identity Theft Over 100,000 identities are stolen every year in the U.S. Rising at a CAGR of 20.7% from 2002 – 2006 (Source: Celent Communications) By John Florinis, Scotiabank (Source: Celent Communications) The Internet has given criminals a new way to obtain personal information Example – Criminals created a spoof eBay site and had customers enter credit card details and personal information. Example – Job posting sites www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
By John Florinis, Scotiabank Identity Theft www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
Identity Theft Impact on Financial Services Industry By John Florinis, Scotiabank Over the past 5 years identity fraud has cost close to 2 billion USD. Intangible loss – brand equity and consumer confidence. Increase in security spending and employee training. (Source: Celent Communications) www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
By John Florinis, Scotiabank Identity Theft www.paymentech.ne As t presented to FCA 240 at Seneca March Paymentech proprietary and confidential information 2003 21/01/03
