There is a growing concern in Australia that the threat of cybercrime is not just increasing but exploding like crazy at a rapid rate. Recent data from the Australian Competition and Consumer Commission (ACCC) shows that from January to September of this year, Australians lost more than $47 million per month, as reported by ABC television.
Compared to the same period a year ago, the losses were 90 percent higher than they had been. The actual losses that cyber criminals perpetrate are likely to be quite large since only 13 percent of victims report losing their money to cyber crimes.
Cybercrime rates surged before the multiple high-profile data breaches that were reported by large corporations in recent months, which occurred before the recent spike in cybercrime. Cybercriminals exploited the lapses in security to steal the details of most Australians and this provided them with the opportunity to commit fraud or to steal their identity. Several reports have already leaked to the media regarding losses caused by those breaches as a consequence of the security breaches. For the nation, this will be a costly time as far as its infrastructure is concerned.
Identity Theft Prevention: What Can Individuals Do
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