/ May 23, 2008

Explosion in Global Cyber Crime

According to the BBC, organized cyber crimes such as credit card or banking fraud are increasing at a rate of 40% per year, making this sector of crime the fastest growing in the world. Big and small time hackers worldwide are staking a claim to this 100 billion dollar industry.

Some might be surprised to hear that Brazil is home to the greatest number of cyber criminals. Like many other developing countries, Brazil is home to thousands of poor hackers looking to make a profit by skimming small transactions from bank accounts and sending phishing emails requesting credit card information. While billions of dollars are lost through cyber crime each year, some perpetrators argue that they steal from those who can afford it, and only in tiny amounts. One young Brazilian hacker named Fabio justifies his career, stating:

“I’m not trying to rob anyone who wakes up early in the morning and takes the bus, and has to get home and feed his kids, and doesn’t have money.”

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