Your tax consumers pay dollars for the fight against fraud
In 1998, the Federal Trade Commission wondered aloud if the Internet is the way phone numbers of 900 promising technology, despite their potential origin, in a fraud-ridden, rarely used systems payment. The FTC guard against the fact that the trend growth of online business, reverse, unless, cyber-crime was immediately launched. But barely a year after the report, law enforcement authorities are still barely begun.
With an estimated 150 million people online, it is not surprising that crime on the Internet is booming. Online crime is easier, cheaper and more efficient than their Real-World-over, and make the Internet a crime gives quick access to a huge reservoir of duplicates. The National Consumers League reported that complaints filed by consumers of Internet fraud increased by 600% in 1998 - a year when the population online for only 37% (according to the new media company research Jupiter Communications) . The online fraud generates auctions, most of the complaints, what e-auction houses eBay and Amazon automatic Institute insurance transaction and provide third escrow services.
In addition to trade regular Internet users account for about 30% of its personal online securities trading. In addition, in the sense that it was easier for individual investors storage for commerce, the Internet reduces the consumption legwork artist to train traditional securities fraud. The sale of unregistered securities, Ponzi and pyramid schemes announces storage, and pumping stations and dumping may be a question of the keyboard. And with artists, but it may be even more legitimate pages forges brokerage license and credible Dealer news, as they link to websites popular. Accordingly, in the last two years, the number of complaints of the Securities Exchange Commission receives each day by e-mail exploded in 2000%.
As the Commission is a response to fraud on the Internet? Tell speakers Hynie John: “The Commission’s approach was that the Commission enforces the law SEC - injuries, transactions with securities markets - according to the same rules, whatever the medium in which these operations take place. ” What that could mean the SEC, working with other governments and federal enforcement authorities, has less than 70 cases of securities fraud because he began to observe the Internet in 1995 — and only two convictions. Cyber Force, the Commission has recently shored up, now consists of approximately 200 Division of the implementation’s lawyers, accountants, analysts and volunteers who work part-time trolling the Internet for violation of securities law. Not nearly enough, according to a report in March by the Senate Subcommittee on State Affairs to investigate. The report questioned the long-term effectiveness of the SEC programs fight against crime online, cited lack of technology and improved staffing levels abrasion.
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