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Phishing websites stole $3 billion in China
Category : General 16 Jan 2011 04:58 AM | Industry News
In 2010, the number of new viruses introduced in China was down by 56 percent to 7.5 million, but new phishing websites increased by 10 times and skyrocketed to 1.75 million.
Accsued by Beijing Rising International Software Co., there were more than 44 million phishing cheating cases in 2010, which amounted to a total loss of more than $20 billion yuan ($3 billion USD).
Phishing is a process of attempting to acquire sensitive information such as usernames, passwords and credit card details by disguising as a trustworthy website.
The report further revealed that the most adversely hit group of consumers by the phishing scam were online gamers and online banking customers. Moreover, the report also referred to a scenario where a customer, who was active in online banking was ripped off by “Super Online Banking Trojan”; phishing software. The big leap in activities related to phishing is somewhat because of the increasing growth in the e-commerce sector of China that has led to an increasing amount of flow of capital online.
China's largest online retailer, Taobao.com, also saw the number of its users more than double in 2010. Taobao.com users increased to more than 370 million, up from 176 million in 2009.
"But security services and users' security awareness have not grown to keep pace with the development of e-commerce, leaving it vulnerable to computer viruses and phishing activities that undermine the development of e-commerce in China," said Su Huiyan, an e-commerce analyst with iResearch, an IT consultancy.
"Once they are tricked, some customers will lose their trust in e-commerce and stop shopping online forever," Su said.
"It is essential for China's e-commerce development that the government and online retailers make moves to provide more reliable security services and create a safe online shopping environment."