Smart SpendingSmart Spending

Cybercrime claims 1 million victims a day

In the US alone, more than 74 million people were victims of some form of cybercrime last year, leading to $32 billion in direct financial losses.

By MSN Money Partner Sep 8, 2011 11:27AM

This post comes from Jeanine Skowronski at partner site MainStreet.

 

Americans have gotten all too familiar with cybercrime during the past year, following large-scale data breaches at Citibank, Sony and Epsilon, but the problem may still be worse than you think.

 

According to a report from antivirus software manufacturer Norton, global cybercrime has claimed 431 million adult victims in the past year, costing countries $114 billion in direct financial losses. That figure jumps to $388 billion when you factor in the value that victims place on the time they spent recouping the losses.

 

Last year, in the U.S. specifically, more than 74 million people were victims of some form of cybercrime, leading to $32 billion in direct financial losses.

 

After extrapolating survey results, Norton found that every second, 14 adults worldwide are victimized by online fraudsters, which is more than 1 million people every day. Post continues after video.

Examples of cybercrime include emailed viruses and malware (still the most prevalent offense with 54% of respondents saying they have experienced this type of fraud), online scams (11%) and phising messages (10%), which attempt to obtain personal information through deceptive links in emails. The figures are based on surveys of 19,636 people in 24 countries.

 

Norton says those types of online scams have become more prevalent partially due to growing popularity of smartphones, which offer another digital platform for fraudsters to exploit.

 

The company cites in its report that, when looking at global estimates, cybercrime costs world governments more than the marijuana, cocaine and heroin black markets combined. Based on stats from the United Nations Office on Drugs and Crime, those illicit trades cost $141.1 billion, $85 billion and $61 billion, respectively, for a total of $288 billion.

 

We did some digging and found that cybercrime losses more than surpass some countries' entire GDP, such as Iceland ($11.82 billion), Malta ($10.41 billion) and Barbados ($6.23 billion). It also dwarves productivity losses due to insomnia ($63.2 billion), long-term care obligations ($33.6 billion) and March Madness ($1.8 billion), though having that money back would do little to solve the country's astronomical debt problem.

 

More on MainStreet and MSN Money:

12Comments
Sep 20, 2011 4:29AM
avatar

That is nothing compared to the crime Mortgage companies, insurance companies, Banks or Big Pharmacy is handing down in terms of fraud and corruption.  Crime has become the way of business and with no consequences...

You tell me who the criminals are...

Sep 20, 2011 7:00AM
avatar

Forging documents is a class D Felony.

Every single Illegal Immigrant that has a fake Social Security card and I.D. to get a job, is guilty of a Felony.

So where is all the prosecution ?

Our Government has been asleep at the wheel for a long time. Electing to only enforce certain laws is ludicrous.

Sep 20, 2011 5:07AM
avatar
If they would actually punish these people maybe it wouldn't be so bad. But the slap on the wrist that get just doesn't cut it. I would treat them with extreme prejudice
Sep 20, 2011 8:48AM
avatar
Common sense is the greatest weapon in the fight against cyber crime. Unfortunately, it's in EXTREMELY short supply.
Sep 20, 2011 4:52AM
avatar

Well exactly whose fake social security cards do you think the illegal immigrants are using?

How are they going to protect us from cyber crime when they won't enforce laws already

on the books and they know where they are coming from?

The goverment has elected a new people and it ain't YOU!!!

Sep 20, 2011 6:35AM
avatar
Why are we responsible for cybercrime?....We're simply using a system that banks, credit card companies etc. discovered and worked for a while.  Now that it no longer functions well, they need to outsmart those who participate in the crime.  You made it up....now fix and don't blame Americans because you cannot repair the problem.
Sep 20, 2011 7:16AM
avatar

I'm rolling my eyes. How often do people continue to trust everything they read online? If they get an email from a stranger, do they trust that email? .

 

So IMO, people should be vigilant on the Net, and most importantly, get good antivirus software, etc. There's no guarentees you will be 100% safe, but it is better than nothing.

Sep 20, 2011 7:49AM
avatar
Rediculus numbers,  with no scientific backing .I couldt finish reading  the article, do you think we are allll foolls, get real.
Sep 20, 2011 7:36AM
avatar

ANYONE, that would ost ANY information on line, that has the potential of hurting them, has to be OUT OF THEIR MIND!

 

Come on folks, it's not like we're just beggining in the "CyberWorld", this has been going on now for atleast 20 years, CAN YOU NOT READ OR HEAR?

Sep 20, 2011 9:41AM
avatar

Fraud is not only unknown emails.  Sometimes they are sites that appear to be valid.  It is simple to change your computer security setting.   People like to click on "free" notification sites...don't trust any of these.

Sep 20, 2011 10:31AM
avatar

Common sense made the endangered species list.

It's a known fact this virus has infiltrated the government.

They don't know how to empty the bit bucket.

Sep 12, 2011 6:24PM
avatar
The world is changing...however the spectrum remains the same...light will always brights and thieves will be caught...sooner or later, of  course. But THEY WILL PAY!!! 
Report
Please help us to maintain a healthy and vibrant community by reporting any illegal or inappropriate behavior. If you believe a message violates theCode of Conductplease use this form to notify the moderators. They will investigate your report and take appropriate action. If necessary, they report all illegal activity to the proper authorities.
Categories
100 character limit
Are you sure you want to delete this comment?

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

ABOUT SMART SPENDING

Smart Spending brings you the best money-saving tips from MSN Money and the rest of the Web. Join the conversation on Facebook and follow us on Twitter.

VIDEO ON MSN MONEY

TOOLS

More