ID theft: the new company perk?

Associated News last week highlighted some US companies are offering employees ID theft coverage as part of their benefit packages, explicitly acknowledging employees suffer from the crime (average clear up times are quoted as 200 hours) and that employers are 'indirect victims' too as the employee often needs time off work to sort the problems out. The market has seen the problem and simultaneoulsy a new market opportunity - a new type of insurance product. Company's too have begun to react too by acknowledging their interests in helping staff.


Analysts confirm phishing threat to consumer commerce

I came across a great whitepaper on bitpipe yesterday, distilling much of the latest thinking on phishing prevention. The Activcard Whitepaper highlights the explosive impact of phishing on ecommerce. According to the whitepaper, Gartner believes Phishing may halve the growth rates of ecommerce growth by 2007 unless rapidly addressed. Meanwhile Javelin strategy reports that 8 out of 9 consumers are altering their online habits in response to ID fraud and that just 1 in 5 consumers believes banks are 'extremely' competent in protecting their identity. Meanwhile banks continue to experience around 75% of phishing attacks, and Citibank alone experiences more than half of worldwide attacks. Activcard (predictably) suggests that static passwords are a fundamental weakness in bank security systems and suggests dynamic passwords and user authentication as critical elements of an anti-phishing solution.