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The size of Internet fraud
is, in all probability, much larger than you think. In the
absence of systematic worldwide scam reporting and policing
system - it is extremely difficult to assess total size of
the scam but sectoral or geographical studies point to a significant
scale. |
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For example,
Internetweek has reported that more than 1 percent of
total online sales (US$ 700 million) was lost due to fraudulent
activity in 2001 (according to Gartner Inc.'s G2 research
service). The $700 million, which represents 1.14 percent
of total online sales of $62 billion, is nearly 20 times higher
than the dollar value of fraud losses related to offline sales.
In an Internet survey of 1,000 adult online consumers in the
U.S., Gartner found 5.2 percent were the victims of credit
card fraud in 2001, while 1.9 percent were victims of identity
theft. |
