5 countries from which the most online fraud attempts are made

INTERNET ANTI-FRAUD COMPANY IDENTIFIES DANGER AREAS
 
Iovation names the top 5 countries from which the most online fraud attempts are made.
 
The internet anti-fraud protection company Iovation has claimed that transactions originating from the country of Ghana are most likely to correlate to fraud.
 
In 2011 overall, Iovation stopped 50 million fraud attempts, and has compiled from its records the worse countries generating fraud assaults as a percentage of overall transactions originating within those countries.
 
According to the company, its most dangerous top 5 countries are:
 
Ghana
Nigeria
The Philippines
China
Israel
 
Iovation detected a 400 percent increase in fraud via mobile devices last year. Although these devices represent only 4 percent of the overall fraud total, this dramatic increase mirrors general growth trends for mobile usage, and indicates that recognising and stopping fraud will only become more challenging.
 
In related news, data recently released by Fico, a provider of analytics and decision management technology, shows that across Europe card-not-present (CNP) fraud has dramatically increased, accounting for 72 percent of all fraud losses between March 2009 and March 2011.
 
The big reason for this change? Chip and PIN technology, which has helped reduce counterfeit fraud by 60 percent over the same period.
 
In comparison, a similar study conducted three years ago found that 'card present' fraud accounted for 60 percent of Europe's credit card fraud. But since European banks adopted the smartcard payment system, that number has dropped significantly over the past couple of years.
 
Speaking at ICE recently on "Why Internet crimes go unpunished," security expert Roger Grimes quoted from the FBI's 2011 Internet Crime Report, which revealed that of the more than 300,000 US complaints that netted criminals $1.1 billion in 2010, law enforcement agencies convicted an average of only one criminal for every 50,635 victims.

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