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| Identity
theft is one
of the worst
consequences
of phishing and
online credit
card fraud. This
larceny usually
starts with a
phishing site
or online spoof
that succeeds
in capturing
enough personal
and bank information
to allow the
fraudsters to
imitate the account
holder. Because
phishing email
can come from
anyone masquerading
as a bank or
merchant, it
is very difficult
to detect. |
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| WebLOQ private
email cannot be
used for phishing
because of the
lack of anonymity
and secrecy of
sender addressing
within WebLOQ.
Furthermore, the
identity confirmation
that is baked into
WebLOQ assures
that all emails
are from known
senders. The result
- any email received
from your bank
within your private
community is valid
- conversely, any
email received
on the public side,
claiming to be
from your bank,
will be defacto
fraudulent. As
financial institutions
increase their
adoption of WebLOQ,
their customers
will become safer
from online fraud
and identity theft. |
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| Why
is Protection
from Identity
Theft Important
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| The continued
explosion of online
fraud and identity
theft has cost
consumers and financial
institutions billions
of dollars. Perhaps
the best known
form of online
identity theft
is "phishing." This
is where criminals
send e-mails asking
prospective victims
to verify personal
information through
links to real-looking
Web sites. There
were 13,776 distinct
phishing attacks
in 2006, according
to the Anti-Phishing
Working Group.
All told, as many
as 88 million Americans
-- more than one
in four -- had
digital data exposed
in the past 18
months. (Business
Week, July 2006) |
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The cost to
businesses and
individuals to
recover from identity
theft is staggering
- it represents
the largest crime
wave in the history
of the world -
disrupting business
continuity and
the personal lives
of its victims. |
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