ACMISCases-2 - E-Commerce E-Business Case#1 Phishing Phishing attacks also known as spoofs are fraudulent e-mails because they look as if a legitimate

ACMISCases-2 - E-Commerce E-Business Case#1 Phishing...

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E-Commerce & E-Business Case #1 “Phishing” Phishing attacks” also known as spoofs - are fraudulent e-mails because they look as if a legitimate business is asking for personal information from unsuspecting victims. Internet security companies try to distinguish legitimate e-mails from fraudulent ones. However, as the vice-president of PostX an internet security company Mr. Scott Olechowski says that phishing attacks are becoming very sophisticated. He himself once received an e-mail from eBay asking him to enter and change his account password, and he was certain it was a spoof. He did contact eBay to make sure, and he discovered that the e-mail indeed was legitimate. Unfortunately, not all consumers will take the time to check an e- mail‟s authe nticity with a phone call. That‟s what worries companies like eBay, namely that as the sophistication of these phishing scams continue to grow, business could be disrupted and consumers‟ confidence in making transactions online could diminish. Organizations like Anti-Phishing Working Group (APWG) are being formed to help eliminate phishing attacks. These companies are made up of many members including law- enforcement agencies, technology vendors, major financial firms and e-commerce companies. They consider these attacks as undermining the entire e-business and e-commerce systems. As of 2004, there were 250 reported attacks on major banks and credit card companies in the United Kingdom alone. Most of these attacks appear in the form of an e-mail claiming to be from a recipient‟s bank or e -commerce site, asking them to click on a hyperlink to update a password or personal information. The link appears to lead to the companies sites, and the sites could be either fraudulent or real with a fraudulent pop-up. Once the recipient enters the information, the cybercriminals are able to steal money, or even identities. In many cases, if someone‟s information is stolen that way, the victims would not know, and may not be able to connect the incidents. In certain cases, larger firms were victims of phishing attacks within their own portals and e- business networks, and have not reported such attack from fear of “negative backlashes” amongst their customers and shareholders. Overall, based on reported attacks, apparently the response rate to fraudulent phishing scams is only 3%. But, that can quickly add up if millions of phishing attacks are being sent out.
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On a global basis, many phishing attacks may originate or appear to originate from servers located across the world, making it more difficult to track down and prosecute the offenders. Apparently, security experts have identified that criminal syndicates and organized crime or the “ mafia ” – are behind the more sophisticated attacks. Banks in Spain, Singapore, Australia‟s, Hong Kong, England and the United States have all been targets for such attacks and losses are estimated in billions of U.S. dollars. Even the Bank of England which is the central
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  • Summer '16
  • kinaz eetony
  • Systems Development Life Cycle, Harvard Business School, Strategic business unit, Advanced Cases

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