Saturday, November 24, 2007

Your Bank Account For Sale

About those missing bank account details...

Official advice remains that you don't need to switch your account. We reckon that might easily end up costing taxpayers billions in compensation once the Russian cyber-gangs get to work.

It's difficult to know just how much we might lose, but a starting point is the black market price of stolen account details. And as you can see from the price list above (taken from Symantec's latest Internet Security Threat Report), they fetch up to $400 apiece.

You have to figure on at least a ten-times multiple in terms of prospective take from your account, don't you? So 7m accounts times $4000 equals $28bn, or roughly £14bn.

And like we say here, it could be more.

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