Report: Cost of phishing not so high

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Cost of phishing not so high a $150K to $500K nuisance

depending on who you listen to. The TowerGroup would like us to think phishing is no big deal. I mean gosh it is only $150K and the financial instituttions absorb the cost. Oh really?

Towergroup did not take into account the heartache incurred when one realizes they have lost their identitiy and has to take the steps to clean up the mess. That mess usually takes YEARS to recover from and costs big bucks to clean up. Phishing scams usually strike the elder population because they are generally more trusting. It was the way they were raised and they are not as jaded as people like me.

Take a peek at the what to do's at privacyrights.org's site and guess how much in time and money it costs to clean up.
http://www.privacyrights.org/fs/fs17a.htm

The financial institutuions do not wholely absorb the costs either. These cost are passed onto the consumers in forms of fees and higher interest rates.

Some nuisance huh? I hate buffalo bagel reports like this.

Posted by: Squawkbox   Posted on: 12/01/04 You are currently: a Guest | Members login | Terms of Use

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