It appears that as far back as history records it humans have been guilty of defrauding one another. We have shown that as early as the 1940s Norbert Wiener voiced concerns about the ethical issues that the computer revolution would bring. Early hackers were e-rebels who felt that cyberspace should be unlimited so they experimented with ways to challenge the established users such as AT&T, IBM, and other major players. It didn’t take long for these rebels to become criminals. Mark Rifkin who in 1978 stole $10.2 million from a California bank, and Robert Morris who caused $98 million in damage and crippled 6,200 computers in 1988 lowered themselves from the rank of rebel to criminal. It was crimes like these that necessitated legislation that would define the crime of e-fraud, special crime units to police the laws, and inventing a variety of techniques to detect e-fraud.
We have disclosed that e-fraud is global, a trillion dollar drain on the world’s economy. Credit card fraud alone topped $4 billion in 2002. This crime touches people, processes and technology world-wide. Therefore, it is time for company executives to take an active role in making sure all possible precautions are taken to prevent e-fraud. Developing risk management solution aids like payer authentication, Decision Management Software (DMS) that can detect patterns which are unusual, SSL technology, Solaris Web and Proxy Servers, stronger passwords, smart-chips, less intrusive firewalls and other devices that can assist in detecting e-fraud will be essential to controlling it in the future.