Consumer Issues
Cyber thieves selling your information for millions: Researchers
New York : Cyber thieves who steal credit and debit card numbers are selling your information for millions of dollars, a team of researchers has warned.
 
Thomas J Holt, Michigan State University criminologist and lead investigator of one of the first scientific studies to estimate cybercrime profits, said the findings should be a wake-up call for consumers and law enforcement officials.
 
"In the past two years, there have been hundreds of data breaches involving customer information, some very serious like the Target breach in 2013. It is a real economic phenomenon that has real economic impact and consequences," said Holt, associate professor of criminal justice.
 
For the results, Holt and fellow researchers analysed online forums in English and Russian where criminals sold stolen financial and personal information, often in batches of 50 or 100.
 
On average, a batch of 50 stolen credit or debit cards can make a seller between about $250,000 and $1 million.
 
Although, buyers, in turn, assume more risk of getting caught but if they succeed in using the information, they could make between $2 million (if only 25 percent of the cards worked) and nearly $8 million (if all cards worked).
 
"If we do not understand the scope of this problem, if we just treat it as a nuisance, then we are going to enable and embolden this as a form of crime that would not stop," Holt noted in a paper published in the journal Deviant Behavior.
 
Ultimately, Holt said he hopes to help protect consumers from the potentially disastrous effects of identity theft and credit fraud.
 
"My goal is make people cognizant of just how much their personal information means, how much value there is," Holt said, adding that "if we don't understand the scope of this problem, if we just treat it as a nuisance, then we're going to enable and embolden this as a form of crime that won't stop."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Lawyers scuffle, photo-journalist beaten in Delhi court complex
New Delhi : Two groups of lawyers on Wednesday scuffled within the Patiala House court complex here while supporting or opposing students of Jawaharlal Nehru University (JNU) who have been booked on the charge of raising anti-India slogans.
 
The showdown took place in the court premises before JNU Students Union leader Kanhaiya Kumar was to be presented in a court for hearing of the sedition case registered against him. Kumar's police custody ends on Wednesday.
 
A section of lawyers carrying Indian flags shouted slogans like 'Bharat mata ki jai' and 'JNU murdabad'. They also shouted slogans against the JNU and demanded shutting down of the premier educational institution, terming it "anti-national".
 
The lawyers also manhandled photo-journalist Sameer Yasik, of the Firstpost news organisation, who was covering the protests.
 
On the other hand, a group of lawyers protesting against Kanhaiya Kumar's arrest demanded his immediate release. 
 
Kumar was arrested after anti-India slogans were raised at an event held on the JNU campus to commemorate parliament attack convict Afzal Guru's execution on February 9.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Stock manipulation: Novagold Petro-Resources

Novagold Petro-Resources shot up by 691% between February 2015 and February 2016

 

Novagold Petro-Resources Ltd (NPRL) trades in shares and provides other financial services, according to its annual report of 2015. NPRL was earlier known as Osian LPG Bottling. As the name suggests, it was engaged in the business of bottling LPG. In January 2008, NPRL decided to venture into other business activities. This micro-cap stock reported revenues of Rs1.03 crore for the year ended December 2015, compared to revenues of Rs23 lakh in the previous year. NPRL reported a humungous net loss of Rs5.84 crore for the year ended September 2015 compared to a loss of Rs22 lakh for the year ended September 2014. The terrible financials have not deterred market manipulators from rigging up its stock. It shot 691% in just about a year—from Rs0.34 on 11 February 2015 to Rs2.69 on 3 February 2016. On most days, the trading volume remained under Rs1,000 per day. However, trading volume increased between March 2015 and August 2015, averaging a trading turnover of Rs3,000 per day. The stock price consistently moved up 3%-4% on each trading day. NPRL has just about 2,000-odd shareholders. In February 2011, the Securities and Exchange Board of India imposed a penalty of Rs1 lakh on NPRL for submitting incorrect information on shareholding pattern for the quarter ended December 2004. However, the regulator seems oblivious to the rampant price-rigging in NPRL.

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