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Jeremy Frommer, CEO of Hedge Fund LIVE Jeremy Frommer has 20 years of industry experience and is currently responsible for general management and leadership of the General Partner. Previously, Mr. Frommer was a Managing Director and Head of the Global Prime Services Group (“GPS”) at RBC Capital... More
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  • Lack of a Hacking Hiatus 0 comments
    Dec 1, 2010 8:19 AM

    It’s been all over the news. The infamous “WiKiLeaks”.

    However, the U.S. Government (and other large institutions) don’t seem to be the only victims of hacking this week. Cyber Monday, which was the result of a successful “Black Friday”, seemed to open the door for Hackers as well. While consumers were out shopping for on-line deals yesterday, Hackers were out shopping for the same customers’ personal banking information and more. Trojan software, which are installed on consumer computers without them knowing, are used to mimic legitimate sites and capture log-ins, passwords, and other pertinent information.

    According to some hackers, “every day is a Cyber Monday” when it comes to hacking and obtaining one’s personal information off the net. Sales for this type of information vary from as low as $1 to as high as $1,000 per name (which all include the billing information, bank account log in, address, credit card number & 3-digit code of these consumers). A higher Black Market Price is usually placed on the personal information of the wealthy and super-rich.

    Fortunately, people and on-line vendors have smartened up when it comes to “phishing” and are taking additional measures to secure sites and teach consumers how to protect themselves about Cybercrime.  And although it is out there, the demand for this type of information is far less than it’s supply at this moment. One of the reasons why information is still being sold at $1-$2 a pop.

    Disclosure: None
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