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Countries Crossing Borders to Protect Against Internet Fraud

A plan by 30 industrial countries will allow them to share information on one of the fastest growing crimes around: cross-border fraud. The FTC, in announcing U.S. participation, said that agency alone received 300,000 complaints involving cross-border fraud last year, nearly double that of 2001. FTC added that such fraud is growing in tandem with growth of the Internet. One of the most common schemes is the "Nigerian scam," in which people claim to be Nigerian officials seeking a way to get money out of their country and offering to transfer millions of dollars to a consumer's bank account for a fee. People provide their banking information, and they often get official looking documents, but no return income. Another common scheme uses telemarketing and direct mail to entice U.S. consumers to enter foreign "lotteries." To combat the schemes, the U.S. will join the other members of the Paris-based Organization for Economic Cooperation and Development in coming up with ways to share information and pursue con artists.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 6, 10/10

First published on 10/10/2004

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