The Unseen Identity Theft - Part 1

In February 2005, Joe Lopez, a businessman from Florida, filed a law suit against Bank of America after unknown hackers stole $90,000 from his Bank of America account and finding it had been transferred to Latvia.

An investigation showed that Mr. Lopez's computer was infected with a malicious program, Backdoor: Core flood, which records every keystroke and sends this information to malicious users via the Internet. This is how the hackers got hold of Joe Lopez's user name and password, since Mr. Lopez often used the Internet to manage his Bank of America account.

However the court did not rule in favor of the plaintiff, saying that Mr. Lopez had neglected to take basic precautions when managing his bank account on the Internet: a signature for the malicious code that was found on his system had been added to nearly all antivirus product databases back in 2003.

Joe Lopez's losses were caused by a combination of overall carelessness and an ordinary keylogging program.

About Keyloggers

The term 'keylogger' describes the program's function. Most sources define a keylogger as a software program designed to secretly monitor and log all keystrokes. This definition is not altogether correct, since a keylogger doesn't have to be software – it can also be a device. Keylogging devices are much rarer than keylogging software, but it is important to keep their existence in mind when thinking about information security.

Why keyloggers are a threat

Unlike other types of malicious program, keyloggers present no threat to the system itself. Nevertheless, they can pose a serious threat to users, as they can be used to intercept passwords and other confidential information entered via the keyboard. As a result, cyber criminals can get PIN codes and account numbers for e-payment systems, passwords to online gaming accounts, email addresses, user names, email passwords etc.

Once a cyber criminal has got hold of confidential user data, s/he can easily transfer money from the user's account or access the user's online gaming account. Unfortunately access to confidential data can sometimes have consequences which are far more serious than an individual's loss of a few dollars. Keyloggers can be used as tools in both industrial and political espionage, accessing data which may include proprietary commercial information and classified government material which could compromise the security of commercial and state-owned organizations (for example, by stealing private encryption keys).

In recent years, we have seen a considerable increase in the number of different kinds of malicious programs which have keylogging functionality. No Internet user is immune to cyber criminals, no matter where in the world he/she is located and no matter what organization they work for.

For the complete read and all it's helpful tips, click HERE!

Zachary T. Brown
Marketing Director
StormsEdge Technology

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