Crime Online: Cybercrime and illegal innovation

With the growing sophistication and use of information technology, the past decade has seen a major growth in cybercrime. Broadly described, cybercrime refers to all types of crime that exploit modern telecommunications networks, in which computers or computer networks are used for criminal activity. This report focuses exclusively on financial cybercrime, specifically credit card fraud and identity theft. Financial cybercrime has increased dramatically in recent years and looks set to increase further as the proliferation of communications technology proceeds apace and reaches regions of the world with many underemployed poor people with information technology skills who can take advantage of cybercrime opportunities. The current global recession will likely increase this trend still further.