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China loses US$46B to cybercrime in 2012
From: InfoSec News <alerts () infosecnews org>
Date: Tue, 29 Jan 2013 01:41:02 -0600 (CST)


By Liau Yun Qing
January 29, 2013

Online crimes such as fraud and personal information theft have cost China 289 billion yuan (US$46.4 billion) in 2012, but the lack of legal support makes it tough for local authorities to reduce the losses.

Citing a study by the People's Public Security University of China on Internet crimes in the country, Global Times reported Tuesday that local public security departments investigated more than 118,000 Internet crimes last year, with many cases involving multiple victims.

The study noted an average of 700,000 Internet users in China are victims of cybercrime each day. However, many victims do not report the crime as the cases may involve only small amounts of money and are thought not worthy of involving the authorities, it added.

Topping the list of online crimes, according to number of victims and money involved, are fraud, prostitution, pyramid selling and personal information theft, it stated.


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