E-mail fraud has grown from 4-16% in the last six months, and it only takes 6.4 days for a system to be attacked after vulnerabilities are exposed. IP owners convened at an e-Crime Congress yesterday in London to discuss the problem of internet fraud. Computer hackers are no longer breaking into systems for fame; they are doing it for money. In an economy where security is a marketing tool valuable to the brand, companies that process secure information online must work to instill confidence in their consumers.

“Sixty-one per cent of internet users are concerned with online credit card safety,” said Tim Morris, Vice President and Regional Head, Security & Risk Asia Pacific, MasterCard international. “Merchants must be willing to adopt new payment technologies. And we must work to shut down collusive merchants who can run businesses from a bedroom with a great looking website.”

Experts see consumer education as a critical step in fighting online fraud. David Litchfield, Managing Director and Chief Research Scientist at NGS Software Ltd, suggested that the government adopt a national computer security day, in the same vain as national no smoking days, in which people are educated on how to secure their computers. Litchfield also thinks the government should take greater strides in ensuring e-criminals are apprehended and fully prosecuted.

“It is a fantasy to think that you can get full security,” said Litchfield. “Inevitably, people are going to break into your system. There have to be consequences for these people – law enforcement response and jail – so that nobody will want to take the risk.”

In an age of quickly advancing technology, many companies find it difficult and expensive to keep their security systems up-to-date. How much money should a company spend on security? Litchfield compares this decision with insuring one’s car.

“You have to accurately access the risk,” he said. “It is hard to put a measure on it because there is no panacea or silver bullet. The most expensive is not always the most effective.”

Litchfield added that the best way for companies to protect themselves is to employ someone who understands exactly what kind of technology they are working with. “If you don’t have those people working for you, you need to find them,” he said.