Yahoo Finance New anti-scam coalition co-founded by Google will target online criminals
A powerful anti-scam coalition was unveiled today in what was described as a “game changer” in the battle against the online fraudsters plaguing the Internet.
Google has joined forces with the Oxford based DNS Research Federation and the Dutch headquartered Global Anti-Scam Alliance (GASA) to create a new data platform called the Global Signal Exchange which will constantly monitor for signs of fraudulent activity and provide alerts.
The move comes amid an explosion in cybercrime which is now estimated to be costing the global economy more than $8.6 billion a year with very few convictions.
Accurate estimates of the scale of the problem in the UK are hard to find but it is thought that the average person will be targetted around 240 times as year by criminals. This is typically in the form of often convincing emails or texts purporting to come from legitimate companies or Government organisations that will require the victim to disclose their bank or credit card details.
The Global Signal Exchange will be powered by the Federation’s DAP.live platform, currently already holds more than 100. data feeds, Google will start to provide its own abuse data and receive relevant feeds from DAP.live.
The aim is to disrupt the activities of the criminals and gangs behind the scams, who are usually based abroad, including in countries such as Russia and North Korea, making it hard for the British police to investigate and prosecute them.
The backers of the exchange say it is “a step toward correcting that imbalance by putting a spotlight on where scams are happening online, in real time, and by sharing information about online scams and fraud across the Internet ecosystem. We aim to help stop malicious activities faster, making them less effective and so less profitable.”
The volume of scams tends to reach a peak around November as the level of online ordering soars during the Black Friday promotional frenzy.
“The solution requires everyone to work together. Scammers work together, they share and they move quickly. The days are long-gone when individual brands can tackle online crime alone.”
Emily Taylor, CEO at DNS Research Federation
DNS Research Federation has built the data analytics gateway at DAP.live to support its academic and policy work by offering free, open and transparent data sharing.
GASA was set up in 2021 to tackle the growing threat of online fraud and has built a global alliance of businesses focused on protecting consumers.
Emily Taylor, CEO at DNS Research Federation said: “Our own research has revealed that the amount of money British adults lose to online scams has hit a national average of £1,169 per person, with 7% claiming to have lost more than £7,500 to scammers.
“Furthermore, our tracking DAP.LIVE data reveals that major brands from all industry sectors are having their brands infringed by the scammers, who rely on using familiar brand names to attract their victims.
“The solution requires everyone to work together. Scammers work together, they share and they move quickly. The days are long-gone when individual brands can tackle online crime alone – and The Global Signal Exchange marks a new chapter in the fight-back against online crime and Google’s support will be a game-changer for our work.”
In the UK 11% of adults – or nearly six million people - admitted they had fallen for an Internet scam and had money stolen. Older people were most vulnerable to losing large sums to scammers. People aged over 55 that had been victims of Internet crime claimed to have lost an average of £2,151 via their computer or phone. This compares to an average loss of £1,270 for 36-54 year-olds and £851 for people aged under 35.
According to research from DNS Research Federation that brands most likely to be used in the scam emails or texts include home delivery and courier companies (named by 51% of respondents), financial services sector firms – including banks, insurance brands or credit card/ loan companies (50%), businesses in the Technology, Media and Telecoms sector (35%), and public sector organisations such as the local council or HMRC.
More than in five even recognised the brand names of well-known charities in the attempted scam messages they had received on emails or text messages.
