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Free online fraud toolkits proliferate accross the Web

One of the reasons online fraud is escalating so dramatically is that the bad guys have easy access to malware kits available for free on the Internet.

Chris Young, VP of consumer solutions & the Access Solutions Group at RSA, outlined the scope of the problem Tuesday at the company’s eFraudNetwork Live event in New York City.

“Kits are being sold that allow the less tech savvy to set up phishing attacks,” he told a group of reporters and financial services practitioners during a luncheon round-table chat at the Roosevelt Hotel. “We’re also seeing more cross-channel fraud where attackers are going after things like phone services.”

Phishing seems to be the most popular kind of attack these days, and Young is not expecting that to change anytime soon.

Meanwhile, he said, most attacks are being traced back to U.S.-based PCs that have been hijacked into botnets under the command of a variety of digital miscreants — including drug addicts looking to make easy money to pay for their next fix.

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