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A Finextra member
A Finextra member 07 August, 2008, 15:31Be the first to give this comment the thumbs up 0 likes

I often wonder how a flawed method with yet another flawed methodology layered on top is really anything other than flawed, except perhaps so complicated that no-one will really be able to understand enough to notice it is just plain flawed.

The real world is this:

Many, many smart people have been living the high life for decades simply by stealing money from people, companies and banks. It's child's play and the only thing that surprises me is that more aren't doing it. Sure there's been a bunch of amateurs on the scene lately and the Africans, Russian gangs and Chinese but these are merely latecomers. There is an sub-culture of sort of cyber-travelers which has been doing it almost modestly for years. They've had time to establish multiple legitimate identities and keep them all 'warm', slipping across borders and enjoying the good life with an endless supply of cash. Billions of dollars. Many years. Never too much from one place and always from somewhere they aren't.Not every hack is to steal a record, sometimes its done to create or alter one.

By continuing the current internet arms race, starting from so far behind the 8 ball that the average expert has no hope of winning the game, we are simply making it easier and giving  them a bigger field of play. And it is just child's play. This of course plays into the hands of the smart fraudsters because the limited law enforcement resources chasing the fraud will always go for the obvious, big or easy target, leaving the traveling taxmen type fraudsters free to continue to enjoy the fruits of many small 'harvests'.  

Of the billions going missing - just how many fraudsters do we expect the lions share goes to?

1000? - $millions each.  Bear in mind that's only the reported losses.

Perhaps its only a few hundred or a few dozen?

The internet isn't yet quite what I want it to be. Whatever we do, it's way past the time to think outside the box. We have to create a whole new game with a new set of rules otherwise it could be come all but useless as a financial tool.

Money makes the world go round and it's also true for the world wide web. If it can't be safely monetised it'll never reach it's potential.

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