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Online Fraud is poised for exponential growth, thanks to our new lifestyles

The cost of online fraud in terms of damages to society is already considerable. Victims are individuals, companies, public administrations etc.. Cyber criminals have drained worldwide $146.3 billion during the year 2017 (Report Symantec). Here are two illustrations of this very worrying issue. In France more than $6 billion have been stolen from 19 million people. In the UK more than 17 million Brits have been hit by cybercrime amounting to £4.8 billion (Report Norton). In this latter country it is estimated that over £1 billion had been stolen from bank accounts through credit and debit card fraud. One observation is manifest: cybercrime victims are not doing enough to protect themselves online. This having been said, we should first concentrate on those who brag about all new technologies: especially the manufacturers in this sector. We specifically target the Internet of Things (IoT). The predicted growing commercial utilization of IoT systems will expand dramatically the opportunities for hackers. The forecast for 2020 is that there will be more than 50 billion of connected devices on the market (Fig. Gartner Inc ). Many everyday products like refrigerators, coffee machines, toasters, vacuum cleaners and light bulbs will have internet functionalities. These devices are expected to create a massive additional amounts of data that will be difficult to secure. They represent vulnerable targets for attackers. We can say, without any hesitation, that connected technologies and in particular the IoT will bring great benefits to many consumers. But this technology could also be incredibly rewarding for hackers.

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