Winning the Phishing War: A Strategy for Australia

Phishing, a form of on-line identity theft, is a major problem worldwide, accounting for more than $7.5 Billion in losses in the US alone between 2005 and 2008. Australia was the first country to be targeted by Internet bank phishing in 2003 and continues to have a significant problem in this area. The major cyber crime groups responsible for phishing are based in Eastern Europe. They operate with a large degree of freedom due to the inherent difficulties in cross border law enforcement and the current situation in Eastern Europe, particularly in Russia and the Ukraine. They employ highly sophisticated and efficient technical tools to compromise victims and subvert bank authentication systems. However because it is difficult for them to repatriate the fraudulently obtained funds directly they employ Internet money mules in Australia to transfer the money via Western Union or Money gram. It is proposed a strategy, which firstly places more focus by Australian law enforcement upon transactions via Western Union and Money gram to detect this money laundering, would significantly impact the success of the Phishing attack model. This combined with a technical monitoring of Trojan technology and education of potential Internet money mules to avoid being duped would provide a winning strategy for the war on phishing for Australia.