U.K. FRAUD ACT 2007 BATTLES PHISHING

Acts of U.K. online fraud are now at epidemic levels, rising by 40% in 2006. The U.K., in trying to get its arms around a massive problem that has cost its residents $2 billion in theft over the last 10 years, has enacted a new law, the Fraud Act, to help battle this plague. It was especially designed to counter “phishing,” or crimes of online financial and identity theft, done by means of tricking the victim into volunteering details on financial information. To better understand the new law this article answers the following questions: How Prevalent is Phishing? How Does the UK Fraud Act Classify Fraud? How Does the UK Fraud Act Address Phishing? What are the Penalties for Phishing in the U.K. Fraud Act? Does the New Law Have Any Apparent Shortcomings?

The following questions have been addressed in this article:

How Prevalent is Phishing?
How Does the UK Fraud Act Classify & Define Fraud?
How Does the UK Fraud Act Address Phishing?
What are the Penalties for Phishing in the U.K. Fraud Act?
Does the New Fraud Act Have Any Apparent Shortcomings?

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