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'New technology needed' to combat online fraud

The financial industry is of the opinion that new technology is required to combat online fraud, which is occasioned by incidents of phishing and ID theft, an expert has revealed.

According to Equifax, more stringent internet security parameters need to be adopted to prevent cyber crooks from using stolen data to conduct online fraud.

"If this data is out there, the one way you can actually prevent it from being used is to have an extra level of security," a spokesperson from the organisation said.

"It's not just passwords, it's actually another level of authentication on top of that which you will see growing. More and more card operators for example, and other organisations are beginning to get involved, and look at more levels of authentication."

According to a recent report from security firm Symantec, an underground economy worth billions of dollars is alive and running and credit card information is the most advertised category of goods and services.

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