fraud online

 Sales of digital goods such as virtual objects and currency used in online games are taking off with consumers. Unfortunately for their vendors, they are increasingly popular with cyber criminals, too.

Merchants that sell digital goods lost 1.9% of all revenue to fraud in 2009, compared with a 1.1% fraud rate for companies that sell physical goods online, according to CyberSource Corp., which processes credit cards for online merchants.

An executive of Goldman Sachs, Fabrice Tourre who was recently charged with misleading investors about risky assets ahead of the US housing market meltdown has said that nobody charged him with fraud, reports AFP. According to Fabrice Tourre he reasonably relied on Goldman Sachs’ institutional process to ensure adequate legal review and disclosure of material information, and cannot be held liable for any alleged failings of that process.