The Internet can be a wonderful place to grow your business, improve yourself, and just have fun. However, with any new technology, there are dangers and pitfalls that should be avoided. In this section, the IMEX Exchange will try to expose some of those dangers and risks. It is incumbent upon you, the user, to take the necessary precautions to avoid the dangers while enjoying the riches the Internet offers.
Users of the IMEX Exchange are urged to make appropriate inquiries and seek necessary counsel BEFORE entering into any business arrangement, or sending any money, or incurring any expense of any kind in relation to an advertisement or offering on the IMEX Exchange. The IMEX Exchange, Inc. shall not be liable for any loss or damage incurred as a result of accepting an offer or doing business resulting from an advertisement or offering on the IMEX Exchange.
Stories (to laugh at or not) about online scams and the sometimes suckers who fall for them. c|net online exposes these scams and tells you what you can do to help protect yourself.
Computer security must be a priority for all organizations. Work
with your MIS group to insure that appropriate firewalls and security
proceedures are in place. Use complex passwords and change them
regularly. Develop proceedures for the use of encryption technology.
Don't make it easy for your computer system to be broken into by hackers
on the Internet.
There are several companies and programs that
can help secure your systems. A most recent development in Internet
security is a software program called “Satan” developed by Dan Farmer
and Wietse Venoma. This program is available free to anyone on the
Internet. Its purpose is to help administrators of computer systems
locate security holes as plug them. The objective is to keep hackers
out. However, “Satan” critics suggest that the program will be a road
map for amateur hackers and may increase hacking break-ins.
For more information on computer security, check with the experts:
National Computer System Security and Privacy Advisory Board - CSSPAB
Computer Emergency Response Team - CERT - Subscribe to CERT advisories (cert-advisory-request@cert.org )
For the more advanced computer user, check out the November 1994 issue of Communications of the ACMdevoted to Internet security covering such issues as cryptosystems, security protocal, denial of service, licensing requirments for new access control techniques, smart cards, and more.
For more information, contact the Association for Computing Machinery, 1515 Broadway, New York, NY 10036, Telephone: 212-869-7440.
Remember, if it is too good to be true, it probably isn’t. This was illustrated when NetGuide Magazine exposed a scam in which stock of a Canadian company was offered for sale at 35 cents a share on Prodigy. Along with the offer was a stock analyst’s prediction that the stock would soon rise to $2 a share. In reality, the son of the company owner was posing as the stock analyst, and the company was not registered with the proper authorities to sell stock.
Source: February 1995 issue of NetGuide Magazine article titled “Rook of the Month Club", pp. 79-80
“The Securities and Exchange Commission has won its first court
order blocking the sale of allegedly unregistered securities over the
Internet.” It was report that the alleged fraud brought in $3 million
and has operated in different countries. Memberships were sold as a
worldwide lottery and the “SEC contends the memberships were actually
investment contracts that required registration with the commission.”
Source: New York Newsday, Thursday, March 16, 1995, p. A38
NetGuide Magazine offers the following tips for on-line investors:
“Don’t believe the hype” - Hot Tips, Make Money Fast are all flags to be careful.
“Forget about the usual safety nets.” - Government agencies may not be watching and often scam artists on the Information Highway disappear without a trace.
“Never rush into anything” - Patience can be a virtue.
“Be discerning” - Because it on the Net doesn’t mean that it is accurate, even experts can be wrong. Use your best judgment.
“Do report any scams you come across” - Report them to your online service and the appropriate securities commission or law enforcement agency.
One of the more challenging issues facing business and programmers on the Internet is electronic payment of funds. Never send your credit card number by ordinary e-mail. It can be intercepted and read. To prevent hackers from stealing credit card numbers, several groups have joined forces to develop safe, secure, and hopefully easy to use systems for the transfer of funds on the Internet. Here is a list of some of the efforts:
Cybercash - Encryption of credit card data headed by Wells Fargo.
Digicash - Anonymous electronic cash system.
First Virtual Holdings - E-mail system for small transactions.
Microsoft - Credit card transactions with VISA
Mondex - Smart card system developed by British banking venture.
Netscape - Eencryption and validation built into its Web software partnered with MasterCard, Bank of America, and MCI.
Several issues relating to Electronic Payments need to be resolved such as (1) will there be too many standards, (2) IRS’s will be reluctance to accept the untraceable digital money aspect of the Internet, and (3) who is going to get a piece of the action on each transaction? This year and next, electronic payment test projects will be underway. The IMEX Exchange will keep you posted.
Obtain the latest facts and commentary about copyrighting on-line data by checking out the following sites.
Working Group on Intellectual Property Rights report with proposed changes on the Copyright Act of 1976 and addresses electronic publishing.
WWW Virtual Library has a listing of law-related internet sites.
Coalition for Networked Information has a large selection of material relating to copyright issues.
| IMEX Exchange, Inc. Home Page | Table of Contents |
Copyright © IMEX Exchange, Inc. 1995