Technology

Bubble trouble

The rash of cyber crime is generating a wave of security start-ups in the US – but this differs from other bubbles in one signifant way.

03 October 2005

I recently attended a friend`s 50th birthday party, and during dinner the table talk turned to identity theft. It was the most engaging conversation of the evening. Nearly -everyone had a personal story to tell about how they or a friend had been the victim of a cyber scam, hack or theft.

One man in particular knew an awful lot about the subject: how personal information is pirated; where stolen credit cards and identities can be purchased; how massive the problem is; and what can be done to curtail it. He knew so much that I was convinced he was either a crook or a cop. It turns out he was neither. He was a security software entrepreneur. Dan Clements started his Malibu, based firm, CardCops, in 2000, which actually makes him an old-timer in the identity theft racket.

Clements isn`t the only legitimate entrepreneur trying to make a buck off identity theft.

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