05 January 2014

ICANN encourages fraud and scams with its new gTLDs

The biggest winner from the new gTLDs? ICANN--it will make millions! The biggest loser? The public.

Why you should prepare for the domain expansion plan | VentureBeat: "Note that ICANN stands to profit from the virgin Internet real estate — whoever gains control will sell licensing rights for the resulting new web addresses, with a portion of the revenues going to ICANN."

“These new domain names will make it easier for scammers and provide many more avenues to get payment information,” said Pieter Gunst, an Internet policy expert and lawyer. It’s not just consumers who will pay the price. “Online payment businesses will pay a high cost for fraud,” said Gunst, who is also the founder of LawGives, a startup that provides online legal services. For this reason, payments giant PayPal has sharply rebuked ICANN for the expansion — and issued a stern warning to consumers. After all, increased incidences of fraud would drive up the cost of payment processing. PayPal’s Information Risk Management officials Brad Hill and Bill Smith wrote a letter to ICANN in March: “The potential for malicious abuse is extraordinary, the incidental damage will be large even in the absence of malicious intent, and such services will become immediate targets of attack as they inadvertently collect high-value credentials and private data from potentially millions of systems.” Read more at http://venturebeat.com/2013/07/16/why-you-should-prepare-for-the-domain-expansion-plan/#hcBOLbItJlXyKBDh.99

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