In an address to the RSA Security Conference in San Francisco, U.S. Secret Service director Ralph Basham issued a warning on the economic dangers posed by Internet fraud, saying, "There is no longer any doubt about that threat." He cited the recent disruption of an identity theft ring that stole 7 million credit card numbers -- a scam that cost credit card companies and consumers $4.3 million, but that had the potential to cost them as much as $1 billion.

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