The Internet growing technologies have created vast opportunities for business growth and likewise increased the exposures of businesses and organizations’ information assets; consequently jeopardizing the key elements of information and systems security—confidentiality, integrity and availability (Kim, Ullrich & Wang, 2012). Online criminality has over the years become a prosperous economic industry especially in the emerging markets; the perpetrators, largely motivated by financial or military interests (Kim et al., 2012; Tuluc, 2012). Kim et al., (2012) observed that there has been a tremendous rise in the threats of malicious attacks globally—a appreciable increase of 71% between 2008 and 2009 was noted.
A specie and very popular scam is Phishing and Identity Theft (IDT). This type of online crime is a fraudulent scheme whereby attackers invade the victims’ privacy and obtain their personally identifying information (PII) such as credit card numbers, CVV numbers, credit card reports, social security numbers, drivers license numbers (usually used in gaining short-term driving jobs), telephone calling cards, ATM card details, Mortgage details, date of birth details, passwords, PIN numbers, etc. (Hedayati, 2012). These details are used by online criminals to perpetrate larceny against their victims who may have compromised their PIIs through social engineering—a preliminary attack technique used by the attackers to trick victims into compromising such details to the criminals (Hedayati, 2012). Over the past decade, a well over 500 million of PIIs belonging to the United States residents kept and stored in various corporate or government and other institutional databases have been found to be stolen or lost to these criminals through privacy breaches (Douglas, 2013). According to Gartner Group, losses associated with phishing and ID theft suffered by US banks