Security News
70% of financial services organizations are taking a strategic approach to identity verification to combat financial crime and stay one step ahead of fraudsters according to Trulioo. "The increase in fraudulent activity as a result of the pandemic isn't the sole driver for the change in how financial services companies approach identity verification, but it's a situation that has endorsed a 'front-foot' approach", said Zac Cohen, COO, Trulioo.
Police said Wednesday they had arrested at least 80 people and carried out hundreds of raids in two European countries after shutting down an encrypted phone network used by organised crime groups. Police launched a top-secret operation to crack the SKY ECC network - which operates over a special phone - and "As of mid-February, authorities have been able to monitor the information flow of approximately 70,000 users," the Hague-based law agencies said.
Account takeovers and online banking fraud are two types of attacks on the rise against financial institutions and their customers, says Feedzai. Amid the coronavirus pandemic, 2020 saw a quick and abrupt transition to digital banking and commerce, a boon for banks and customers alike.
The Russian-speaking group behind the infamous RTM banking trojan is now packing a trifecta of threats as it turns up the heat - part of a massive new money-grab campaign. Beyond the banking malware it is known for, attackers have enlisted a recently-discovered ransomware family called Quoter as part of a new double-extortion cyberattack strategy.
This week's motion is: Hacking is not a crime, and the media should stop using 'hacker' as a pejorative. Now, arguing FOR the motion is ALYSSA MILLER.... Using the term "Hacker" to describe cyber criminals is an unfortunate habit that plagues modern media.
Given the danger that arises as soon as the crooks sneak into your network, it's as important to learn how malware gets delivered in the first place as it is to know what happens to your files when ransomware finally scrambles them. The Gootkit malware family has been around more than half a decade - a mature Trojan with functionality centered around banking credential theft.
"The attacks orchestrated by this criminal gang targeted thousands of victims throughout 2020, including famous internet influencers, sport stars, musicians and their families," according to an alert from the organization. In a typical SIM-swapping attack, attackers use stolen, sleuthed or phished personal information - including, crucially, a person's mobile phone number - to impersonate a target.
The Online Impersonation Prohibition up for debate this week in the Utah House of Representatives, "Makes it a criminal offense, under certain circumstances, to impersonate an individual online with the intent to harm, defraud, intimidate, or threaten any individual," according to the current draft of the legislation. The legislation, officially known as House Bill 239 and sponsored by Utah Rep. Karianne Lisonbee, is part of a larger submission, HB 80, which seeks to amend privacy laws to create an "Affirmative defense" for companies in lawsuits over data breaches, according to a report posted online by Fox 13 in Salt Lake City.
LexisNexis Risk Solutions published survey results of U.S. and Canadian compliance professionals on the range of challenges that financial institutions have experienced during the COVID-19 pandemic. The survey outlines the issues that many financial institutions encounter today and finds that the pandemic continues to test the resilience and agility of businesses across every market.
Financial cybercrime in 2021 is set to evolve, researchers say, with extortion practices becoming more widespread, ransomware gangs consolidating and advanced exploits being used more effectively to target victims. According to Kasperky, ransomware - above all - will continue to be a main scourge in the year ahead. "Due to their successful operations and extensive media coverage this year, the threat actors behind targeted ransomware systematically increased the amounts victims were expected to pay in exchange for not publishing stolen information," researchers said in a Monday posting.