Security News
In this Help Net Security video, Jim Simpson, Director of Threat Intelligence at Searchlight Cyber, discusses threats against the financial sector. Threat actors will invariably target banks, yet by keeping an eye on the dark web, these institutions can identify illegal activities during their initial planning or pre-attack phase.
84% of financial institutions have been exposed to a fourth-party breach - illustrating how a vast web of unseen risks are hiding in plain sight. "If nearly 20% of the most well-resourced financial entities in the EU have grades of C or worse, then it's likely that the overall cyber resilience for other financial entities is actually much lower," said Matthew McKenna, Chief Sales Officer, SecurityScorecard.
In this Help Net Security video, Greg Woolf, CEO at FiVerity, discusses how the emergence of sophisticated fraud tools powered by AI and recent upheavals in the banking sector have forged an ideal environment for financial fraud. This complex scenario presents considerable obstacles for financial establishments to defend themselves efficiently.
In measures floated in October 2022 and to be enacted by the end of 2023, Singapore's Monetary Authority will require operators to hold customer assets under a statutory trust segregated from their own assets. Crypto outfits are also barred from facilitating retail customer lending and staking - the term for locking up crypto assets for a set time to support blockchain validation.
Banking and financial services organizations are the targets of a new multi-stage adversary-in-the-middle phishing and business email compromise attack, Microsoft has revealed. "The attack originated from a compromised trusted vendor and transitioned into a series of AiTM attacks and follow-on BEC activity spanning multiple organizations," the tech giant disclosed in a Thursday report.
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A U.S. national has pleaded guilty in a Missouri court to operating a darknet carding site and selling financial information belonging to tens of thousands of victims in the country. Michael D. Mihalo, aka Dale Michael Mihalo Jr. and ggmccloud1, has been accused of setting up a carding site called Skynet Market that specialized in the trafficking of credit and debit card data.
In yet another instance of how threat actors are abusing Google Ads to serve malware, a threat actor has been observed leveraging the technique to deliver a new Windows-based financial trojan and information stealer called LOBSHOT. "LOBSHOT continues to collect victims while staying under the radar," Elastic Security Labs researcher Daniel Stepanic said in an analysis published last week. The American-Dutch company attributed the malware strain to a threat actor known as TA505 based on infrastructure historically connected to the group.
Resecurity has recently identified the STYX Innovation Marketplace, a new cybercriminal e-commerce platform with a specialized focus on financial fraud and money laundering. This platform is specifically designed to facilitate financial crime, providing cybercriminals with a range of services, including stolen financial data, credit card information, forged documents, money laundering services, victim reconnaissance 'lookups', and more.
The impact of identity fraud varies for organizations in the financial services industry, based on whether they belong to the banking or FinTech sector, according to Regula. When asked to evaluate the cost of the identity fraud they had experienced, the banking sector was found to be the most severely impacted, with a median financial burden of over $310,000.