Security News
Google says it banned 173,000 developer accounts in 2022 to block malware operations and fraud rings from infecting Android users' devices with malicious apps. "In 2022, we prevented 1.43 million policy-violating apps from being published on Google Play in part due to new and improved security features and policy enhancements - in combination with our continuous investments in machine learning systems and app review processes," the Google Security team said.
"AI-generated fake identities can be difficult for humans to detect, unless they are specially trained to do so. While neural networks may be useful in detecting deepfakes, they should be used in conjunction with other antifraud measures that focus on physical and dynamic parameters, such as face liveness checks, document liveness checks via optically variable security elements, etc.," says Ihar Kliashchou, CTO at Regula. At the same time, advanced identity fraud is not only about AI-generated fakes.
Within the largest financial institutions, insurers, and retailers, the rise and adoption of AI, an impending recession, and the return of pre-pandemic fraud techniques are driving record rates of fraud attacks for consumers and enterprises alike, according to Pindrop. "In addition to new technologies, fraudsters are reverting to pre-pandemic social engineering tricks, causing retailers and financial institutions billions in losses. While this report highlights the dangers of today's fraud landscape, we are proud to partner with several of the largest financial institutions globally in order to safeguard their assets and protect them from fraud," Balasubramanian continued.
A suspected Nigerian fraudster is scheduled to appear in court Friday for his alleged role in a $6 million plot to scam businesses via email. Kosi Goodness Simon-Ebo, 29, is the first of three Nigerian men to have been extradited from Canada to the US after a federal grand jury charged the trio on seven counts including money laundering and wire fraud for their alleged roles in a scheme to defraud victims out of millions of dollars.
Europol and Eurojust announced today the arrest of five individuals believed to be part of a massive online investment fraud ring with at least 33,000 victims who lost an estimated €89 million. The fraudulent operation lured investors through web and social media banner ads, tricking their targets into committing small amounts of up to €250 as initial investments by promising big profits.
Europol and Eurojust announced today the arrest of five individuals believed to be part of a massive online investment fraud ring with at least 33,000 victims who lost an estimated €89 million. The fraudulent operation lured investors through web and social media banner ads, tricking their targets into committing small amounts of up to €250 as initial investments by promising big profits.
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.
A new dark web marketplace called STYX launched earlier this year and appears to be on its way to becoming a thriving hub for buying and selling illegal services or stolen data. However analysts at threat intelligence company Resecurity noticed mentions of STYX on the dark web since early 2022, when the founders were still building the escrow module.
The Department of Justice declared the confiscation of digital currency valued at approximately $112 million connected to fraudulent cryptocurrency investments. In these schemes, fraudsters cultivate long-term relationships with victims met online, eventually enticing them to make investments in fraudulent cryptocurrency trading platforms.