Security News
SquirrelWaffle - the newish malware loader that first showed up in September - once again got its scrabbly little claws into an unpatched Microsoft Exchange server to spread malspam with its tried-and-true trick of hijacking email threads. In a Tuesday post, Sophos analysts Matthew Everts and Stephen McNally said that typically, in SquirrelWaffle attacks - which typically entail the threat actors walking through holes left by unpatched, notorious, oft-picked-apart ProxyLogon and ProxyShell Exchange server vulnerabilities - the attack ends when those holes finally get patched, removing the attacker's ability to send emails through the server.
Faced with a seemingly endless onslaught of schemes and scams, anti-fraud pros have doubled down on analytics, finds the latest anti-fraud technology study by the Association of Certified Fraud Examiners and SAS. Based on survey responses from nearly 900 ACFE members worldwide, the report illuminates how organizations across sectors are using technology to fight fraud. "Navigating the pandemic-forged business landscape, we've seen increased reports of fraud - a trend we don't expect to slow any time soon," said Bruce Dorris, J.D., CFE, CPA, President and CEO of the ACFE. "To stay ahead of not only the increased volume of fraud instances, but also emerging trends, it's critical for organizations to be flexible and proactive in adopting new anti-fraud tools and processes."
"From the earliest days of online information to the rapid evolution of today's metaverses, the internet has come a long way. However, this latest data shows that it is more under attack than ever before," said Arkose Labs CEO Kevin Gosschalk. The latest research took a deep dive into UK business specifically to understand which sectors were the most attacked by online criminals.
While the world's leading financial services evolved, so did the criminals who use increasingly sophisticated methods to commit fraud. For years, many of the world's largest financial institutions treated financial fraud and cybersecurity as separate departments with differing roles, responsibilities, and threats.
As revealed by the FTC, over 95,000 US consumers reported losses of roughly $770 million after getting scammed on social media platforms. "More than one in four people who reported losing money to fraud in 2021 said it started on social media with an ad, a post, or a message. In fact, the data suggest that social media was far more profitable to scammers in 2021 than any other method of reaching people." the FTC said.
Insurers' use of predictive analytics to fight fraud has reached an all-time high, according to an insurance fraud technology study by the Coalition Against Insurance Fraud and SAS. The study reveals that 80% of insurers use predictive modeling to detect fraud, up from 55% in 2018. "The shifts we've seen since the 2018 study emphasize the increasingly sophisticated technologies needed to foil insurance fraudsters' criminal exploits," said David Hartley, Director of Insurance Solutions at SAS. "Predictive modeling is up 25%. Text mining has nearly doubled, jumping from 33% to 65% in three years. These findings prove that, even as COVID-19 has fueled rampant fraud, insurers are agilely stretching their advanced analytics capabilities to counter rapidly changing threats."
Called 'Dark Herring', the operation used 470 Google Play Store apps and affected over 100 million users worldwide, potentially causing hundreds of millions of USD in total losses. In total, the fraudulent apps were installed by 105 million users in 70 countries, subscribing them to premium services that charged $15 per month through Direct Carrier Billing.
The global fraud detection and prevention market is expected to grow from $26,511. Fraud detection and prevention systems are software applications used to provide analytical solutions for fraud incidents and help identify or prevent future occurrences.
Experian released its annual forecast, which reveals five fraud threats for the new year. With consumers continuing to take a digital-first approach to everything from shopping, dating and investing, fraudsters are finding new and innovative ways to commit fraud.
43% of the growth will originate from North America for the healthcare fraud detection market. Market growth in North America will be faster than the growth of the market in other regions.