Security News

TransUnion's latest analysis of global online fraud trends found that since the COVID-19 pandemic began, fraudsters are increasing their rate of digital schemes against businesses. A recent study found that more than one in three global consumers have recently been targeted by digital fraud related to COVID-19.

While total combined fraud losses climbed to $56 billion in 2020, identity fraud scams accounted for $43 billion of that cost. Traditional identity fraud losses totaled $13 billion, Javelin Strategy & Research reveals.

The United States sentenced a Russian and a North Macedonian on Friday to prison for their roles in a vast cyber crime operation. Sergey Medvedev, 33, of Russia and Marko Leopard, 31, of North Macedonia, were sentenced to ten and five years respectively, according to a Justice Department statement.

The U.S. Department of Justice yesterday announced updates on two separate cases involving cyberattacks-a Swiss hacktivist and a Russian hacker who planned to plant malware in the Tesla company. A Swiss hacker who was involved in the intrusion of cloud-based surveillance firm Verkada and exposed camera footage from its customers was charged by the U.S. Department of Justice on Thursday with conspiracy, wire fraud, and identity theft.

While banks have been successful in reducing card fraud in recent years, a new and rising threat has emerged: synthetic identity fraud. There are a number of reasons why synthetic fraud is on the rise, but there are also actions banks and other financial institutions can take to prevent this growing trend from doing damage.

FiVerity announces that it closed a $2 million round of financing to expand its cyber fraud detection and threat intelligence platform, which addresses growing types of cyber fraud for financial institutions. Addressing the escalating rise in cyber fraud, FiVerity has initially focused on fighting synthetic identity fraud - the fastest growing financial fraud at 25% per year that accounts for 20% of consumer credit losses, according to the Federal Reserve, and cost the industry over $20bn last year.

The same rigor should, in theory, be applied to many things in life, including security and fraud. What does your fraud prevention workflow look like? What data sources do you review as part of your fraud program? What technologies do you have in place? How do you adapt to the changing tactics of attackers and fraudsters? What sources of intelligence do you rely on? Not surprisingly, if there aren't a lot of substantive or thought out answers to these questions, it may mean that the reason there is no fraud problem is because no one is looking at the data in a way that might tell a very different story.

Threat intelligence data broker Recorded Future has acquired fraud analytics startup Gemini Advisory as part of a strategic push to expand into the financial services and payment processing markets. Recorded Future expects the Gemini Advisory deal to provide tools and expertise to sell the "Most comprehensive intelligence platform" with "The visibility to act at the speed of the adversary to mitigate cyber risk and fraud."

Threat intelligence data broker Recorded Future has acquired fraud analytics startup Gemini Advisory as part of a strategic push to expand into the financial services and payment processing...

A new report, developed by Aite Group, and underwritten by GIACT, uncovers the striking pervasiveness of identity theft perpetrated against U.S. consumers and tracks shifts in banking behaviors adopted as a result of the pandemic. According to the report, from 2019 to 2020, 47% of U.S. consumers surveyed experienced identity theft; 37% experienced application fraud.