Security News
Sontiq announced it has acquired data breach intelligence fintech Breach Clarity. As a result of the acquisition, Sontiq's products - IdentityForce, Cyberscout, and EZShield - all built on its tech-enabled IIS Platform, will have the proprietary capability, BreachIQ. Sontiq is the first provider in the identity security marketplace to offer consumers an AI-driven and proprietary personalized risk score with actionable next steps based on their unique data breach history.
U.S. federal prosecutors have charged John McAfee, founder of cybersecurity firm McAfee, and his executive advisor Jimmy Gale Watson Jr for cryptocurrency fraud and money laundering. In total, McAfee, Watson, and other members of the McAfee Team were able to collect over $13 million from two cryptocurrency pump-and-dump schemes, according to court documents.
Security researchers with threat intelligence firm Gemini Advisory say they have observed dark web activities related to bypassing 3D Secure, which is designed to improve the security of online credit and debit card transactions. Gemini's security researchers say that vulnerabilities in earlier versions of 3DS could have been exploited to bypass security.
Featurespace introduces Automated Deep Behavioral Networks for the card and payments industry, providing a deeper layer of defense to protect consumers from scams, account takeover, card and payments fraud, which cost an estimated $42 billion in 2020. Automated Deep Behavioral Networks is a new architecture based on Recurrent Neural Networks that is only available through the latest version of the ARIC Risk Hub.
U.S. law enforcement arrested six "Ringleaders" of a Ghana-based cybercriminal enterprise, who had allegedly launched a slew of money-stealing scams dating back to 2013 that included romance scams, business email compromise attacks and fraud. While the six arrested were allegedly involved with the criminal enterprise based in Ghana, they were located across the U.S. and targeted individuals and businesses in the U.S. Scams Relating to Romance, COVID-19 Relief.
Beyond just an initial understanding of each of these types of fraud, I'd also like to examine what enterprises can do to mitigate risk and limit losses for each type. Of course, looking for these signs requires enterprises to have both mature controls and a robust fraud monitoring capability - neither of which is a given.
The suggested solution is a standard which enables organizations to quickly and securely validate the bank account information of companies before they send payments, while also enabling anti-fraud vendors to collect much needed threat intelligence on on-going scam campaigns. DAIC uses tried-and-tested methods used in other security standards, such as DMARC. Each company adds to their DNS records a record indicating the DAIC server of their choice.
Online fraud is a huge challenge for businesses and consumers alike as cybercriminals continue to develop new mechanisms to separate innocent parties from their money. Some reports suggest that scams claiming you can "Earn" lots of money from home with little effort and no risk have gone up by as much as 66% in the past year.
Entrust has announced a partnership with Netcetera to help financial institutions combat fraud associated with card-not-present transactions. The combined solution allows issuing banks to perform real-time risk analysis of online transactions based on a wide range of factors, and then to challenge the user with Strong Customer Authentication if a CNP transaction surpasses the risk threshold.
A TransUnion research finds instances of synthetic fraud and outstanding balances for suspected synthetic accounts at U.S. financial institutions have declined significantly after the WHO declared COVID-19 a global pandemic. New analysis by Aite Group finds the cost of synthetic fraud will rebound post-pandemic, reaching new highs.