Security News
Many banks across the U.S. and Canada are failing to meet their customers' online identity fraud and digital banking needs, according to a survey from FICO. Despite COVID-19 quickly turning online banking into an essential service, the survey found that financial institutions across North America are struggling to establish practices that combat online identity fraud and money laundering, without negatively impacting customer experience. 51 percent of North American banks are still asking customers to prove their identities by visiting branches or posting documents when opening digital accounts.
The White Ops team of researchers, including Cirling, Michael Gethers, Lisa Gansky and Dina Haines, - who named the investigation "RAINBOWMIX," inspired by the 8-16 bit color palate running throughout the retro game apps - found that these fraudulent apps were downloaded more than 14 million times by unsuspecting users. "Most of the RAINBOWMIX apps have a"C-shaped rating distribution curve," the team reported.
Cybercriminals are tapping into Amazon's annual discount shopping campaign for subscribers, Prime Day, with researchers warning of a recent spike in phishing and malicious websites that are fraudulently using the Amazon brand. There has been a spike in the number of new monthly phishing and fraudulent sites created using the Amazon brand since August, the most significant since the COVID-19 pandemic forced people indoors in March, according to a Thursday report from Bolster Research.
In the case of RainbowMix, the apps pretend to be from popular apps and social media platforms like YouTube and Chrome. White Ops saw this many daily ad impressions consistently, from the RainbowMix app collective.
F5 introduced Shape AI Fraud Engine, a new SaaS solution that eliminates fraudulent online transactions that get past existing fraud tools. SAFE typically identifies twice as much fraud per month when compared to other current fraud tools.
66 percent of consumers surveyed either don't use any type of password manager or aren't sure if they do, despite 52 percent of them having concerns about becoming victims of ATO in the future, and 25 percent reporting that they have already had their accounts hacked at least once before. Additional findings Attacks are fueled by automation: Between Q2 2019 and Q2 2020, ATO attacks happened in discrete waves about a week apart, indicating that fraudsters are turning to bots and automation in order to overwhelm trust & safety teams.
Forter released its Fraud Attack Index, delivering in-depth insight into the impact of COVID-19 on online buyer behavior and ecommerce fraud trends. Omnichannel fraud is growing: Buy Online, Pick-up In Store fraud rose 55% as new customer service options are subjected to significant fraud.
In 2019 alone, ATO attacks cost consumers and e-commerce retailers a whopping $16.9 billion in losses. To be clear, ATO fraud isn't new, it's been a concern for online retailers for a decade.
A convicted fraudster was out on parole when he allegedly conned victims into giving him millions of dollars to place surefire sports bets on their behalf using special software that didn't actually exist. Christopher Hales, 39, of Lehi, Utah, has been charged with wire fraud conspiracy and money laundering conspiracy - and must answer a civil lawsuit from punters who say they were duped into parting with their cash.
ATO is the weapon of choice for fraudsters leading up to the holiday shopping season, new data from Sift shows, and consumers place account security burden on businesses. Account takeover fraud attempts to steal from consumers and e-commerce merchants swelled 282% between Q2 2019 to Q2 2020, new data from digital trust and safety provider Sift finds.