Security News

The survey talked to 4,000 consumers across the United States and the United Kingdom about consumer attitudes toward card fraud in an increasingly digital economy. 46 percent of US consumers surveyed had fallen victim to card fraud in the past, with 20 percent of consumers hit inside the last 12 months.

TransUnion announced the creation of its Global Fraud & Identity Solutions Group, a move focused on uniting all aspects of the company's fraud risk offerings, and the hiring of industry veteran, Shai Cohen, to lead the group. "For years TransUnion has been a leading force in fraud prevention with a steady stream of high-profile acquisitions, product innovations and industry hires," said Tim Martin, executive vice president and chief global solutions officer at TransUnion.

With the coronavirus economic crisis deepening, experts at University of Portsmouth are warning it will lead to the highest levels of fraud and cybercrime ever recorded. Respected economists have predicted the current crisis could lead to a substantial reduction in GDP with lowest estimates of a 7.4 per cent fall and highest estimates of a 35 per cent fall by the OBR. "These predictions could mean fraud levels increasing from at least 30.3 per cent and possibly even doubling if the 35 per cent fall was to occur. These are rough estimates, but illustrate that a substantial increase in fraud is likely as a consequence of the economic downturn."

The National Cyber Security Centre has launched the Suspicious Email Reporting Service: a new email address for reporting scam mails to a government department that might actually do something about it. The cybersecurity service, an offshoot of eavesdropping agency GCHQ, said it has set up an "Automated programme" that will "Immediately test the validity of the site" if one is mentioned in a phishing email.

A Connected TV ad fraud operation managed to generate as much as 28% of the CTV traffic observed in January 2020 by White Ops, a company that specializes in bot fraud protection. White Ops discovered that "66% of programmatic CTV-related SSAI traffic and 15% of programmatic mobile-related SSAI traffic" was part of this operation in January 2020.

In a report released Thursday, Terbium Labs looks at how fraud guides and other information are bought and sold on the dark web and how this activity impacts organizations and individuals. Based on the analysis, fraud guides were the hottest product on dark web marketplaces, compromising 49% of the listings.

Fraud related to the coronavirus has cost Americans $13m and so far counting, according to the US government. While authorities have been warning for weeks of various scams and fraud operations based on the coronavirus pandemic, the FTC's report is one of the few to put a dollar amount on the damage being done by criminals.

With more people working from home and e-commerce experiencing a boom-time, fraudsters have taken notice. According to a special report, Impacts of Global E-Commerce and Fraud Trends Amid Coronavirus, released by e-commerce fraud-prevention provider Forter, as consumers have shifted their purchases online and begun working from home en masse, fraudsters are taking full advantage.

A case of alleged low-orbit internet banking fraud has taken another twist, with the US Attorney's Office for the Southern District of Texas filing an indictment in which it claimed the complainant in the case had lied. The case came to our attention in August 2019 when we chronicled how astronaut Lt Col Anne McClain denied a claim that she'd improperly accessed a bank account belonging to ex-wife Summer Worden while aboard the International Space Station.

The COVID-19 crisis is driving the global growth of e-commerce sales, with millions of consumers worldwide in quarantine shopping for goods, services and entertainment online. Transaction volumes in most retail sectors have seen a 74 percent rise in March compared to the same period last year, while online gaming has seen a staggering increase of 97 percent, according to analysis by ACI Worldwide of hundreds of millions of transactions from global online retailers.