Security News
The risk of falling victim to fraud is a constant concern for individuals, businesses, and organizations alike. As technology evolves, so too do the methods employed by fraudsters, making fraud prevention an increasingly critical and complex endeavor.
Nearly 70% of businesses said that fraud losses have increased in recent years and most businesses reported that they plan to increase their fraud management budgets by at least 8% to as much as 19%. Despite their plans to increase their fraud prevention budgets, data shows that businesses may not be completely aligned with consumer expectations. Enable real-time fraud detection: Machine learning can help businesses detect and prevent fraud threats in real time, helping to identify both known and unknown threats to stay ahead of fraudsters.
Threat actors continued to exploit technical misconfigurations through various fraud schemes, according to a new report from Visa. While the global fraud rate trended lower than normal expected fraud levels during the report's time period, Visa shared that it helped to proactively block $30 billion in those time periods.
Losses from global roaming fraud are anticipated to exceed $8 billion by 2028; driven by the increase in bilateral roaming agreements for data-intensive use cases over 5G networks, according to Juniper Research. As bilateral 5G roaming agreements proliferate, the research predicts operators will deploy more sophisticated fraud mitigation tools.
Group-IB has published new information on the operation today, reporting that Classiscam has made $64.5 million in combined earnings from scamming users of classifieds sites and stealing their money and payment card details. The number of targeted brands has also grown from 169 brands last year to 251 this year, and there are now 393 criminal gangs targeting users in 79 countries, coordinating in one of the operation's 1,366 Telegram channels.
A previously undocumented Android banking trojan dubbed MMRat has been observed targeting mobile users in Southeast Asia since late June 2023 to remotely commandeer the devices and perform financial fraud. "The malware, named after its distinctive package name com.mm.user, can capture user input and screen content, and can also remotely control victim devices through various techniques, enabling its operators to carry out bank fraud on the victim's device," Trend Micro said.
Ecommerce platforms are incorporating sophisticated fraud detection measures, but fraudsters, too, are refining their strategies. In this Help Net Security interview, Eduardo Mônaco, CEO at ClearSale, explains the complexities of ecommerce fraud, discussing the evolution of fraudster tactics, the effectiveness of social footprint analysis in confirming identity, the balance between fraud prevention and customer experience, and techniques to address more advanced fraud types.
The ongoing banking and economic turmoil has opened the floodgates to fraudsters. In this Help Net Security video, ex-British Intelligence officer Alex Beavan, Head of Ethics and Anti-Corruption...
Ukrainian cops have disrupted a massive bot farm with more than 100 operators allegedly spreading fake news about the Russian invasion, leaking personal information belonging to Ukrainian citizens, and instigating fraud schemes. "The Cyber Police established that the attackers used special equipment and software to register thousands of bot accounts in various social networks and subsequently launch advertisements that violated the norms and legislation of Ukraine," according to machine translation of the news alert issued by the police.
In this Help Net Security video, Greg Woolf, CEO at FiVerity, discusses how the emergence of sophisticated fraud tools powered by AI and recent upheavals in the banking sector have forged an ideal environment for financial fraud. This complex scenario presents considerable obstacles for financial establishments to defend themselves efficiently.