Security News
A Russian national pleaded guilty Thursday to running a website that helped people commit more than $20 million in credit-card fraud. Aleksei Burkov, 29, of St. Petersburg, Russia, entered the plea to charges including fraud and money laundering in a federal court in Alexandria.
The proliferation of real-time payments platforms, including person-to-person transfers and mobile payment platforms across Asia Pacific, has increased fraud losses for the majority of banks. "While the convenience of real-time payments is great news for customers, increasingly, banks have zero time to clear a transaction or payment. AI can't slow down the clock, but it can help create systems that are radically quicker to recognize a transaction that smells likely to be fraudulent," said Dan McConaghy, president of FICO in Asia Pacific.
A 29-year-old Russian scumbag has admitted masterminding the Cardplanet underworld marketplace as well as a second forum for elite fraudsters. Aleksei Burkov appeared in a US federal district court in Virginia this week to plead guilty [PDF] to access device fraud, and conspiracy to commit computer intrusion, identity theft, wire and access device fraud, and money laundering.
Buguroo, the online fraud prevention solutions specialist for the financial sector, unveiled further capabilities that make it easier for banks to identify fraudsters attempting to open new bank accounts. These enhanced New Account Fraud prevention capabilities - included in the latest version of buguroo's bugFraud solution - employ advanced deep learning technologies to analyze new customer onboarding sessions in real-time, analyzing each user's behavior and environment without adding friction to their journey.
Trend Micro announced the results of research featuring a honeypot imitating an industrial factory. The highly sophisticated Operational Technology honeypot attracted fraud and financially motivated exploits.
Mobile carriers have left the door wide open to SIM-swap attacks, particularly when it comes to prepaid accounts, researchers have found. According to PhishLabs, a typical attack would start with an attacker phishing personal and banking information - often via SMS phishing, which has the added benefit of confirming that a victim's cell phone number is an active line.
Faster payments are the new reality in more than 40 countries, and this innovation is benefiting consumers and businesses alike. Criminals are also enjoying the speed and non-refutable nature of these transfers, and in many deployments faster payments quickly translates to faster fraud.
Kount released a new research report on digital innovation and emerging fraud, which found that the most innovative businesses are also the ones facing the greatest fraud threats. The report, conducted by Javelin Research, surveyed hundreds of respondents across the retail, restaurant, insurance, and financial industries and revealed more than 40% of businesses say fraud impedes their expansion into new digital channels and services.
This week we discuss the IT exec who scammed his employer out of $6m with fake invoices and the death of Python. Peter also shares two of his latest investigations from the ransomware swamp.
Anthony Cardoza of XTN Cognitive Security on Defensive MeasuresFraud prevention is a perpetual cat-and-mouse game as fraudsters develop new tools and uncover new ways to monetize their activities,...