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NEWS & INDUSTRY UPDATES
False positives in fraud detection are one of the biggest problems in eCommerce, as they can have a direct and serious effect on profitability. [Read More]
Bangladesh will soon file a lawsuit in New York against a Philippine bank over its involvement in one of the biggest-ever cyber heists, the country's central bank governor said. [Read More]
WhatsApp now only allows users to forward a message to a maximum of 5 people in an effort to prevent the platform being abused to spread false information. [Read More]
Facebook has removed more than 500 pages, groups and accounts originating in Russia for engaging in what the social network called "coordinated inauthentic behavior." [Read More]
Cyber-attacks that have been ongoing since at least mid-2017 hit financial institutions in West Africa, Symantec reports. [Read More]
A new threat actor operating under the “Magecart” umbrella landed a malicious skimmer on hundreds of websites through a supply chain attack, security firms reveal. [Read More]
In a new form of Business Email Compromise (BEC), an attacker assumes the identity of an employee, and asks for his or her paycheck to be sent to a new account. [Read More]
United States Senator Ron Wyden (D-OR) on Friday expressed concerns that the federal government shutdown could expose taxpayers to various risks. [Read More]
Mark Karpeles, former head of collapsed bitcoin exchange MtGox, apologised for losses that bankrupted the firm but insisted he was innocent of charges including embezzlement at closing arguments in his Tokyo trial. [Read More]
BevMo is warning that a data breach may have allowed a hacker to steal credit card numbers and other information from more than 14,000 customers who used the alcohol-seller’s website. [Read More]
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FEATURES, INSIGHTS // Fraud & Identity Theft
The abundance of compromised card data and other assets available online continues to hinder the fight against card-not-present (CNP) fraud.
Even organizations with the most robust defense solutions and advanced automated technologies cannot effectively combat threats such as BEC without the adequate support and nuanced expertise of humans.
While a credit freeze can protect against the opening of fraudulent credit accounts, it is not an inoculation against identity theft. What can be done to help protect identities and the attributes associated with them?
The attackers may be looking for the path of least resistance, but there is no shortcut to securing your platform.
In addition to basic credit monitoring, breached companies need to get ahead of the attacks and start providing security solutions that actually protect the victims before they are victimized again.
While effective at curbing “petty crimes” such as credit skimming / cloning, EMV does not address more sophisticated cyber-attacks that target backend systems which contain card holders’ most sensitive information.
Many fraudulent accounts are mere satire or innocuous trolling, but others are created with far more devious intentions.
Social engineering attacks can happen at any time. Here are some strategies you can use to help reduce the chances of a successful social engineering/phishing attack you or your organization.
They always say in the investment world that cash is king. We are now seeing that in terms of cyber as well. Stealing cash, it’s even better than stealing money.
When it comes to cybercrime, the police really can’t and aren’t going to protect residents of your town. The same goes for all towns and cities. Unless you’re talking a high six-figure theft, it's unlikely an officer will be assigned to your case.
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