Tag Archives: fraud

WannaCry expert held in cyber fraud

New York: Ironic as it may read but a cybersecurity researcher who was hailed as a hero after he discovered a ‘kill switch’ that put brakes on the fast-spreading ‘WannaCry ransomware in May has been arrested in the US for cyber fraud.

The Federal Bureau of Investigation (FBI) arrested 23-year-old Briton Marcus Hutchins, who runs a security blog called MalwareTech, in Las Vegas for “his role in creating and distributing the Kronos banking trojan virus”, a Department of Justice spokesperson was quoted as saying in media reports late on Thursday.

According to a report in Los Angels Times, Hutchins is described as “having created, maintained and marketed the Kronos banking Trojan from July 2014 to July 2015”.

The trojan virus stole credentials and personal information and put malicious code on victims’ computers.

The Eastern District of Wisconsin returned a six-count indictment against Hutchins on July

Read more at: http://odishasuntimes.com/2017/08/04/wannacry-expert-held-in-cyber-fraud/

Online credit card fraud on the rise as cyber criminals become more sophisticated

Updated

August 03, 2017 11:07:44

A collection of credit cards
Photo:

“Card not present” and “ghost terminal” fraud are on the rise. (ABC Adelaide: Brett Williamson)

Cyber criminals are becoming increasingly sophisticated about credit card fraud as more consumer payments move online, according to a new report.

The Australian Payments Network — the industry’s self-regulatory body — has revealed a significant increase in card fraud, with stolen card details accounting for 78 per cent of fraudulent card transactions.

In its annual fraud data report,

Read more at: http://www.abc.net.au/news/2017-08-03/credit-card-fraud-on-the-rise/8769944

FBI warns against romance fraud, sextortion

Recent editions of the Oregon FBI’s Tech Tuesday segment examined building a digital defense against romance fraud and sextortion.

For some people, looking for love online can bring a lifetime of roses and long walks on the beach. But for others, the seemingly perfect boyfriend ends up being perfectly horrible.

Romance fraud

Anyone can fall victim to this scammer, but most commonly he is going to target women over 40 who are widowed, divorced or disabled. It usually starts with an innocent-enough-sounding contact online. He’s likely been watching your social media accounts or gleaned info out of an online dating profile. Amazingly, he likes what you like — whether that’s books, music, sports or whatever. Over time, he starts communicating with you by email or text. He starts calling, and you have long conversations about your life, your future, and your love.

And then comes the kicker – he asks you for money. It

Read more at: https://www.thechronicleonline.com/news/fbi-warns-against-romance-fraud-sextortion/article_eaf5663c-76ea-11e7-a054-e77eb6a3fdd8.html

FBI warns against romance fraud, sextortion | News …

Recent editions of the Oregon FBI’s Tech Tuesday segment examined building a digital defense against romance fraud and sextortion.

For some people, looking for love online can bring a lifetime of roses and long walks on the beach. But for others, the seemingly perfect boyfriend or girlfriend ends up being perfectly horrible.

Romance fraud

Anyone can fall victim to this scammer, but most commonly he is going to target women over 40 who are widowed, divorced or disabled. It usually starts with an innocent-enough-sounding contact online. He’s likely been watching your social media accounts or gleaned info out of an online dating profile. Amazingly, he likes what you like — whether that’s books, music, sports or whatever. Over time, he starts communicating with you by email or text. He starts calling, and you have long conversations about your life, your future, and your love.

And then comes the kicker – he asks you for

Read more at: https://www.thechronicleonline.com/news/fbi-warns-against-romance-fraud-sextortion/article_eaf5663c-76ea-11e7-a054-e77eb6a3fdd8.html

The Intersection of Cyber and Fraud: A Q&A With DST’s Nick Nichols

Financial services companies are not the only ones who need to pay attention to the intersection of cyber and fraud.

In 2016, Financial Crimes Enforcement Network (FinCEN) issued an advisory on cyber-events and cyber-enabled crime that shared guidance for financial institutions on what events should be reported through Suspicious Activity Reports (SARs).

The implications of the advisory have been two-fold. Financial institutions further understand the importance of having the cyber and fraud departments work together and share information with each other, and FinCEN now has access to additional data, which enables it to connect the dots and identify specific patterns it may not have been able to see before.

FEI Daily spoke with Nick Nichols, vice president of risk and compliance at DST, a leading provider of strategic advisory, transformative technologies, and operations outsourcing to the financial and healthcare industries, about the importance

Read more at: http://daily.financialexecutives.org/intersection-cyber-fraud-qa-dsts-nick-nichols/

Online payment fraud detection spend: $9.3B by 2022

Fraud detection and prevention is growing thanks to identity theft and cyber crime, and the spend to prevent it is going to get a lot higher before it ever goes lower.

The news is thanks to new research from Juniper which “found that perceptions of high software costs alongside relatively low awareness of effective solutions in the eCommerce space were slowing service uptake. Nevertheless, it predicted that several factors would prove instrumental in driving the market forward.”

Juniper’s new research is dubbed “Online Payment Fraud: Emerging Threats, Key Vertical Strategies Market Forecasts 2017-2022,]” and as always, is on sale to relevant parties at relevant parties.




The research “found that the growing threat of insecure IoT (Internet of Things) devices would be

Read more at: https://www.itwire.com/business-it-news/business-intelligence/79164-online-payment-fraud-detection-spend-$9-3b-by-2022.html

Online Credit Card Fraud Risk Increases Due to Russian Online Carding Course

Credit card fraud has always been a problem for digital payments. It has become increasingly easy for criminals to obtain credit card information, either by keylogging user information or by hacking online retailers. It now appears Russian hackers have put together a compendium of sorts which allows anyone to abuse stolen credit card information with relative ease. Making card fraud easier for Russian hackers is the last thing the world needs.

Carding is a Serious Problem

It is quite remarkable to see how online crime has evolved over the past few years. Credit card fraud has always been a big problem. It appears this situation only gets worse as time goes by. The number of credit cards stolen from online retailers or through other cyber attacks has risen almost every single year. Putting a stop to the abuse of stolen card information continues to be a very steep uphill battle.

When security researchers

Read more at: https://themerkle.com/online-credit-card-fraud-risk-increases-due-to-russian-online-carding-course/

Uttarakhand STF cracks cases of cyber fraud, arrest accused from Jharkhand

DEHRADUN: Working on cases of cyber-crime and withdrawal of money from banks using fraudulent ways, teams of Special Task Force (STF) Uttarakhand camped in naxal-infested areas of Jharkhand for over three weeks and arrested an accused from Giridih district. While the main accused in these cases managed to escape, the STF was successful in tracing Rs 2.8 lakh cash one gold ring, 350 gram silver ornaments, mobile phone and several sim cards.

Probing seven cases of cyber fraud in which money was fraudulently withdrawn and thereafter deposited in bank accounts in other states, the STF team found a strong connection with Jharkhand. Closer study found the involvement of people residing in Naxal areas. Following which, three STF teams camped in Devghar, Jamtara, Giridih and Dhanbad for a period of 25 days.

Investigating the matter, the men-in-khaki found that the mobile

Read more at: http://timesofindia.indiatimes.com/city/dehradun/uttarakhand-stf-cracks-cases-of-cyber-fraud-arrest-accused-from-jharkhand/articleshow/59682335.cms