Tag: banking
A Deluge of Powerful Fraud Tactics Are Giving Businesses Trust Issues
It feels like fraudsters are consistently staying one step ahead of us. Back in early 2022, a study found that one out of every four accounts made online was fake—and that number has only gotten worse. The auto lending industry, for example, saw a staggering $7.9 billion in losses due to a 98% spike in synthetic fraud in 2023. They’re not alone in fending off more fraud attempts than ever as malicious actors turn to generative artificial intelligence to increase both the sophistication and the sheer number of fake accounts trying to bypass verification steps and swindle businesses. The increase we’ve seen in synthetic identities is causing a new host of problems. Not only are more businesses finding themselves with fake customers in their systems—financial institutions mistakenly giving credit to synthetic identities, colleges and universities grappling with applications from fake students, and more—but some of the measures being taken to tamp down on fraudsters’ relentless advances have had the unfortunate side effect of pushing away legitimate customers.
Banks swamped by fake account scams
In an exclusive interview with Cyber Intelligence, Andy Sheldon, North American VP of US-based ID fraud specialist Deduce reveals how banks are now struggling to combat armies of fake account holders currently being generated by artificial intelligence (AI).
Exclusive: CrowdStrike crash is only the beginning…
The famous “blue screen of death,” witnessed with horror by 8.5 million Microsoft Windows users worldwide as a result of the ongoing CrowdStrike outage, may soon become a far more familiar sight across a wide range of sectors. While there is no evidence that the widespread Microsoft Windows outage caused by the CrowdStrike upgrade was anything but accidental, many in the cybersecurity industry are seeing the past week’s experience as a dummy run for a full-fledged cyber-attack aimed at crippling critical infrastructure. As the current media pictures of people sleeping in airports testify, some sectors appear to be faring better than others.
Ticketmaster Breach Data Posted on New BreachForums – May 31st
The 'ShinyHunters' threat actor group posted data from a Ticketmaster data breach, potentially belonging to 560M users, asking for $500K in exchange for the data. Analysts at Vx-Underground analyzed a sample of the Ticketmaster data and determined that the data was authentic, containing entries dating back to 2011.
TeaBot banking malware infects 70k smartphones
TeaBot, a highly sophisticated type of malware, is increasingly infecting Android smartphones. Cybersecurity firm Zscaler’s ThreatLabz reported a sharp rise in malicious activity leveraging TeaBot this week. TeaBot, also known as “Anatsa,” is designed to impersonate seemingly harmless applications such as PDF and WR code readers. Once installed on an Android smartphone, it acts as a Trojan horse containing numerous financial scams. “[TeaBot] is a known Android banking malware that targets applications from over 650 financial institutions, primarily in Europe. We observed Anatsa actively targeting banking applications in the US and UK. However, recent observations indicate that threat actors have expanded their targets to include banking applications in Germany, Spain, Finland, South Korea, and Singapore,” explains Zscaler ThreatLabz.
Budworm Group Targets Middle Eastern Telco Company – September 29th
Chinese hacker group Budworm has been using cyber-espionage malware to target a telecommunications company in the Middle East and an Asian government organization. Reports say attacks have been orchestrated through a new variant of the group's SysUpdate backdoor malware, and that telecommunication companies have become a common target for hacking groups.
New RAT variant gives control over Android devices – September 6th
New RAT variant gives control over Android devices The Indian government