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FBI Takes Down Crypto-Laundering Scam

The line between cybercrime and plain old-fashioned fraud has become yet more blurred following the sentencing of international virtual currency vendor Anurag Pramod Murarka to 121 months in prison for his involvement in a classic money laundering operation that he advertised on Darknet marketplaces.

According to recently unsealed court documents, Murarka operated an international money laundering business from April 2021 until September 29, 2023. Murarka was able to operate out of India and serviced shady clients in the United States through an intricate Indian “hawala” money transferring system and the use of the US Postal Service as his “unwitting partner in transferring ill-begotten funds.” The original Hawala scam was an Indian political and financial scandal involving illicit payments allegedly sent by politicians through a network of four Hawala brokers that implicated some of the country’s leading politicians.

Editorial Team

News One Minute Roundup

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UK Takes Down Russian Money Laundering Ring – December 5th

The FBI warns the public about rising fraud schemes using generative artificial intelligence. The FBI observed that GenAI can be utilized by hackers to create fraudulent social media accounts, generate false websites to entice cryptocurrency investors, and create AI chatbots in order to lure victims into clicking malicious links.

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News One Minute Roundup

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77% of CEOs Believe AI More Risk Than Reward in Cyber – January 16th

Despite the hype of AI in cybersecurity, a PwC survey revealed that 77% of CEOs still believe AI increases the risk of breaches rather than boosts cybersecurity.

The PwC survey interviewed 4,700 executives globally, the majority of whom are CEOs. The survey also found that 63% of respondents believed AI to be a misinformation risk, causing a barrier for legal and reputational damage stemming from generative AI.

Tony Glover

Data Leak Finance News

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FNF hack exposes 1.3m customer details

US real estate financial services fat cat, Fidelity National Financial (FNF), has revealed details of a cybersecurity breach that occurred in November, exposing the details of 1.3 million customers. An updated filing to the US Securities and Exchange Commission (SEC) claims the attack, which occurred on November 19, 2023, was detected early on and successfully contained.

But despite FNF’s best efforts, over a million customers will wonder if the threat actors behind the breach also believe that their attack has been successfully “contained.” The nature of their target suggests otherwise. A Fortune 500 company, FNF is one of the largest companies of its kind in the US, with an annual revenue of over $10 billion, a market capitalization of $13.3 billion, and a staff of over 23,000 people.

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News One Minute Roundup

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North Korea Continues Crypto Theft Campaign – December 4th

A joint advisory by the Federal Bureau of Investigation (FBI), the Environmental Protection Agency, and the Cybersecurity Infrastructure and Security Agency (CISA) announced the Iranian-based threat actor group “Cyber Av3ngers” compromised over 200 internet-connected devices in the US.

Suspected to be anti-Israeli by motive, the “Cyber Av3ngers” group was behind the Pennsylvania Water Authority hacks, disrupting an industrial control device that was made in Israel.

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News One Minute Roundup

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Behind the Navy’s First Cyber Strategy – December 1st

To improve cybersecurity readiness, the U.S. Navy launched its first cybersecurity strategy.

The 14-page Navy cyber strategy outlined cybersecurity as a core competency in modern warfare and highlighted the importance of protecting the information environment.

Tony Glover

Breaking News News Wire Fraud

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Western Union payouts highlight the “insider threat”

International money transfer company, US-based Western Union, has been obliged to pay a further $40 million on top of a previous $365 million payout to defrauded customers. As many customers were the victims of phishing attacks in which Western Union had already admitted some of its staff were complicit, the payouts highlight the growing “insider threat” now facing multinational corporations.

Tony Glover

Analysis cybercrime European Union

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Europol aims to dismantle the EU’s Euro188bn criminal economy

The European Police Office (Europol)’s first-ever threat assessment on the topic, ‘The other side of the coin: an analysis of financial and economic crime in the EU’, aims to shine a spotlight on a EUR 188 billion-plus international underground criminal economy.

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