Robert Siciliano, a McAfee security consultant and founder of IDTheftSecurity.com, says socially engineered scams that are SMS/text-based will create big headaches for banks and credit unions in the near future.
Determining whether returning customers are genuine or imposters can no longer rely upon just Positive Identity Verification solutions. Fraudsters simply use stolen identities, hidden proxies, botnets and scripted attacks to evade discovery. Today, there is a new generation of Negative Identity Verification solutions...
This week's top news and views: The arrest of 53 suspects charged with a sophisticated identity theft and fraud scheme gets the attention of federal agents, and the message from the PCI Security Standards Council's annual North American Community Meeting: "Stolen Credit Card Information Is a Commodity That Has Worth."
The bust of 53 suspects, who have been charged with stealing identities of U.S. citizens to open credit cards and bank loans, highlights the need for stronger U.S. consumer privacy laws and consumer authentication.
The FDIC-related vishing scam is but one in a number of targeted vishing attacks reported in recent months - a reflection of the growing sophistication of the criminals who perpetrate socially engineered schemes.