Banking institutions are seeing a significant spike in multi-channel financial crimes. But Duncan Ash and Julio Gomez of Splunk say data and analytics can be key differentiators in the effort to protect sensitive financial data.
Ransomware attacks remain the top cyber-enabled threat seen by law enforcement. But phishing, business email compromises and other types of fraud - many now using a COVID-19 theme - also loom large, Europol warns in its latest Internet Organized Crime Threat Assessment.
Australian police say they've broken up a sophisticated SMS phishing scheme designed to collect personal details and bank login credentials. It's a rare success in the fight against unsolicited text messages.
The posting on Russian underground forums of source code for the Android mobile banking Trojan Cerberus has led to an increase in attacks as well as updates to the malware, the security firm Kaspersky reports.
From Friday through Monday, malicious JavaScript skimming code was injected into nearly 2,000 e-commerce sites that were running an older version of Adobe's Magento software, possibly resulting in the theft of payment card data, according to Sanguine Security.
Visa's payment fraud disruption team is warning of a recently uncovered digital skimmer called "Baka" that is stealing payment care data from e-commerce sites while hiding from security tools.
The average amount stolen in a business email compromise scam increased 48% during the second quarter of 2020, but the number of attacks decreased during that period, the Anti-Phishing Working Group reports.
So-called "cybersquatting" attacks are surging, with financial and e-commerce websites - including those of PayPal, Royal Bank of Canada, Bank of America and Amazon - among the most frequent targets, according to Palo Alto Networks' Unit 42.
A cybercriminal gang dubbed "UltraRank" that has planted malicious JavaScript code in hundreds of e-commerce websites around the world over the last five years to steal payment card data also takes the unusual step of selling the data on its own, the security firm Group-IB reports.
The operators behind the Qbot banking Trojan are deploying a new version of the malware that uses hijacked Outlook email threads to send personalized phishing emails, according to Check Point Research. This campaign has targeted over 100,000 victims worldwide.
Erika Dietrich of the payments system company ACI Worldwide analyzes statistics on how card-not-present transactions, fraud and chargebacks have changed this year, compared to last year.
Card-not-present fraud is rising as fraudsters inject malware into e-commerce websites to harvest account information, says Gord Jamieson of Visa. But the artificial intelligence models used to detect this fraud need to be refined to better mitigate this threat, he says.
FINRA, a private organization that helps self-regulate brokerage firms and exchange markets, is warning that fraudsters have recently started creating spoofed websites and domains using members' real names and images in an attempt to steal personal information and credentials.
To effectively combat online fraud, banks need to greatly enhance their customer authentication efforts, says Anis Ahmed, former head of corporate investigations at Abu Dhabi Islamic Bank.
The fight against fraud requires more than using the right technologies; it requires understanding threat actors' techniques, says Robert Villanueva of Q6 Cyber.
Our website uses cookies. Cookies enable us to provide the best experience possible and help us understand how visitors use our website. By browsing bankinfosecurity.com, you agree to our use of cookies.
