On the heels of the recent FTX financial meltdown came the theft of millions of dollars that left thousands of investors, exchanges and others in the lurch. Hugh Brooks, director of security operations at CertiK, shares how the funds may have been stolen and what happens next.
The United Kingdom and many other countries are considering ways to make banks liable for authorized payment fraud and lift the burden from millions of victims of online scams. Trace Fooshee, strategic adviser at Aite-Novarica Group, shares his views on why this might not be such a great idea.
In the latest weekly update, ISMG editors share how amateur tactics employed by ransomware gangs are leading fewer victims to pay ransoms, why traditional identity controls can't protect against the growing authorized payment scams, and highlights from ISMG's Crypto and Payments Summit.
Cyber-criminals have become thoughtful about ransomware attacks; taking time to maximize your organization’s potential damage and their payoff. Protecting your network from this growing threat is more important than ever. And nobody knows this more than Roger Grimes, Data-Driven Defense Evangelist at KnowBe4.
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Fighting fraud isn’t a binary proposition, and with a layered approach to fraud, you can enhance customer experience while reducing losses. The most successful companies are powering secure and streamlined customer experiences by taking a much more comprehensive view of consumers and their behaviors to make...
With fraudsters evolving their tactics and tricking a growing number of people with authorized payment scams, it's time for banks and security solution providers to explore new ways to protect consumers who are left holding the bag, says Ian Mitchell, managing partner at Omega FinCrime.
Since Zelle fraud has increased 109% in the United States, the banking industry is struggling to reduce authorized push payment scams. Ken Palla, former director at Union Bank, shares tips for combating fraudsters, including delays on large transactions, education and behavioral analytics.
Migrating to cloud-based productivity platforms like Microsoft 365 and Google Workspace comes with easier collaboration, more agility, less maintenance, and reduced costs.
Yet, email attacks become a larger challenge as we work to keep data and employees safe in a cloud-based environment. How can you minimize these...
If there’s anything 2022 can teach us, it’s that fincrime Is unpredictable.
This year has been shaped by rapidly changing fraud activities and scams… and increasingly brazen fraudsters. Neither individuals, businesses, government entities, nor financial institutions (FIs) are exempt from the velocity and...
Fake gains in fake cryptocurrency investment accounts are meant to keep victims participating in a scam known as "pig butchering," which is a mounting threat in English-speaking countries. The scam begins with cultivation of an intimate online relationship.
Fraudsters are using tried-and-true tactics such as check washing as well as Zelle scams and a host of insider threats to scam banks and their customers. Frank McKenna, chief fraud strategist at Point Predictive and author, explains why fraud is on the rise and the steps banks can take to stop it.
In the modern world, we log in and out of more accounts than we can keep a count of. During and after logging in, these windows provide tenacious fraudsters the chance to create fake accounts, and compromise legitimate user accounts.
There is a number of ways to counter these fraudsters, one such way is the...
In the latest "Proof of Concept," Lisa Sotto of Hunton Andrews Kurth LLP and former CISO David Pollino join ISMG editors discuss the first California consumer protection fine issued against retailer Sephora, defending against new ransomware tactics, and mitigating the impact of Zelle scams.
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