Hong Kong police and Interpol disrupted an international criminal operation that planted banking Trojans through SMS phishing messages that appeared to originate from a legitimate source. Hong Kong police told the South China Morning Post the gang appears to be based overseas.
Banks are losing hundreds of millions of dollars a year to check fraud - if not more, says David Maimon, professor of criminal justice and criminology at Georgia State University. The major hurdle facing banks is that they are not able to share information with each other about fraudulent checks.
Approximately 65.5% of millennials prefer instant disbursements as their primary option, with 66.4% of bridge millennials and 50.5% of Gen Z following suit.
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A significant portion of millennials (65.5%), bridge millennials (66.4%), and Gen Z (50.5%) prioritize instant disbursements. Mid-market and small financial institutions (FIs) must adapt to this evolving landscape and stay competitive.
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Attackers this week locked up the business of London-based ION Cleared Derivatives, a software firm that supports derivatives trading, forcing major European banks to process trades manually and prompting a major futures exchange to delay the settlement of trades for two hours.
When the DOJ announced a "major, international cryptocurrency enforcement action," observers expected to see charges against a well-known firm. Instead, the agency charged a lesser-known figure, Anatoly Legkodymov, the Russian founder of Bitzlato, with facilitating $700 million in illegal activity.
Cybersecurity researchers say a Chinese for-profit threat group tracked as 8220 Gang is targeting cloud providers and poorly secured applications with a custom-built crypto miner and IRC bot. The malware can slow system performance, drive up costs and expose systems to security risks.
Authorized payment scams are growing, and regulators, lawmakers and banks are taking note. As some banks look at ways to reimburse customers for Zelle scams in 2023, experts expect technology vendors to focus on creating new solutions to detect scams and prevent such payments from being made.
Personal information for more than 1.3 million Aflac cancer insurance policyholders and almost 760,000 Zurich Insurance auto insurance policyholders in Japan has been leaked on the dark web following hacks on a third-party contractor. Affected individuals from both hacks reside in Japan.
Check fraud, first-party fraud and AI-related fraud will increase on a massive scale in 2023, thanks in large part to growing insider threats and the global economic slowdown. Frank McKenna, chief fraud strategist at Point Predictive, explains how banks can prepare to tackle these types of scams.
U.S. authorities in New York arrested a 24-year-old French national residing in the United Arab Emirates and charged him with defrauding buyers of Mutant Ape Planet NFTs, a type of digital asset, saying he defrauded investors out of more than $2.9 million.
A financially motivated threat actor called Blind Eagle returned from its hiatus and is conducting an ongoing campaign directed at Spanish-speaking targets in the banking industry in Colombia and Ecuador. The hacking group appears to have updated its tools and infection chain.
The U.S. attorney in New York has established a task force to trace and recover funds missing from FTX and manage probes related to the firm's collapse. The team comprises prosecutors with expertise in securities and commodities fraud, money laundering and asset forfeiture and cybersecurity.
Posing as leading banks, the North Korea-backed BlueNoroff group is evading Microsoft Windows' Mark of the Web security measure to help infect machines with malware. Hackers are refining their techniques for bypassing MOTW, which warns users when they try to open a file downloaded from the internet.
U.S. law enforcement arrested and charged the hacker who exploited Mango Markets with fraud and market manipulation. The man earlier claimed that the $110 million hack on the decentralized finance platform had been merely a "highly profitable trading strategy."
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