Rumors are swirling about how the Department of Health and Human Services lost about $7.5 million in grant payments through a series of cyberattacks last year, including speculation over whether the incidents involved sophisticated AI-augmented spear-phishing or more commonplace fraud schemes.
Hackers celebrated the year-end holidays with a malicious "Free Leaksmas" posting on the dark web, releasing 50 million stolen consumer records, including credit card information. Researchers said the leaked data can be used for identity theft and fraud.
In late Q4 2023, ISMG conducted a survey that attracted over 100 responses from professionals and provided a unique platform for Fraud, AML, Financial Crime, and Compliance leaders to contribute their insights and to offer a deeper understanding of how AI is shaping the daily battle against fraud.
The continuing battle against fraud and financial crime demands constant adaptation and innovation. Generative AI - Artificial Intelligence - and broader AI technologies have brought both excitement and apprehension to our field, as they hold the promise of revolutionising our approach to fraud prevention while...
Check fraud, scams and account takeovers dominated the fraud landscape in 2023. Banks and other financial institutions are expected to continue to struggle with account takeovers as fraudsters have changed their modus operandi, making it difficult to track fraudulent proceeds.
As the adoption of real-time payments increases, the United States will likely see an increase in scams, which will further fuel the debate about reimbursement models for FedNow and RTP networks, said Peter Tapling, board member at the U.S. Faster Payments Council.
Days after announcing a security compromise, cloud-based identity and authentication management provider Okta said that an unknown threat actor had accessed files of 134 customers after an employee signed in to a personal Google profile on the Chrome browser of an Okta-managed laptop.
Genetics testing firm 23andMe is investigating a data leak of ancestry DNA information for certain customers whose usernames and passwords were previously hacked on other websites. The company suspects a massive credential stuffing attack on individual accounts using recycled passwords and no MFA.
Netcraft purchased an online brand protection vendor to incorporate security analysts into the company's highly automated cybercrime takedown process. The deal will expedite the takedown of fraudulent websites by capitalizing on their joint knowledge of the global infrastructure provider landscape.
Search engine optimization poisoning attacks, which involve intentionally manipulating search results to lead users onto malware-laced websites, are on the rise in the healthcare sector, U.S. federal regulators warn. Users should watch for typosquatting, keyword stuffing, meta tagging and cloaking.
Understanding and Defending Against AI-Generated Email Attacks
ChatGPT. Google Bard. DeepFaceLab.
Generative AI is all the rage, and for good reason. What used to take hours can now be done in minutes, and what used to take minutes can be done in seconds. Which is great for productivity in the right hands.
But...
Bots have become an important tool for modern cybercrime. A bot is used somewhere in the attack cycle in more than three-quarters of security incidents. HUMAN Security co-founder and CEO Tamer Hassan called account takeover "the gateway drug to all other forms of fraud and abuse."
Criminal hackers are targeting South Koreans with an Android Trojan that dupes victims into handing over payment card data by faking phone conversations with lenders. Developers are using "several unique evasions that we had not previously seen in the wild," Check Point researchers write.
The latest IBM Cost of a Data Breach report highlighted that 19% of total data breaches are due to compromised and stolen credentials, resulting in $4.5 million in losses, and 40% of ransomware attacks start through email. So how do you protect this vital communications channel?
Security leaders have many options...
Banking Trojans, ransomware, fake finance apps programmed to steal data - the cybercriminal cartels have become more punitive in 2023, escalating destructive attacks on financial institutions. This is just one key finding of the annual Cyber Bank Heists report by Contrast Security's Tom Kellermann.
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