With the latest retail breach at Home Depot, attention has again turned to credit card black markets, the clearinghouses that sell these stolen cards to the highest bidder. These are no fly-by-night operation. In fact, the largest of these markets have some sophisticated features that any e-commerce site would tout, including: • integrated Bitcoin funding • …
Over the last year, there have been countless debates over the hows and whys of the massive retail breaches the world has witnessed—including those affecting major chains such as Target, Neiman Marcus and P.F. Chang’s, just to name a few. Undoubtedly, the 2014 Faces of Fraud Survey results were deeply impacted by these incidents as …
On Monday, the US-CERT (United States Computer Emergency Readiness Team) issued an updated advisory, warning that the ‘Backoff’ Point-of-Sale malware continues to evolve. And just today, UPS confirmed that it is the newest likely victim of Backoff. US-CERT has now seen five variants of ‘Backoff’, each with notable modifications, and the malware has been found …
The latest in a recent string of lawsuits between businesses and their commercial banks is the case of Tennnessee Electric Company vs. TriSummit Bank. In the complaint, Tennessee Electric alleges in six counts, from gross negligence to fraud, that TriSummit didn’t honor its agreement to protect the security of ACH initiated payroll transactions.
The Snifula family of malware has been making a name for itself recently in Japan, targeting multi-national and smaller regional financial institutions alike. The effectiveness of this kind of malware is putting banks at risk in other parts of the world too, including North and South America. Our research indicates that most financial institutions in …
Last week, reports flooded security forums and publications highlighting an increase in the rate of a fraud attack named Operation Emmental. The threat type was first noticed by security companies approximately 5 months ago, but the recent rise in successful attacks against mobile banking users has been alarming and underlined the effectiveness of the attack. …
Over the last two years, we have seen a tremendous increase in mobile malware, which grew 167 percent in the past year, according to the June 2014 McAfee Labs Threat Report. Here are two major reasons why mobile malware is increasingly the preferred method of attack for fraudsters: 1. As EMV technology is deployed in …
Cybersecurity risks remain the same for all financial institutions, regardless of size or resources. The FFIEC recently announced that examiners will be conducting "state of cybersecurity assessments" this summer, specifically targeting community banks. Examiners want to ensure that cybersecurity is engrained into the culture of all financial institutions, and that management is well aware of …
At Easy Solutions, we spend a lot of time anticipating fraud trends so that we can develop solutions quickly and ensure that our customers are always ahead of the game when it comes to fraud protection. This week, we added and enhanced several features to our anomaly detection solution, DetectTA, which now has the ability …
I write this post with mixed feelings about the adoption and use of crypto and digital currencies. For those who might not know, cryptocurrencies like Bitcoin, Dogecoin and others offer digital online wallets of virtual money. Initially envisioned as irreversible ‘peer-to-peer’ trustless exchanges, these currencies claim to offer the possibility of anonymous transactions between strangers, …
