Fraudsters continue to get new tricks up their sleeves. Criminals are increasingly using Apple Pay, setting up mobile call centers to socially engineer victims as well as tricking consumers via fake e-commerce sites that never fulfill orders, fraud-fighting experts warn.
A recent $3 million bank heist in Bangladesh is likely the handiwork of "Silence," a Russian-speaking gang known for its slow and methodical attacks against banks and ATMs, according to an analysis by security firm Group-IB.
Cross-border eCommerce sales are set to reach $627 billion by 2022, with the highest growth rate projected in regions outside of North America and Western Europe, but US merchants are not capitalizing on these global markets. In fact, only 42% of surveyed US merchants said their websites accommodated global...
Online fraud is becoming more sophisticated as cyber-criminals try to stay a step ahead of fraud solutions and tools. Not only are ATO attacks tough to spot, they can also cause harm that goes beyond just stolen goods and chargebacks.
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Known for targeting banks and ATMs in Russia and other Eastern European countries, the "Silence" gang apparently is now expanding into other regions, using a combination of custom malicious tools and "living-off-the-land" techniques, researchers report.
Hackers behind the FASTCash ATM cash-out attack campaign - tied by the U.S. government to North Korea - use Trojan code designed to exploit bank networks running outdated versions of IBM's AIX Unix operating system, Symantec warns.
Pakistan says the nation's banks have not been hacked, but adds that they are taking defensive steps after nearly 20,000 payment card details appeared for sale online. The State Bank of Pakistan says banks are implementing restrictions on international transactions.
Tesco Bank has been hit with a £16.4 million ($21.3 million) fine by the U.K.'s Financial Conduct Authority for failing to prevent and more rapidly block thousands of fraudulent transactions that drained £2.3 million ($3 million) directly from customers' bank accounts.
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A cybercrime gang called "Silence," which appears to have just two members, has been tied to attacks that have so far stolen at least $800,000, in part via ATM jackpotting or "cash out" attacks, warns cybercrime investigation firm Group-IB.
So far, police have not found evidence that a major organized hacking group was responsible for the Cosmos Bank heist, which involved the theft of $13.5 million through ATMs and unauthorized SWIFT transactions. What steps should banks take to avoid becoming the next cyber heist victim?
The FBI warns that cybercriminals are planning a large-scale operation aimed at emptying ATMs, a type of attack that has caused swift and costly losses for financial institutions. The attack may utilize data from a breach of an unknown card issuer, the FBI says.
From open banking to emerging technology and the evolving needs of a new generation of on-the-go customers, financial institutions are experiencing unprecedented change. This means the use of advanced technology is on the rise as every institution searches for the next big thing to maintain a competitive edge.
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Following 33 arrests, police in Europe say they have dismantled a Romanian-led crime gang that used phishing attacks, online scams and fake invoices to steal more than $9 million from victims in Spain, including individuals as well as organizations ranging from hospitals to government agencies.
Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity around ATMs. Jackpotting in the region rose 231 percent in 2017 compared to 2016.
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