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Online Fraud Detection, Cyber Security: Cerber Surpasses Locky to Become Dominant Ransomware Menace

Ransomware-as-a-Service is a hit with the tech illiterate

 

Cerber eclipsed Locky as the most common ransomware pathogen doing the rounds in the first three months of 2017.

 

Cerber's control of the cybercrime market rose from 70 per cent market share in January to 87 per cent in March, according to the latest cybercrime tactics report by Malwarebytes Lab.

 

The success of Cerber is down to its features (robust encryption, offline encryption etc) combined with the adoption of a Ransomware-as-a-Service business model, whereby the ransomware can be modified or leased. "It's also very easy for non-technical criminals to get their hands on a customised version of the ransomware," Malwarebytes reports.

 

Malwarebytes' findings follow reports from Microsoft that Cerber was topping its Windows 10 ransomware chart.

 

By contrast, the Locky ransomware (last year's number one) has dropped off the map, likely due to a switch in tactics by the cybercrooks behind the Necurs spam botnet.

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Online Security SWIFT to Introduce Tool to Spot Fraudulent Inter-Bank Messages

Interbank messaging service SWIFT, which is used to transfer trillions of dollars between banks every day, will launch a new tool to spot fraudulent messages, seeking to restore trust in the system after millions of dollars were stolen in cyber raids.

 

Belgium-based SWIFT said on Wednesday that it will offer clients a service that will be able to learn a user bank's messaging patterns so that it can spot if a payment is being made to an unusual counterparty or for an unusual amount.

 

Last year $81 million was stolen from Bangladesh's central bank after thieves hacked into its SWIFT system and sent instructions to the Federal Reserve Bank of New York to pay money from Bangladesh Bank's account to parties in Asia.

 

SWIFT was criticised last year by some users and industry players for failing to beef up security on its system even as the risk of cyber-attacks increased and the network expanded to include smaller institutions with more lax security procedures.

 

Though SWIFT l

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Security and Risk Complaints Online - Payday lender Wonga admits to data breach

270,000 customers advised not to worry but also to watch out for odd transactions and ponder password refresh

Payday lender Wonga has advised 270,000 customers of a data breach and offered inconsistent advice about the severity of the incident and how to respond.

An “incident FAQ” on the company's site says “We believe there may have been illegal and unauthorized access to the personal data of some of our customers.” The Reg understands 270,000 customers are potentially at risk, 245,000 of them in the UK.

Wonga says the data that parties unknown have accessed “may have included one or more of the following: name, e-mail address, home address, phone number, the last four digits of your card number (but not the whole number) and/or your bank account number and sort code.”

The FAQ offers contradictory advice on the incident, offering assurances that “We believe that your account is secure and you do not need to take any action" but also says “if you are concerned you should change you

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Security and Risk Complains Online : Elbit's Cyberbit Hones Military Technology for Commercial

RAANANA, Israel (Reuters) - Israeli defense Electronics Company Elbit Systems forecasts double-digit growth for its Cyberbit business, which is transforming the technology it has long provided for military intelligence to the fast-growing commercial market. Cyberbit took shape after Elbit's $150 million acquisition of the cyber and intelligence unit of Israel's Nice Systems in 2015, blending Nice's technology designed for law enforcement and intelligence agencies with Elbit's military-focused capabilities.

 

Today Cyberbit operates as two companies - one focused on government security and intelligence and subject to Israeli export restrictions, the other catering for the commercial market, mainly financial firms and utilities. Both are headed by Cyberbit Chief Executive Adi Dar.

 

 

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A massive failure that leaves iPhones, Android mobes open to tracking

Security flaws smash worthless privacy protection

 

Analysis To protect mobile devices from being tracked as they move through Wi-Fi-rich environments, there's a technique known as MAC address randomization. This replaces the number that uniquely identifies a device's wireless hardware with randomly generated values.

 

In theory, this prevents scumbags from tracking devices from network to network, and by extension the individuals using them, because the devices in question call out to these nearby networks using different hardware identifiers.

 

It's a real issue because stores can buy Wi-Fi equipment that logs smartphones' MAC addresses, so that shoppers are recognized by their handheld when they next walk in, or walk into affiliate shop with the same creepy system present. This could be used to alert assistants, or to follow people from department to department, store to store, and then sell that data to marketers and ad companies.

 

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ONLINE SECURITY - CYBER RANSOMING A GROWING PARASITICAL BUSINESS FOR UK HACKERS

'There are minimal overheads and profits can be limitless'

 

Cybercriminals are increasingly targeting UK workers files and data, and the Metropolitan Police have warned that “no one is safe”.

 

The FBI, Metropolitan Police, and security experts all agree that cyber ransoming has fast become one of UK’s biggest economic crimes.

 

Unpredictable, unstoppable and potentially fatal to a business, the rapid emergence of ransomware has become a threat to people across the nation.

 

August Graham, the editor of the Sentinel, arrived at work one morning last summer to find a note pop up on one of the computer screens. It informed him that all the files on the firm’s server had been encrypted and were being held ransom.

 

He was told he had to pay £500 to get them back, or they'd be destroyed.

 

Last year, 54 per cent of businesses in the UK were hit by ransomware attacks, according to a survey by Osterman Research on behalf of Malwarebytes. In 20 per cent of the cases, it stopped b

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Online Security Review: Fraud-tervention on Identifying and Preventing Financial Fraud

Financial fraud continues to evolve; it's more sophisticated, harder to detect, and takes advantage of people's emotions like fear and excitement. According to a recent TD survey, 85 per cent of Canadians worry about themselves or their loved ones becoming a victim of financial fraud. More than one-third (37 per cent) worry that their elderly family members are too trusting, and that their children are unaware of the risks.

 

"Debit card, credit card and cheque fraud are more common because of sophisticated approaches that target emotion as well as transactions," says Mushtak Najarali, Senior Vice President of Everyday Banking Products at TD Bank Group. "Prevention and protection are key to fighting financial fraud, and so is the relationship between customers and their financial institution. Both parties working together is the best first line of defense to help identify and avoid financial fraud."

 

Many Canadians know the basics of protecting themselves from financial fraud. In

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Cyber security: Fraud rises as cybercriminals flock to online lenders

Cybercrime is becoming more automated, organized and networked than ever before, according to the ThreatMetrix Cybercrime Report: Q4 2016.

                      

Cybercriminals are increasingly targeting online lenders and emerging financial services, says Vanita Pandey, vice president of strategy and product marketing, ThreatMetrix.

 

[ Related: 8 tips to defend against online financial fraud threats ]

 

 

ThreatMetrix's report is based on data drawn from its ThreatMetrix Digital Identity Network, which analyzes about 2 billion transactions per month for insight into traffic patterns and emerging threats. The network uses a real-time policy engine to analyze transactions — about 44 percent of which originate from mobile devices — for legitimacy based on hundreds of attributes, including device identification, geolocation, previous history and behavioral analytics.

 

 

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Cyber Attacks Against Financial Services Cost Consumers £8bn in 2016, Research Reveals

Online financial services and lending companies are increasingly being targeted by fraudsters and costing consumers millions of pounds around the world last year alone, according to research.

Cyber attacks against online lending companies and alternative payment systems increased 122pc last year, according to Threat Metrix, a security company that monitors more than 20bn online transactions a year.

The fraud is estimated to have cost consumers as much as £8bn in 2016, the company said.

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The spike in fraud comes as online financial services are growing in popularity. A combination of greater trust and ease of use means customers are increasingly opting to use digital businesses. In the UK, financial services transactions online grew by 10pc last year.

 

But this uptick has made the industry a prime target for cyber attacks, ThreatMetrix said after detecting 80m attacks on the financial sector using fake or stolen credentials in 2016. 

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Online Fraud Detection on 5 ecommerce fraud predictions for 2017

Ecommerce fraud is on the rise as more consumers turn to online shopping. Luckily, by being vigilant, merchants can fight fraud and win.

 

As the number of consumers turning to online shopping increases, the rise of online fraud is also rising.

 

Those committing internet crimes are depriving their victims of either funds, interests, personal property and/or sensitive data. As the threat escalates, consumers and companies alike are seeking various methods to tackle the phenomenon.

 

 

Ecommerce fraud has a long and controversial history. Thus, providing a forecast for the months ahead can help retailers adopt an adequate solution to confront the many challenges in 2017.

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