Is Cashing Out Bank Accounts Getting Harder?

If in the past, you could throw a virtual rock in the underground and hit multiple fraudsters offering cashout services (i.e. they have mule accounts available and are searching for accomplices with victims’ credentials), however now we are only seeing about one tenth of those services openly available in the cybercriminal circles.

With Liberty Reserve Down, What’s In Store for Cybercriminals Now?

With Liberty Reserve being taken down and its owner arrested, many fraudsters now find themselves having to recuperate from substantial financial losses. As the e-currency service was to the equivalent of US dollars in the underground economy, the impact of this sudden shutdown is severe, and the dust it raised may take a while to settle. That being said, savvy fraudsters would have known not to put all their electronic eggs in one basket, as history has a nasty tendency to repeat itself – and this case is no different. The Liberty Reserve era may have ended, but its fate was no different than what befell the eras that came before it.

The Natural Selection of Fraud

Evolution isn’t just about making things better but to adjust living creatures to their ever changing surroundings. Fraud in that sense is also adapting, but instead of searching for food like a giraffe, it adapts to obtaining as much money as possible. If money from one fraud chain depletes, it would adapt and create a different one.

Vishing: To Have Your Identity Stolen, Press One

Of all the terms describing identity theft methods, “Vishing” (which stands for “Voice Phishing”) is perhaps the most ambiguous one. A simple Google query for the definition of the term shows just some of its multiple interpretations. But why are fraudsters using this type of attack?