Cybercrime and Fraud, Page 2

CEO Fraud: The New $2 Billion Phishing Scam

Like most employees, you don’t think twice before opening an email from your CEO. Given the latest email scam making the rounds in the workplace, maybe you should.  Statistics show that the spear phishing scam known as “CEO Fraud” has already racked up more than $2 billion in losses and victimized 12,000 individuals globally. Losses…

Reduce Fraud and Abandonment with a Risk-Based Approach to Online Sales

Sooner or later every business with an online presence is plagued by shopping cart abandonment. Sometimes a consumer changes their mind, factors in the cost of shipping and decides it’s not worth it, or is simply distracted long enough so the transaction is never completed. Getting a consumer to follow through is not as easy,…

Find Friends and Credit Cards on Facebook: The New Cybercrime Reality

Social media attracts all kinds. These sites are used for catching up with friends on Facebook, instant news dissemination on Twitter, partisan political viewpoints expressed in online forums, real-time reach outs on Snapchat, professional networking on LinkedIn — and now, not surprisingly, they’re used as global havens for cybercrime. With the release of the second…

Money Mules: The Critical Cash Out Service in the Fraud Supply Chain

While we might associate a mule with the stubborn, four-legged animal, in the world of cybercrime, it has a much different connotation. Mules can come in the forms of both accounts or people and are critical parts of the fraud supply chain. You can have mule accounts which are used to move stolen funds, or…

Credential Sharking: A New Fraud Comes to Town

Over the past couple of years, I’ve worked on many projects which have been focused on helping companies ‘turn the lights on’ as to what is happening on their website – the good, the bad and everything in-between. One of the most unusual cases I’ve seen involved a payday lender and a mass disclosure of online…

3D Secure Innovations: New Analytics Dashboard Helps Improve Response to Fraud

The 3D Secure protocol has been much (and somewhat unfairly!) maligned for the negative impact it has on the cardholder’s online experience. Requiring cardholders to produce their password each and every time they try to transact on a participating merchant site significantly disrupts purchase flow. Adding friction to the online checkout process leads to cart…

Ransomware: The New Cyber Kryptonite

And then, there was irony. While Apple has been able to hold out against the FBI demanding it produce a backdoor into the iPhone used in the recent San Bernardino attack, it was unable to render a similar defense against a strain of ransomware that recently, albeit briefly, infected its own Mac computers. The recent…

A Tale of One Password and Unhappily Ever After for Retailers

Do you recycle? I’m not talking here about paper, glass and aluminum waste. I mean online passwords.  For most consumers, password recycling is a given which exposes them to a wide variety of other identity theft risks.  However, poor identity management practices on the part of consumers also puts retailers and e-commerce merchants at risk…

Phishing Lives On with New Bait

The saying “Gone Fishing” on the once prosaic signs hanging from rural-based gas stations or car repair shops has evolved to mean something completely different in 2016. While phishing attacks are not growing by leaps and bounds like other types of cyber threats, it is certainly showing no signs of slowing down. Last year, RSA…

Fraud Effects of Real-Time Digital Banking Payments: Is Your Bank Ready?

When was the last time you read a news article about an ‘old school’ brick and mortar bank robbery?  Or perhaps even seen a new Hollywood movie about a gang of bank robbers?  I suspect the answer is……you haven’t. Online banking has facilitated a revolution in how we do our banking, with mobile pushing it even further in recent…