Big-Data-green

A New Liberty Reserve Emerges

The takedown of Liberty Reserve in May 2013 was a major blow to many fraudsters who used the e-currency for years to launder their illicit gains. By the time the U.S. government took action, Liberty Reserve had been around for seven years and was reportedly responsible for the laundering of billions of dollars in transactions. More recently, yet another option for fraudsters seems to be materializing in what some are now calling “The New Liberty Reserve,” an e-currency known as LessPay.

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Phishing: They Should Just Call It Catching

Online banking losses have increased 28% year-on-year. UK Cards offered some explanation quoting the fact that phishing attacks had increased by 199% over the past 12 months. The only reason I can think of why phishing attacks continue to rise is because fraudsters are still catching victims. Phishing is still a viable form of credential harvesting providing a meaningful return on investment for fraudsters.

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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.

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Online Dating, Online Fraud: It’s All Relative

To me, online dating these days is not much different than online fraud. I speak from personal experience on both – as someone who has experienced the thrills of online dating sites (NOTE sarcasm here) and has the privilege of witnessing the latest online scams that fraudsters pull on a daily basis. I live in both worlds – and trust me, they are not much different.

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