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.

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.

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.

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.

Ice IX Goes Global: Automatic Matching of HTML Injections with Victim’s Language

Fraudsters continue to extend their global reach through geo-targeted services and crimeware strains: Country-specific malware-infection services are readily sold to bot-herders via dedicated websites, with rates ranging from $30 to $250 per 1,000 infected computers. Ready-made botnets can be purchased in the underground along with HTML injections that target the region’s largest financial institutions, enabling…

Blackhat Tool Shop is Open for Business

In one of its recent findings, RSA FraudAction Research Labs has uncovered yet another new underground shop which was opened a few weeks ago, selling fraud commodities e-commerce style. The new shop offers access to compromised resources, compromised webmaster credentials, and custom PHP coding for their cybercrime clientele.