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.

Laser Precision Phishing — Are You on the Bouncer’s List Today?

As we close out 2012, it’s safe to say that phishing has had yet another record year in attack volumes. The total number of phishing attacks launched in 2012 was 59% higher than the total calculated for 2011, up from 279,580 attacks to 445,004, costing the global economy over $1.5 billion dollars in fraud damages. According to RSA research, this amount is 22% higher than the losses recorded in 2011, part of the growing worldwide monetary losses associated with phishing attacks.

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.

Phishing in Season: A Look at Online Fraud in 2012

The results are in for the first half of 2012, and once again, phishing attack numbers mark a notable increase on the global scale. Compared with H2 2011, end of June numbers show a 19% increase as phishers heavily target the UK, U.S. and Canada – and their associated brands – with the same old online…

Fraudster Scams Target Olympic Fans Online – Podcast #237

The worldwide attention on the 2012 Olympic Summer Games has provoked interest from the fraudster underground to leverage the Games to launch myriad phishing and social media attacks on unwitting fans to spread malware and steal personal information. RSA’s Angel Grant talks about the different types of online scams to watch out for around the Olympic Games.

Rogue Mobile Apps, Phishing, Malware and Fraud

Mobile apps, and the content they provide, are the reason smartphones and tablets are so popular; recent statistics show that mobile users around the globe download over 67 million app every day! Although these numbers are staggering, security-awareness did not follow, and it was a matter of time – and only logical for cybercriminals – before online threats, such as phishing and malware, became a reality on mobile devices.

Eternal Flame

The Eternal Flame is something you’ll probably recognize as the ever burning fire in ancient Greece; but in fact it has deeper roots in the Middle East. The first records of such custom are, interestingly enough, set in ancient Iran and Israel. The security industry’s skies are now alight with Flame, the latest discovery in [...]

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.