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Cybersecurity researchers have disclosed details of a telecommunications fraud campaign that uses fake CAPTCHA verification tricks to dupe unsuspecting users into sending international text messages that incur charges on their mobile bills, generating illicit revenue for the threat actors who lease the phone numbers

Bank Info Security 3 months, 2 weeks ago

One-Time Passcodes Are Gateway for Financial Fraud Attacks

Report Reveals Growing Trend of Fraudsters Intercepting SMS-Based VerificationFinancial institutions have historically relied on one-time passcodes as a primary authentication control for their accountholders. But OTP verification is less reliable as fraudsters increasingly exploit SMS-based verification weaknesses to carry out account takeover and payment fraud schemes.

Also: the Pentagon-Anthropic AI Legal Showdown, the New Reality of Document FraudIn this week's panel, four ISMG editors discuss the cyber activity tied to the U.S.-Israel-Iran conflict, the Pentagon's standoff with AI firm Anthropic and a new report that reveals how document fraud reflects deeper weaknesses in verification systems.

Bank Info Security 5 months, 4 weeks ago

Fraud Tops Ransomware in WEF's 2026 Cybersecurity Outlook

Findings From WEF's 2026 Report Show Shifting Cyber Priorities as AI Reshapes RiskCyber-enabled fraud has overtaken ransomware as the top cybersecurity concern for CEOs heading into 2026, according to the World Economic Forum's Global Cybersecurity Outlook 2026, released ahead of the Davos meeting. AI is a top emerging technology affecting both cyber risk and cyber defense.

Cybersecurity researchers have disclosed a new Android trojan called PhantomCard that abuses near-field communication (NFC) to conduct relay attacks for facilitating fraudulent transactions in attacks targeting banking customers in Brazil

Bank Info Security 1 year, 1 month ago

Credit Washing and Synthetic ID Fraud Hit All-Time High

Auto Lending Sector Is Hardest Hit by Scammers Using Synthetic IdentitiesSynthetic identity and credit washing fraud have hit another record high and are showing no signs of slowing down, according to a new report by TransUnion. Unscrupulous credit repair companies are adding to the problem by convincing people in debt to create new identities.

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