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A new Android malware operation called RedWing is being rented out on Telegram as a ready-made bank-fraud service. It lets even low-skill criminals take over a victim's phone, steal their banking logins, and capture the one-time codes that protect their accounts
15-year-old among six arrested after Dutch cops target suspected bank fraud call center
Fraud Expert Ken Palla on Why Detection Controls Still Lag BehindFraud continues to climb even as banks invest heavily in detection tools and analytics. The gap between technology spending and fraud losses reflects a deeper issue in how financial institutions approach scam prevention, says Ken Palla, retired director at MUFG Bank.
They cleverly mimic most traits of a real phone Smartphones have fast become the basis of our digital identities, securing payment systems and bank accounts. Now virtual devices that pretend to be real handsets have become a key tool for financial scammers, according to one company. …
Mobile banking malware targets over 1200 financial apps globally, shifting fraud to user devices
Cybersecurity researchers have disclosed a new Android malware family called Perseus that's being actively distributed in the wild with an aim to conduct device takeover (DTO) and financial fraud
Cybersecurity researchers have discovered half-a-dozen new Android malware families that come with capabilities to steal data from compromised devices and conduct financial fraud
Cadence Bank's Brent Phillips Focuses on Controls for Online Account OpeningFinancial institutions face rising losses from first-party fraud schemes that begin with online account opening. One of the most effective ways to reduce exposure involves practical, risk-based controls that limit how much trust new customers receive before their behavior can be established.
New Android malware enables unauthorized tap-to-pay transactions without physical access to bank cards
The U.S. Justice Department (DoJ) on Monday announced the seizure of a web domain and database that it said was used to further a criminal scheme designed to target and defraud Americans by means of bank account takeover fraud
A new Android malware named Albiriox has been advertised under a malware-as-a-service (MaaS) model to offer a "full spectrum" of features to facilitate on-device fraud (ODF), screen manipulation, and real-time interaction with infected devices
Also: npm Packages Infiltrated, FBI Issues Fraud Alert, Campbell's Soup Cans CISOThis week, a recently fixed Oracle flaw is being actively exploited, Shelly tackled Pro 4PM DoS bug, "Shai-Hulud 2.0" hit npm, the FBI warned of rising bank account takeover scams, regulators fined Comcast over a vendor breach, Iberia reported a supplier incident and Campbell's canned its CISO.
The FBI warns of a surge in account takeover (ATO) fraud schemes and says that cybercriminals impersonating various financial institutions have stolen over $262 million in ATO attacks since the start of the year. [...]
Cybersecurity researchers have disclosed details of a new Android banking trojan called Sturnus that enables credential theft and full device takeover to conduct financial fraud
Ping Identity and Ameris Bank on Stopping Fraud Without Alienating Legitimate UsersIn the latest "Proof of Concept," Rich Keith, director of product and solutions marketing at Ping Identity, and Todd Smith, senior vice president of customer IAM at Bank Ameris, joined ISMG editors to discuss how AI-based fraud is breaking trust models faster than many systems can adapt.
Law enforcement authorities in Europe have arrested five suspects in connection with an "elaborate" online investment fraud scheme that stole more than €100 million ($118 million) from over 100 victims in France, Germany, Italy, and Spain
XML-Based Messaging Tech Extends Fraud Detection Into Wider Bank Use CasesACI's signals network intelligence harnesses neural networks and federated machine learning to spot fraud in real time without banks sharing data. Beyond fraud detection, its insights can drive business growth from other business units, and ACI aims to accelerate adoption by making it open source.
PLUS: Kryptos solution up for auction; Canadian parliament springs a leak; Fake crypto lawyers; And more Infosec In Brief New York State is suing bank-owned peer-to-peer payment app Zelle, claiming that the banks behind it knew fraud was rampant on the platform but allowed scammers to conduct business with impunity.…
Within months of implementing anti-fraud measures and automation, Texas National Bank prevented more than $300,000 in check fraud.
Deal Adds Live Fraud Red Teaming, Adversarial Testing to Neovera's Cyber PortfolioNeovera has acquired Greenway Solutions, a Charlotte-based fraud red-teaming vendor serving top banks, to expand its cyber capabilities. The Washington D.C.-area services provider plans to tailor services for community banks and credit unions using automation and selective testing.