Stay informed on the latest in information security with updates on fraud prevention, detection techniques, and cyber fraud trends.
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Background for this topic.
Fraud is intentional deception used to obtain money, access, information, or another unfair benefit. In information security, the term commonly covers digitally enabled schemes such as phishing, account takeover, payment fraud, business email compromise, and misuse of stolen identities or credentials. The defining feature is deceptive use of systems, accounts, or data—not merely a technical failure.
Security teams should treat fraud as both an identity and transaction-risk problem. Relevant controls include phishing-resistant authentication, least-privilege access, payment and account-change verification, and monitoring for unusual login or transaction patterns. Personal and financial data require appropriate privacy protections because exposed data can support impersonation even when passwords are not compromised. Investigation must preserve authentication, email, endpoint, and transaction records so organizations can contain unauthorized access, reverse or block fraudulent activity where possible, notify affected parties, and improve controls based on the attack path.
A former security engineer has been sentenced to three years in prison in the U.S. for charges relating to hacking two decentralized cryptocurrency exchanges in July 2022 and stealing over $12.3 million
Also: Terraform Labs Liable in US Court for Civil FraudThis week, Google sued alleged crypto fraudsters, Mango Markets exploiter's trial began, Do Kwon and Terraform Labs are liable for civil fraud, Taiwanese prosecutors indicted ACE Exchange's co-founder, Wormhole nearly gave $40,000 to hackers and a Binance executive pleaded not guilty in Nigeria.
Phony call center company conducted online fraud and other Internet scams.
Experts Say Fraud Related to Fake Businesses Has Grown 150% in the Past YearWhile banks and fraud fighters focus their energies on combating synthetic identities used by individuals, fraudsters are simultaneously establishing fake business entities to exploit the system for more money with far less hassle. The problem is getting worse and is not restricted to the U.S.
The DoJ says it has seized $1.4bn and charged 3500 defendants in COVID fraud cases since 2021
Research from Ayden and the CEBR found that 35% of UK retailers fell victim to fraudulent activity, cyber-attacks or data leaks over the past 12 months
Google has filed a lawsuit against two app developers for engaging in an "international online consumer investment fraud scheme" that tricked users into downloading bogus Android apps from the Google Play Store and other sources and stealing their funds under the guise of promising higher returns