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.
Also: Tackling Online Fraud; Highlights From ISMG's Midwest SummitIn the latest weekly update, ISMG editors discussed the fallout from the recent Snowflake breach and its impact on 165 companies and their users, the ongoing challenges in combating online fraud, and takeaways from ISMG's cybersecurity summit in Chicago.
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OneCoin co-founder allegedly bilked investors out of $4B Uncle Sam has put a $5 million bounty on any information leading to the arrest or conviction of self-titled "CryptoQueen" Ruja Ignatova, who is wanted in the US for apparently bilking victims out of more than $4 billion in what the Feds describe as the "one of the largest global fraud schemes in history."…
A novel malware strain, Snowblind, bypasses security measures in banking apps on Android, leading to financial losses and fraud, according to Promon
Cybersecurity researchers have discovered an updated version of an Android banking trojan called Medusa that has been used to target users in Canada, France, Italy, Spain, Turkey, the U.K., and the U.S
Payment fraud is the top risk to companies across the globe. Business email compromise is continually on the rise. Johnny Deutsch, co-founder and CEO of B2B payments protection company Creednz, discusses the need to integrate security into financial processes.