Tagged: cybercrime

Cybersecurity Expert Comments on Crypto Transactions, Responsibilities of US Govt, Private Sector to Defend Information, Networks

Carole House, Director of Cybersecurity with the White House National Security Council, recently discussed online security issues at the FinCrime Virtual Week. Blockchain security firm CipherTrace notes in a recent update that headlines such as the Colonial Pipeline Ransomware attack indicate that cybercrime is “on… Read More

Changing UK Cybercrime Patterns Outlined in PPC Shield Report

British individuals and businesses have been scammed for £5.7m in losses from just under 15,000 reported cybercrime incidents so far in 2021, research from click fraud prevention firm PPC Shield reveals. Malicious hacking, fraudulent use of social media accounts and email scams are the top methods, accounting for… Read More

Kaspersky Report Parses African Cybercrime Trends

New data released this week by Kaspersky shows even Africa is not immune from cyber attacks. While not considered a hotbed of financial opportunity, many African countries are seeing attacks at rates similar to the global average of one out of every 10 computers in… Read More

FinCEN Issues Very First Priorities List for AML/CFT Policy, Includes Use of Crypto for Ransomware Payments, Money Laundering

On June 30, 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes, issued its first… Read More

Nearly 75% of Financial Institutions in US, UK Reveal there’s an Increase in Cybercrime Following COVID Outbreak: Report

Almost three-quarters or 75% of financial institutions have reported an increase in cybercrime activities since the Covid-19 outbreak (around February 2020), according to a survey released by BAE Systems. The survey of 902 banking institutions and insurance providers, based in the US and the UK,… Read More

Cost of Cybercrime to Surpass $1 Trillion in 2020 due to Global Shift to Remote Working Environment following COVID-19 Outbreak: Report

The global shift by individuals and organizations towards working from home during the COVID-19 pandemic has led to a significant increase in the overall costs related to cybercrime – which is on track to surpass $1 trillion this year for the very first time ever…. Read More

Web 3.0 Projects Mysterium Network and Sentinel Form Alliance to Protect Users from Data Hacks, Cybercrime, Surveillance Activities

Web 3.0 related projects Mysterium Network and Sentinel have established an alliance that will focus on protecting Internet users from data hacks, cybercrime, and excessive surveillance activities while they’re conducting activities online. According to a release, the new “decentralized” VPN (dVPN) alliance is currently open… Read More

US Department of Treasury’s Office of Foreign Assets Control Warns that Paying Perpetrators of Ransomware Attacks May lead to $20 Million Fine

Companies or businesses that have been targeted with malicious ransomware attacks might potentially face fines as high as $20 million if they agree to the demands from extortionists, particularly the ones who have been listed on financial crime sanctions lists, the US Department of Treasury… Read More

India’s National Security Adviser Warns that Fraudulent Activities have Increased as More Consumers are Conducting Online Payments

Ajit Doval, the National Security Adviser (NSA) to the Prime Minister of India, recently warned that financial crime and fraudulent activities have increased significantly and could continue to rise, because more consumers are conducting transactions online following the COVID-19 outbreak. Doval said that the country… Read More

Hackers are Using Malicious, Automated Scripts to Attack Computer Systems Every 39 Seconds, Digital Asset Security Firm NGRAVE Reveals

NGRAVE, a digital asset security company that claims it has developed the world’s most secure cryptocurrency hardware wallet, reveals that hackers regularly use automated scripts (malicious computer code) that allow them to attack computer systems every 39 seconds (on average 2,244 times per day). The… Read More

World Economic Forum Recommends Adopting Clear and Actionable Cybersecurity Guidelines for Fintech Firms

The World Economic Forum (WEF) Fintech Cybersecurity Consortium was established in 2018. It aims to help protect the global financial ecosystem, which now includes large organizations with “high levels of cybersecurity maturity” and fast-growing Fintech firms that are offering emerging technologies such as AI, Big… Read More

Cybercrime and Banking Fraud Alert: State Bank of India, Nation’s Largest Lender, Reminds Customers to Never Share Personal Details with Anyone

The State of Bank of India (SBI) has again cautioned against the increasing number of fraudulent activities targeting unsuspecting bank account holders. The SBI is a multinational, public sector banking and financial services statutory body that’s headquartered in Mumbai, Maharashtra. Last year, it was ranked… Read More

Financial Crime Carried Out by Stealing Banking Customers’ IDs Increased by 15% (from 2018) to $16.9 Billion in 2019: Report

The use of stolen and synthetic identities to carry out fraudulent activities increased significantly in 2019, and the COVID-19 crisis might be making the problem even worse, according to a recently published  Identity Fraud Report from Javelin Strategy & Research. Financial losses due to identity… Read More

Digital Banking Adoption Could lead to More Cyber Attacks and Security Issues, FBI Warns

The US Federal Bureau of Investigations (FBI) has warned that there could be an increase in financial crime due to the rise of digital banking. The warning is a reminder from the FBI that mobile banking providers and financial institutions must protect their clients from… Read More

Prolific Romanian Cryptojackers, ID Thieves and Fraudsters Convicted in Ohio

Two of three Romanian cybercriminals who targeted American citizens and businesses from abroad in elaborate cybercrime schemes initiated in 2007 have been convicted in Ohio. Bogdan Nicolescu, 36, and Radu Miclaus, 37, will be sentenced August 14th after being found guilty of 21 counts of… Read More

Group-IP Says $882 Million Pilfered from Crypto Exchanges, North Korean Hackers Take Gold Medal in Crypto Theft

Group-IB, a company that provides computer forensics and cybersecurity services large international companies, published a report last week the put a number to the frequent cryptocurrency exchange hacks that seem to happen on a weekly basis.  According to Group-IB, attacks during 2017 and through Q3… Read More

Crypto Mining Malware Attacks Escalating, UK Poll Finds

IT directors at 750 companies with 250 or more employees in the UK are reporting a steady increase in attempted “crypto-jacking” attacks on enterprise computer systems, with 30% of all companies reporting attacks in May, the month the survey was conducted. The findings were determined… Read More

Fiserv Forms Strategic Partnership With BlueVoyant to Fight Against Cybercrime

Fiserv, Inc. (NASDAQ: FISV), a global provider of financial services technology solutions, announced on Monday it has formed a strategic partnership with  BlueVoyant, a next-generation cybersecurity company, to deliver a comprehensive managed security platform that specifically addresses the unique needs of financial institutions – from threat detection, response… Read More

ThetaRay Raises $30 Million in Oversubscribed Round Backed by OurCrowd

ThetaRay, an AI and big data analytics in the cyber crime prevention space, has closed on a funding round of $30 million. The round was said to be “significantly oversubscribed” with investors like Jerusalem Venture Partners (JVP), GE, Bank Hapoalim, SVB Investments, OurCrowd,  and others joining… Read More

FCA Competition Director Chris Woolard Addresses Financial Crime & Virtual Currencies

Christopher Woolard, Executive Director of Strategy and Competition at the Financial Conduct Authority (FCA), delivered a speech today on the hot topic of cybersecurity, crime and financial services. Delivered at a “TechSprint” in London, Woolard said it was time to bring regulators and tech specialists… Read More

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