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Risk

Scammers steal £500m from UK bank customers in six months

“Criminals stole more than £500 million from UK bank account holders in the first half of 2018, according to industry figures. Bank trade group UK Finance says that £145 million of the losses were down to authorised push payment (APP) scams, where crooks trick victims into sending money to another account. The remaining £358 million was lost […]
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Risk

UK government and banks plan anti-fraud initiative

“According to the Daily Telegraph, ministers have become increasingly concerned about the impact of fraud in recent months, with attacks on more than 1,300 TSB customers after the bank’s IT meltdown in April. The bank’s chief executive Paul Pester stepped down earlier this month.”
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Risk

Securing Omnichannel Experiences from Cross-Channel Fraud

“With cross-channel fraud, a fraudster steals personal information about a user from one channel, and then uses that information to commit fraud in another. Here’s an example. Fraudsters frequently use social engineering scams to trick a user into granting access to an online account, like a banking account. Once in, the fraudster has easy access to […]
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Risk

New Data Security Study of Fintech Apps Highlights Vulnerabilities

“Given their rapid spread and growth, this question urgently needs answering. As part of its ongoing CFI Fellows Program, CFI asked Patrick Traynor, professor at the University of Florida’s Department of Computer Information Science & Engineering (CISE) to find out. Traynor and his team of computer science researchers looked at the security of online fintech applications using a […]
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Risk

What Cyber-War Will Look Like

“In a report Cancian wrote for the Center for Strategic and International Studies on how great powers adapt to tactical and strategic surprise, Cancian sketched out twelve “vignettes” of potential technological or strategic shocks to make his abstract points a bit more concrete. “
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Risk

It’s time to get serious about first-party fraud

“First-party fraud involves a person making financial commitments or defaulting on existing commitments using their own identity, a manipulated version of their own identity or a synthetic identity they control. With the identity owner involved, a critical piece of the puzzle is lost. Because fraud “treatments” tend to be all-or-nothing and rely on a victim, the […]
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Risk

PayPal, Square vulnerabilities impact mobile point-of-sale machines

“Security flaws in mobile point-of-sale (mPOS) devices from vendors including Square, SumUp, iZettle, and PayPal have been disclosed by researchers.  Thursday at the Black Hat conference in Las Vegas, security experts from Positive Technologies said that vulnerabilities present in mPOS machines could allow unscrupulous merchants to raid the accounts of customers or attackers to steal […]
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