fraud

Protect small businesses: Addressing security threats and insider risks

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Protect small businesses: Addressing security threats and insider risks

Small businesses face unique security challenges that make them highly vulnerable compared to larger organizations. While large companies often have dedicated teams of cybersecurity experts, fraud examiners, investigators and the resources to implement robust security measures, small businesses typically operate with limited budgets and minimal staff, making them prime targets for a variety of internal and external threats. One of the greatest threats to small businesses comes from within: insider fraud and embezzlement. While the…

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How to Use Call Detail Records to Detect Fraud

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How to Use Call Detail Records to Detect Fraud

If you’ve ever checked your phone’s call history to see when someone last rang, you’ve probably seen information such as the caller’s name, the call time, and the call duration. These are just a few of the fields that phone services capture in call detail records (CDRs). Complete call detail records store much more data, such as the route the call traveled, which device it came from, and any errors encountered during the call. This…

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Deepfakes Can Fool Facial Recognition on Crypto Exchanges

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Deepfakes Can Fool Facial Recognition on Crypto Exchanges

Generative AI deepfakes can stoke misinformation or manipulate images of real people for unsavory purposes. They can also help threat actors pass two-factor authentication, according to an Oct. 9 research report from Cato Networks’ CTRL Threat Research. AI generates videos of fake people looking into a camera The threat actor profiled by CTRL Threat Research — known by the handle ProKYC — uses deepfakes to forge government IDs and spoof facial recognition systems. The attacker…

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Are deepfake fraud risks overhyped? Where enterprises are exposed

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Are deepfake fraud risks overhyped? Where enterprises are exposed

Deepfakes are the hot new enterprise risk. British engineering group Arup lost $25 million recently after scammers used AI deepfakes to falsely pose as the group’s CFO and request transfers from an employee to fraudulent bank accounts.  But will deepfakes become the number one avenue for fraudsters to steal money? Likely not. There are far more common and pervasive cyber fraud attack methods, specifically business email compromise (BEC) schemes. Data shows that 83% of companies…

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Olympic scammers go for gold.

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Olympic scammers go for gold.

This week, we are joined by Selena Larson, Staff Threat Researcher, Lead Intelligence Analysis and Strategy at Proofpoint, as well as host of the “Only Malware in the Building” podcast, as she is discussing their research on “Scammers Create Fraudulent Olympics Ticketing Websites.” Proofpoint recently identified a fraudulent website selling fake tickets to the Paris 2024 Summer Olympics and quickly suspended the domain. This site was among many identified by the French Gendarmerie Nationale and…

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Nearly 90% of businesses saw up to 9% of revenue lost due to fraud

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Nearly 90% of businesses saw up to 9% of revenue lost due to fraud

A new survey by Veriff has shown that fraud attempts have increased this year, contributing to financial repercussions. Almost 90% of respondents report that their organization saw as much at 9% of revenue lost as a result of fraud. This suggests that companies making $100 million per year could potentially lose $9 million annually from fraud.  Key findings from the survey include:  Nearly 87% report a rise in online fraud as of April 2024. Only 1.19%…

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The pros and cons for AI in financial sector cybersecurity

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The pros and cons for AI in financial sector cybersecurity

Much has been written about the threats and perils artificial intelligence (AI) poses to financial services and how it can be used by cybercriminals to infiltrate customer accounts. In an industry already plagued by constant fraud concerns, where it’s predicted that the global cost of fraud will surpass $40 billion by 2027, the explosive popularity of AI, and the additional hazards it presents, have not necessarily been met with widespread enthusiasm across the sector. Because…

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Why are phishing attacks destroying SMBs?

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Why are phishing attacks destroying SMBs?

Phishing scams have become an all-too-common threat. Through spear fishing, vishing and other forms of social engineering, cybercriminals trick business owners and employees into disclosing sensitive information like credentials and passwords, eventually resulting in data breaches and ransomware installations on a business’s network. According to Accenture, 43% of cyberattacks are aimed at small businesses. But why have these attacks become so prevalent and so successful? Macro trends have pushed workplaces to permanently adopt a hybrid…

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New SecuriDropper Malware Bypasses Android 13 Restrictions, Disguised as Legitimate Applications

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New SecuriDropper Malware Bypasses Android 13 Restrictions, Disguised as Legitimate Applications

A new malware is bypassing an Android 13 security measure that restricts permissions to apps downloaded out of the legitimate Google Play Store. A new report from ThreatFabric, a fraud protection company, exposes SecuriDropper malware, which is capable of bypassing Android 13 restricted settings. The malware makes Android consider the installation as coming from the Google Play Store, though in reality it isn’t. It’s highly recommended for organizations to use Mobile Device Management solutions and…

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Combatting the next wave of AI fraud

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Combatting the next wave of AI fraud

Combatting the next wave of AI fraud | Security Magazine This website requires certain cookies to work and uses other cookies to help you have the best experience. By visiting this website, certain cookies have already been set, which you may delete and block. By closing this message or continuing to use our site, you agree to the use of cookies. Visit our updated privacy and cookie policy to learn more. This Website Uses…

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