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Fraud
Global online payment fraud losses are set to soar by more than 50% over the coming four years to exceed $25bn per year, according to a new report from Juniper Research. The market analyst’s report, Online Payment Fraud: Emerging Threats, Segment Analysis & Market Forecasts 2020-2024, predicted a 52% growth in merchant losses to scams over...
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Law enforcement agencies in Virginia have created a new task force to deal specifically with the rising deluge of scams based around the COVID-19 outbreak. The Virginia Coronavirus Task Force is a joint federal and state initiative led by assistant United States attorneys from both the Eastern and Western Districts of Virginia, in partnership with experienced fraud...
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Financial institutions could have prevented hundreds of millions of pounds worth of fraud over the past three years by implementing a simple payee-checking service online, a consumer rights group has claimed. Which? estimates that £1.1 billion has been lost to bank transfer fraud since 2017. In these cases, a scammer posing as a trusted entity...
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UK police prevented over £31m in mainly online fraudulent activity last year, according to UK Finance. The banking body claimed that the Dedicated Card and Payment Crime Unit (DCPCU), staffed by officers from the Metropolitan and City of London police as well as industry fraud experts, had a bumper year. As well as preventing an estimated...
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A remission fund set up by Western Union to compensate the victims of money transfer scams that the business “turned a blind eye to” has made its first distribution payment. On Tuesday the Western Union Remission Fund began paying approximately $153m in funds forfeited to the US government to over 109,000 victims located around the world. Western Union entered...
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A former Microsoft engineer faces 20 years behind bars after being found guilty of attempting to defraud his ex-employer of $10m. Ukrainian citizen Volodymyr Kvashuk, 25, from Renton, Washington, was initially a contractor for the tech giant before going full time there from August 2016 until he was fired in June 2018. He was convicted...
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Security experts are warning of a new extortion email campaign threatening to bombard websites using AdSense with fake traffic, thereby triggering Google’s anti-fraud systems. A website owner wrote to journalist and researcher Brian Krebs claiming to have received just such a threat. The extortionists demanded $5000 in Bitcoin, or else they would bombard the site...
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A trio of Australians has been charged with identity theft that netted AU$11 million (US$7.41m, £5.73m) – ill-gotten loot they allegedly ripped off by hacking into businesses and modifying their payrolls, pension payments (known as superannuation in Australia) and credit card details. According to ABC News, police arrested the alleged cyber-robber – an unidentified 31-year-old man,...
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Aleksai Burkov, a Russian cybercriminal responsible for over $20m in credit card fraud, pleaded guilty last week for access device fraud, identity theft, computer intrusion, wire fraud, and money laundering, after being indicted four years ago for operating a carding website called Cardplanet. This website, which ran from 2009 until 2013, served as a forum...
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This week we discuss the IT exec who scammed his employer out of $6m with fake invoices and the death of Python. Peter also shares two of his latest investigations from the ransomware swamp. Mark reached peak peeve in this episode and so asked us to share our own technology pet peeves. Did you agree...
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A senior vice-president at a global internet marketing firm has pleaded guilty to a wire fraud case in which he illegally paid $6m into an IT shell company. Hicham Kabbaj worked for over four years at affiliate marketing giant Rakuten Marketing, formerly known as Rakuten LinkShare and part of the Japanese multi-national e-commerce firm. From 2015,...
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