Articles about Fraud

brain

Smyte might brighten fraud plight: How machine-learning can be used to thwart crooks

Analysis Carousell, a mobile-friendly classified ads market, has to deal with fraud. Like other e-commerce sites, it has to deal with miscreants who use software scripts to register masses of new accounts. It also has to handle attempts to trick sellers into refunding overpayments on bad checks. Fraudsters will buy an item for $1,000 …
Thomas Claburn, 17 Aug 2017
Hacker

UK households hit by 1.8m computer misuse offences in a year

The number of incidents of computer misuse in England and Wales reached 1.8 million in the year up to March 2015, according to official crime statistics released today. The Office for National Statistics data, based on a household survey of around 17,000 people, reveal 1.19 million cases of computer viruses. There were a …
Rebecca Hill, 20 Jul 2017
Bitcoin

See you in 2023 – Bitcoin exchange Coin.mx bigwig gets 66 months in the slammer

A kingpin of the ill-fated Coin.mx Bitcoin exchange was today handed a 66-month prison sentence for conspiracy, fraud, and money laundering. Anthony Murgio, 33, of Florida, US, will spend up to the next five and a half years behind bars for his role at Coin.mx, a haven for hackers looking to launder their profits. The stretch …
Shaun Nichols, 27 Jun 2017
Prison

Jailed fraudster admits running same cold-caller con from behind bars

The jailed kingpin behind a multimillion-pound fraud has admitted attempting to run an almost identical con from behind bars. Feezan "Fizzy" Hameed, 26, ran a voice-based phishing fraud which claimed 750 RBS group victims (mainly small businesses such as accountants and solicitors) and resulted in loses of £113m. He used his …
John Leyden, 12 Jun 2017
A burning dumpster

Oh no, Silicon Valley! Failed startup CEO on fraud rap after allegedly bullsh*ting staff and refusing to pay them

In an indictment unsealed on Wednesday, Isaac Choi, founder and CEO of failed Silicon Valley job search startup WrkRiot, was charged with five counts of wire fraud for allegedly defrauding former employees. Problems at the upstart surfaced in August when Penny Kim, former head of marketing for the company, published an account …
fraud

Wow, someone managed to make money on Fitbit stock – oh, 'fraudulently'

While Fitbit investors may be weeping over the wearable upstart's slumped share price, at least one person made out like a bandit on the stock, allegedly. On Friday, America's financial watchdog, the SEC, filed fraud charges against Robert Murray, of Virginia, accusing him of ramping up Fitbit's stock price temporarily via …
Iain Thomson, 19 May 2017
Man on old phone, image via Shutterstock

Crooks can nick Brits' identities just by picking up the phone and lying

Identity crimes remain among the greatest threats to UK businesses online. The offences made up three in five (60 per cent) of all fraud recorded by Cifas, the UK's leading fraud prevention service. Cifas' annual report, published Wednesday, collates statistics from 325,092 instances of fraud recorded in 2016. These internal …
John Leyden, 10 May 2017
accounting

Fake invoice scammers slurp $5bn+ from corp beancounters – FBI

The FBI reckons scammers netted more than $5bn in four years by emailing fake invoices and similar bogus claims to beancounters, tricking them into handing over company cash. This so-called business email compromise crime (aka BEC, or sometimes "whaling") involves thieves sending convincing-looking invoices to staff while …
Iain Thomson, 5 May 2017

eBay denies claims it's failing to thwart 'systematic fraud'

A campaigner has gone public with his concerns over an alleged scam on eBay. The person claimed a group of fraudsters have found a way around PayPal/eBay's anti-fraud system, in a complex multi-stage scam. eBay says it has the problem in hand, a contention strongly disputed by the campaigner, who said he has tracked and …
John Leyden, 24 Apr 2017
phishing

UK.gov survey shines light on cybersecurity threats to businesses

Phishing and ransomware remain the most pressing security threats for UK business, according to a government-backed survey out Wednesday. The survey, commissioned by the Department for Culture, Media and Sport, found that the most common types of breaches are related to staff receiving fraudulent emails (in 72 per cent of …
John Leyden, 19 Apr 2017

SWIFT on security: Fresh anti-bank-fraud defenses now live

Inter-bank data comms biz SWIFT says it has introduced mechanisms to better protect money transfers from tampering. We're told the fresh defenses will make it easier for banks to track movements of money. The payment controls are part of SWIFT's Customer Security Programme, a set of mandatory IT and physical security …
Shaun Nichols, 13 Apr 2017
shimmer

US ATM fraud surges despite EMV

Improved technologies in the banking sector have failed to stem the rising tide of fraud in the US, according to a study by analytic software firm FICO. The US's belated move to EMV (Europay, MasterCard and Visa) chip-equipped cards hasn't curtailed fraud as much as many had hoped, based on the successful rollout of the …
John Leyden, 31 Mar 2017

Financial fraud losses in the UK last year topped £20m a day – report

Financial fraud losses in the UK totalled £768.8m in 2016, up 2 per cent on 2015, according to Financial Fraud Action UK. The figures, released on Thursday, cover losses from scams involving payment cards, remote (internet and telephone) banking and cheques. They also show that £1.38bn – equivalent to £6.40 in every £10 – of …
John Leyden, 30 Mar 2017

GiftGhostBot scares up victims' gift-card cash with brute-force attacks

Cybercrooks are using a bot to automate the process of breaking into and draining online gift card accounts. The software nasty, named GiftGhostBot, attempts to steal cash from money-loaded gift cards provided by a variety of retailers around the globe, according to Distil Networks. Any website – from luxury retailers to …
John Leyden, 24 Mar 2017
theft

More Brits' IDs stolen than ever before

UK identity fraud has hit its highest recorded levels, according to a new report. Fraud prevention service Cifas recorded 172,919 identity frauds in 2016 more than in any other previous year. Identity fraud now represents over half (53.3 per cent) of all fraud recorded by the UK’s not-for-profit fraud data sharing organisation …
John Leyden, 15 Mar 2017
Nigerian prince

'Nigerian princes' snatch billions from Western biz via fake email – Interpol

Spoofed email and malware hidden in attachments netted crooks in West Africa more than $3bn in three years from businesses. That's according to research carried out by the International Criminal Police Organization (Interpol) and infosec biz Trend Micro. Forget claims of money stuck in bank accounts. Scammers are now raking it …
Iain Thomson, 10 Mar 2017
Woman smiling on phone/. photo by shutterstock

Scammers hired hundreds of 'staff' to defraud TalkTalk customers

Hundreds of staff were hired by scammers in Indian call centres to defraud TalkTalk customers, according to a BBC report revealing the extent of the scam. According to the report, employees worked in shifts and earned £120 per month phoning TalkTalk customers. The whistleblowers say they were given a script in which they were …
Kat Hall, 7 Mar 2017
Credit card theft

Online shops plundered by bank card-stealing malware after bungling backend Aptos hacked

Shoppers of 40 online stores have had their bank card numbers and addresses slurped by a malware infection at backend provider Aptos. The security breach occurred late last year when a crook was able to inject spyware into machines Aptos used to host its retail services for online shops. This software nasty was able to access …
Shaun Nichols, 1 Mar 2017

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