Articles about fraud

Diane Abbott, British Labour Party politician

If Shadow Home Sec Diane Abbott can be reeled in by phishers, truly no one is safe

While fraudsters traditionally prey on the gullible and feeble-minded, their wicked ways have ensnared British Labour MP Diane Abbott. The UK Shadow Home Secretary admitted to handing over control of her computer to a stranger after a random caller asked her to install Remote PC. It's a common scam. Once the miscreant has …
bank robbery

Solid password practice on Capital One's site? Don't bank on it

Capital One is facing criticism for using policies on its banking website that prevent the use of password managers. Joseph Carrigan, a Reg reader and senior security engineer at the Johns Hopkins University Information Security Institute in the US, says he was trying to reset the password for his Capital One bank account …
Shaun Nichols, 13 Sep 2018
Monty Python's Terry Gilliam as the nude organist in Monty Python's Flying Circus

Sextortion scum armed with leaked credentials are persistent pests

Persistence pays off for crooks when it comes to sextortion-based phishing scams, research into its effectiveness suggests. One variant bombards prospective marks with threats to release non-existent footage of them watching smut unless they give in to demands. Cleverly, these threats are lent an air of authenticity by using …
John Leyden, 10 Sep 2018
Virtual money enters man's online wallet

Silicon Valley CEO admits $1.5m wire fraud: Bouxtie boss forged signatures to investors

Bouxtie had everything you can dream of in a Silicon Valley startup. A stupid name (it's pronounced "bow-tie"), a vastly over-confident CEO with a story, millions in VC money, and a nonsensical business model built around an app. And yet this week its chief exec Renato Libric pleaded guilty, in a US federal district court, to …

Feel the shame: Email-scammed staffers aren't telling bosses about it

The number of UK companies on the receiving end of business scams involving email has risen by nearly two-thirds – 58 per cent – in the last year, new data from Lloyds Bank has revealed. Stats from the bank showed the average loss from so-called "business email compromise" (BEC) frauds has reached £27,000. IT workers are …
John E Dunn, 7 Sep 2018
Archer cracks the ISIS mainframe's password

Vodafone hounds Czech customers for bills after they were brute-forced with Voda-issued PINs

Two crooks scammed Vodafone customers in the Czech Republic out of $26,000 thanks to weak telco-issued PIN codes. Vodafone preset the online passwords for their customers with a numerical password of 4-6 digits. A pair of chancers with no technical skills were able to launch a brute-force attack that reportedly involved trying …
John Leyden, 7 Sep 2018
movie still from zoolander: 'hansel, he's so hot right now. hansel'

Baddies of the internet: It's all about dodgy mobile apps, they're so hot right now

Rogue mobile apps have become the most common fraud attack vector, according to the latest quarterly edition of RSA Security's global fraud report. Fraud from mobile browsers and mobile applications made up 71 per cent of total fraudulent transactions recorded (of approximately 402,000) in Q2 2018, compared to 61 per cent in …
John Leyden, 15 Aug 2018
Money and gavel

IT biz embezzlement brouhaha leaves bloke with $456k migraine

An investor in an IT biz has coughed up $456,000 after America's financial watchdog accused him of looking the other way while executives at the consultancy he backed allegedly embezzled millions of dollars. Late last week, Bhusan Dandawate was charged [PDF] by the SEC with allegedly aiding and abetting fraud – after he was …
Shaun Nichols, 23 Jul 2018
A man in handcuffs

Bloke accused of netting $5m on inside info about Lattice Semiconductor

A Chinese investor has been charged in America with insider trading after allegedly using Lattice Semiconductor secrets to turn a massive profit on Wall Street. Michael Yin, 45, of Beijing, China, faces 14 felony charges of securities fraud and conspiracy to commit securities fraud after he allegedly used confidential …
Shaun Nichols, 18 Jul 2018
fraud

Fraudster admits she was OPM dealer: Leaked US govt staff files used to bag cash, car loans

A woman has fessed up to using people's personal information, leaked online from the US government's Office of Personnel Management mega-hack, to take out loans and open bank accounts. Karvia Cross, 39, of Bowie, Maryland, USA, pleaded guilty on Monday in the eastern district of Virginia to one count of identity theft and …
Shaun Nichols, 19 Jun 2018
invoice

Scammers ahoy! International police operation harpoons 74 email whaling suspects

Police have carried out a worldwide wave of arrests that have seen 74 people detained and over $16m in purloined funds seized by suspected whalers, or business email compromise (BEC) fraudsters. Over the past few years the FBI has been targeting BEC fraud, a social-engineering scam to convince companies and individuals to …
Iain Thomson, 11 Jun 2018
Big bill

Fella gets 2.5 years in the clink for coughing up cell numbers in $50m junk text message scam

A bloke armed with a fistful of cellphone numbers has been sent down for 30 months for his role in a scam that fleeced folks out of $50m in bogus monthly charges. Christopher Goff was sentenced by a US federal district court in Manhattan after being found guilty on one count of conspiracy to commit wire fraud. He will also …
Shaun Nichols, 21 May 2018

Ex-Netflix veep allegedly banked payola for tech deals with web TV giant

A former vice-president at Netflix has been indicted for allegedly taking illegal kickbacks while making multimillion-dollar deals with the streaming giant's tech providers. The US Attorney's Office for Northern California, in the US, said Michael Kail, formerly the VP of Internet Technology at the online telly goliath, took …
Shaun Nichols, 2 May 2018
fraud

ID theft in UK hits record high as crooks shift to more vulnerable targets

Identity fraud in Blighty hit a record high of 174,523 incidents last year – and the vast majority of it happened online. According to the latest report by fraud prevention service Cifas, ID theft rose 1 per cent on last year. However, that is an increase of 125 per cent on 2007, the Fraudscape (PDF) report shows. Eight out …
Kat Hall, 18 Apr 2018
US boxing glove, photo via Shutterstock

Floyd Mayweather-endorsed cryptocoin startup knocked out by fraud allegations

Two men have been arrested on suspicion of spinning a "web of lies" to sell unregistered crypto investments. The US Securities and Exchange Commission has alleged that Sohrab "Sam" Sharma and Robert Farkas, who co-founded "financial services startup" Centra Tech, made "ill-gotten" gains of $32m from thousands of investors …
Rebecca Hill, 3 Apr 2018

Ex-Samsung man to serve 6+ years in prison for embezzlement

A former Samsung exec is headed to prison after losing his appeal on charges of wire and tax fraud. John Lee had pled guilty to the charges in 2008, admitting that while he served as a director for Samsung America's Korean export department between 2002 and 2007, he embezzled between $1m and $2.5m from the electronics giant …
Shaun Nichols, 15 Mar 2018

Bad blood: Theranos CEO charged with massive fraud

The woman heralded as "the next Steve Jobs" has been charged with massive fraud, forced to pay a $500,000 fine and been stripped of control of the company she founded. Theranos CEO Elizabeth Holmes was once pictured on the front pages of numerous tech and business magazines as a future leader in the industry. At one point was …
Kieren McCarthy, 14 Mar 2018

Stock trader gets two years in prison for pumping up with Fitbit

A US stock trader has been sentenced to two years in prison for running a pump and dump operation involving wearables vendor Fitbit, albeit one that earned him only a few thousand dollars. Robert Walter Murray was given the federal prison term after pleading guilty to one count of securities fraud. He had faced a maximum of 20 …
Shaun Nichols, 12 Mar 2018

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