Asia's Source for Enterprise Network Knowledge

Friday, April 25th, 2014

fraud

Contact center software tracks fraud patterns

NICE Systems launches its Contact Center Fraud Prevention solution, which tracks fraud patterns and screens all phone interactions for fraud against a watch list of known fraudsters. The solution brings together NICE Actimize’s extensive expertise in fraud with NICE’s years of experience in the contact center. The solution can be deployed as a standalone contact center solution or as part of the NICE Actimize enterprise fraud offering.

Banks urged to embrace new approach to fight fraud

FICO urges Asian banks to adopt a new approach for protecting customers and managing risk across all product lines, channels, and lifecycle stages. This recommendation was the theme of the FICO Asia Pacific Head of Fraud conference, at which nearly 30 banking fraud and risk executives representing nine countries across Asia Pacific met to address the growing sophistication of criminals who commit fraud.

Rogue mobile apps used as conduits in SMS fraud

As the business of mobile malware evolves, a significant number of criminals have settled on apps that secretly bill victims for premium text services, a new study shows.
 
Cybercrime associated with mobile viruses is a relatively young enterprise, so business models are still evolving. However, in its annual State of Mobile Security report, Lookout found that SMS fraud, known as toll fraud, has grown steadily since July 2011.

A peep into the world of money transfers, scammers and creative fraud

In Fitness for Geeks: Real Science, Great Nutrition, and Good Health, author Bruce Perry writes of Tabata sprints, an ultra-intense exercise that has dramatic benefits.

Does two-factor authentication need to be fixed?

Does two-factor authentication need to be fixed?

Online banking fraud automation techniques on the rise

Cybercriminals attempted to steal at least US$75 million from high-balance business and consumer bank accounts by using sophisticated fraud automation techniques that can bypass two-factor authentication, according to a report released on Monday by antivirus firm McAfee and online banking security vendor Guardian Analytics.

The new fraud automation techniques are an advancement over the so-called man-in-the-browser (MitB) attacks performed through online banking malware like Zeus or SpyEye.

Lloyds online banking security head in £2.5m fraud scandal

A former head of fraud and security for digital banking at Lloyds Bank has been charged over an alleged £2.5 million fraud.

Jessica Harper is accused of filing false invoices to claim payments for more than three years, between September 2008 and December 2011, according to the BBC.

She has been charged with one count of fraud by abuse of position for the alleged false claims, which amounted to £2,463,750 in total.

Harper will appear at Westminster Magistrates' Court on 31 May.

Security researchers propose TLS protocol extension to battle unsafe SSL certs

A pair of security researchers have proposed an extension to the Transport Layer Security (TLS) protocol that would allow browsers to detect and block fraudulently-issued SSL certificates.
 
Called TACK, which is short for Trust Assertions for Certificate Keys, the extension was developed by security researchers Trevor Perrin and Moxie Marlinspike and was submitted for consideration to the Internet Engineering Task Force (IETF), the body in charge of TLS, on Wednesday.

Beware of fake email notifications from social media sites

Trend Micro Incorporated recently saw samples of email messages disguised as notifications from popular networking sites, in particular LinkedIn, foursquare, Myspace, and Pinterest. These spam contain links that direct users to bogus pharmaceutical or fraud sites.

The risk of insider fraud

According to Ponemon Institute research, insider negligence and maliciousness can be one of the major causes of a costly and reputation damaging data breach. As reported in the Ponemon Institute’s most recent Cost of Data Breach study, malicious insiders cause 31 percent of all data breaches and the average cost of such a breach is $318 per lost record.