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September 2016

A report by Financial Fraud Action UK (FFA) has found that, not only has online crime outstripped physical crime in the statistic stakes, it has also increased by 53% in the last 12 months. According to the report, there were over 1 million cases of online fraud in the first six months of 2016, alone. These included card, cheque, phone and online crime which, in 2015, accrued over £755 million in stolen money. In terms of financial reward, the big hitters were phishing and vishing.  Despite the FFA stating that £7 out of every £10 in attempted fraud cases had been stopped by the banks, this does mean that 30% of cyber attacks against the UK payments industry are successful.Read More

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The digital era has made banks and financial institutions more vulnerable than ever before. The same systems that offer convenience and efficiency to the customer are the ones that are waiting to be exploited through increasingly sophisticated cyber attacks. While the financial ramifications of a cyber heist are reason enough for CEOs to break a sweat, the damage to the brand’s reputation can be more far-reaching and significant: customers whose banks have been successfully attacked by cybercriminals have been found to have less trust in them and this can inhibit growth and tarnish their image.Read More

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Qadars Target British Banks

Mon 26 Sep 2016

Qadars is a banking Trojan that’s been active since around 2013. Unlike other forms of malware, it hasn’t hogged the headlines – primarily because its authors have targeted specific countries in a bid to keep their activities focussed and less visible. However, it has recently been revealed that an upgraded version of Qadars can found its way to British shores and, specifically, has been aimed at 18 British banks.Read More

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September 2008 saw the beginning of the worst panic in the global banking system, since the Great Depression of the 1930s. With the Lehman Brothers declaring bankruptcy, financial experts were preparing for the temporary collapse of society as we knew it: bad debt and financial mismanagement threatened to shut down ATMs, paralyse supplies to supermarkets, pharmacies and petrol stations and lead to a worldwide crisis. While politicians scrabbled together to throw billions of pounds at the banks and re-float the system, the 21st Century sees us facing a similar situation, but with a different root cause.Read More

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In recent months, the press has been awash with columns devoted to the fall from grace of companies who have been the victims of cybercrime. While industry giants, including Talk Talk, HSBC and popular sites, such as Ashley Madison, have reported hacks and scams, Apple appears to have remained steadfastly impenetrable. However, this has changed. In April, the FBI revealed that it had paid $1.3million to an unknown source, for a hacking tool that can compromise iPhones. In August, Apple itself was the victim of a text message scam that was purported to have been originated by an Israeli security company. While events like these might, in the 21st Century, seem commonplace and unsurprising, there is a hidden cost to any company affected.Read More

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Data storage giant, Seagate Technology, has fallen foul of an email scam which saw it hand over the W2 forms pertaining to all its employees, both past and present. W2 forms are much coveted by cybercriminals, as they contain employee salaries, social security numbers and other pertinent information that can be used for, amongst other things, filing fraudulent tax returns for refunds. However, the company has also fallen foul of a lawsuit – from its own employees.Read More

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A recent victim survey of more than 300 UK businesses has revealed that 44% have been infected by ransomware in the two years since 2014. However, while this is bad news on its own, the survey also found that a staggering 65% of those businesses capitulated and paid-up, in the hopes of getting their data back or restored. The worse new for these companies is that, once they had paid an initial ransom, further were made before they were able to recover what they had lost.Read More

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This is certainly one to raise a few eyebrows. The purported author of the malicious Trojan, the  Bilal Bot, has slammed IBM staff for apparently publishing inaccurate information concerning his malware and has even offered his authorial expertise to correct their recent security blog.Read More

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If you thought the infamous Dridex Trojan had finally been put to bed, think again. While it hasn’t featured much on the cybercrime radar for some time, it turns out that’s because it’s been receiving an upgrade. The cybercrime syndicate behind this particularly nasty piece of malware have made some low-level adjustments to it, helping it to evade detection by security researchers and avoid malware identifying software. However, it doesn’t end there: some of the changes made have given the Dridex Trojan even greater potential.Read More

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Social media is big business – and big for business; in 2017, businesses are expected to spend an estimated £27 billion on social media advertising, which is an increase of 50%, when compared to 2015. However, the wealth of money being thrown at social media has created the ideal stamping-ground for hackers and cybercriminals. In addition to the financial rewards, there is never-ending stream of potential victims: the number of social media users is predicted to grow from 2.04 billion to 2.55 million, by 2018. That’s an awful lot of targets.Read More

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