This week's crypto roundup includes DeFi hacks and scams in the second quarter of 2023, FTX and SBF, Justby in the CFTC's crosshairs, and JokerSpy in a Japanese exchange. Also, the IMF says a crypto ban won't curb risk, Binance won't delist privacy coins, and EU banks have new capital requirements.
Ukrainian cyber police raided and closed more than a dozen fraudulent call centers last week, saying the operations were running fake investment scams that involved stealing cryptocurrency and payment card details from European and Central Asian citizens.
The number of victims affected by a campaign that targeted a zero-day vulnerability in Progress Software's MOVEit file transfer product continued to grow as insurer Genworth Financial reported that up to 2.7 million of its customers and agents appear to have been affected by the breach.
Every week, ISMG rounds up cybersecurity incidents around the world. This week, attackers hit European Investment Bank; a California pension fund suffered a cyberattack related to MOVEit; UPS Canada disclosed a data breach; and a new Android malware campaign spread GravityRAT spyware.
Every week, ISMG rounds up cybersecurity incidents in the world of digital assets. This week: Sam Bankman-Fried is set to face two criminal trials instead of one, Binance is sinking deeper into regulatory quicksand, and the Mango Markets hacker is expected to be tried on Dec. 4.
Ukrainian cyber police have disrupted a fake investment scam that involved stealing cryptocurrency from the online wallets of several victims in Canada. The scammers operated out of two call centers in the Khmelnytskyi region of Ukraine, mainly targeting Ukrainian citizens living in Canada.
Ransomware actors are using the thing that verifies crypto transactions - mining - to their advantage. More criminals are laundering their ill-gotten gains by re-minting the digital money through mining to sanitize funds and bypass controls imposed by more highly regulated financial institutions.
As countries across the globe adopted real-time payments at breakneck speed over the past year, experts said authorized push payments fraud sharply increased. APP scams nearly doubled year-over-year compared to other types of fraud. ACI Worldwide's Jackie Barwell shared fraud trends in a new report.
Each year, billions of dollars are transferred in and out of money mule accounts to support a variety of money laundering schemes. But banks are now using machine learning and AI more effectively to spot mule accounts. Two experts shared the latest approaches and tools for beefing up AML programs.
U.K. banks will soon have to reimburse customers who fall prey to authorized push payment scams. The U.K.'s Payment Systems Regulator recently released a policy that would split the reimbursement cost between sending and receiving banks and incentivize the industry to invest in fraud prevention.
OJK, the financial regulator in Indonesia, in December 2022 introduced regulations to ensure better cyber resilience for the financial industry. Wahyu Agung Prasetyo, IT and cyber risk management head at Bank Mega, shared how his bank is preparing to meet the regulations and the challenges ahead.
Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
Online sports retailer Sports Warehouse has agreed overhaul its security program and pay a $300,000 fine to New York State after hackers stole 20 years' worth of payment card data and customer information the company was storing in plaintext on its e-commerce server.
An insurance provider that services many state Medicaid agencies and the Children's Health Insurance Program told regulators that hackers compromised the personal and protected health information of nearly 9 million patients in an incident discovered in March.
Australian consumer lender Latitude Financial Services anticipates its spring cybersecurity incident will cost it up to AU$105 million, which includes a five-week period during which debt collection systems were severely affected by the attack.
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