Eskenzi PR ad banner Eskenzi PR ad banner
  • About Us
Wednesday, 29 March, 2023
IT Security Guru
Eskenzi PR banner
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us
No Result
View All Result
IT Security Guru
No Result
View All Result

Millions stolen from online bank accounts following large-scale fraud operation

by Sabina
December 24, 2020
in Cyber Bites
Share on FacebookShare on Twitter

RESEARCHERS FROM IBM Trusteer say they’ve uncovered a massive fraud operation that used a network of mobile device emulators to drain millions of dollars from online bank accounts in a matter of days, reported WIRED. The scale of the operation was unlike anything the researchers have seen before. In one case, crooks used about 20 emulators to mimic more than 16,000 phones belonging to customers whose mobile bank accounts had been compromised. In a separate case, a single emulator was able to spoof more than 8,100 devices.

The thieves then entered usernames and passwords into banking apps running on the emulators and initiated fraudulent money orders that siphoned funds out of the compromised accounts. Emulators are used by legitimate developers and researchers to test how apps run on a variety of different mobile devices.

To bypass protections banks use to block such attacks, the crooks used device identifiers corresponding to each compromised account holder and spoofed GPS locations the device was known to use. The device IDs were likely obtained from the holders’ hacked devices, although in some cases, the fraudsters gave the appearance that they were customers who were accessing their accounts from new phones. The attackers were also able to bypass multi-factor authentication by accessing SMS messages, said Dan Goodin, editor at Ars Technica.

Commenting on the news, Andy Renshaw, VP of payment solutions and strategy at Feedzai, stated: “I would say this shows the need for a layered approach. I.e. multiple fraud prevention layers that are able to share and consume knowledge between them and then use ML to identify broader patterns that would not be obvious otherwise. Examples would include behavioral data as well device usage as well as customer and sending and receiving payment information.”

“The other aspect  this shows is the commoditisation of fraud attacks and how fraudsters have got to the stage where failures are treated as learning exercises rather than material setbacks,” he added. “This is due to the almost ubiquitous availability of compromised accounts, devices to emulate and phone numbers to receive 2 factor sms on and a digital channel to test these combinations in. The industry needs to really think about the long term threat that this ubiquity presents but  real time response and insight will be in effect be mandatory.”

 

FacebookTweetLinkedIn
ShareTweetShare
Previous Post

A discount isn’t just for Christmas – why data can hold the key to relationships that go beyond the festive season

Next Post

‘Twas the night before InfoSec

Recent News

Blue Logo OUTPOST24

New Research Examines Traffers and the Business of Stolen Credentials

March 28, 2023

How to Succeed As a New Chief Information Security Officer (CISO)

March 28, 2023

The Importance of Data Security and Privacy for Individuals and Businesses in the Digital Age

March 28, 2023
penetration testing

Cymulate’s 2022 Cybersecurity Effectiveness Report reveals that organizations are leaving common attack paths exposed

March 28, 2023

The IT Security Guru offers a daily news digest of all the best breaking IT security news stories first thing in the morning! Rather than you having to trawl through all the news feeds to find out what’s cooking, you can quickly get everything you need from this site!

Our Address: 10 London Mews, London, W2 1HY

Follow Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

  • About Us
No Result
View All Result
  • Home
  • Features
  • Insight
  • Events
    • Most Inspiring Women in Cyber 2022
  • Topics
    • Cloud Security
    • Cyber Crime
    • Cyber Warfare
    • Data Protection
    • DDoS
    • Hacking
    • Malware, Phishing and Ransomware
    • Mobile Security
    • Network Security
    • Regulation
    • Skills Gap
    • The Internet of Things
    • Threat Detection
    • AI and Machine Learning
    • Industrial Internet of Things
  • Multimedia
  • Product Reviews
  • About Us

© 2015 - 2019 IT Security Guru - Website Managed by Calm Logic

This site uses functional cookies and external scripts to improve your experience.

Privacy settings

Privacy Settings / PENDING

This site uses functional cookies and external scripts to improve your experience. Which cookies and scripts are used and how they impact your visit is specified on the left. You may change your settings at any time. Your choices will not impact your visit.

NOTE: These settings will only apply to the browser and device you are currently using.

GDPR Compliance

Powered by Cookie Information