Tags: cybercriminals, device identification, hackers, keylogging, Smishing, wardriving
A 21-year-old Dutch hacker known within the online hacking community as “Fortezza” was arrested in Romania in March, and extradited to the United States in June.
U.S. Attorney Jenny A. Durkan, who chairs the Attorney General’s Advisory Committee on Cybercrime and Intellectual Property Enforcement, said, “This defendant has wrought havoc on victims and financial institutions around the world, this indictment alleges that in just one transaction he trafficked in as many as 44,000 stolen credit card numbers resulting in millions of dollars in losses to financial institutions. Cybercriminals need to know: We will find you and prosecute you. I commend the cyber investigators at the U.S. Secret Service Electronic Crimes Task Force and Seattle Police Department for tracking down these international criminals.”
Hackers like “Fortezza” employ a variety of methods to obtain credit card data. One technique is wardriving, in which criminals hack into wireless networks and install spyware. Another is phishing, in which spoofed emails prompt the victim to enter account information. “Smishing” is similar to phishing, but with text messages instead of emails. Some hackers use keylogging software to spy on victims’ PCs, while others affix devices to the faces of ATMs and gas pumps in order to skim credit and debit card data.
All this stolen data is ultimately used to steal from financial institutions, which lose $40 billion a year to credit card fraud, and from retailers. These business fraud targets must employ multiple layers of protection to thwart cybercriminals.
One layer that businesses put upfront in their fraud detection process is based on device intelligence—what that device is doing right now on the site, and what fraud or abuse that device has caused with other businesses, even in other geographies. The leader in device identification technology is iovation, and they offer a fraud prevention service that allows online businesses to create customized business rules for identifying potentially risky transactions, and those rules can be adjusted on the fly as new threats emerge.
ROBERT SICILIANO, CEO of IDTheftSecurity.com is fiercely committed to informing, educating, and empowering Americans so they can be protected from violence and crime in the physical and virtual worlds. His "tell it like it is" style is sought after by major media outlets, executives in the C-Suite of leading corporations, meeting planners, and community leaders to get the straight talk they need to stay safe in a world in which physical and virtual crime is commonplace. Siciliano is accessible, real, professional, and ready to weigh in and comment at a moment's notice on breaking news.
- Skimming, Identity Theft and How Online Business Defend Against Cybercrime
Over the past 5 years a scam known as electronic funds transfers at the point of sale (EFTPOS ) or skimming has been prevalent. Consumers commonly swipe both credit and debit cards through the in-store machines to pay for goods and services and hackers have been adept at coming up with ways to skim those
- Europol: Credit Card Fraud Spells Low Risk and High Profits
A report from Europol states that payment card fraud is a low-risk and highly profitable criminal activity that brings EU-based organized crime groups a yearly income of around 1.5 billion euros. These criminal assets can be invested in further developing criminal techniques, used to finance other criminal activities, or even facilitate the start-up of legal businesses. Payment card
- Identity Theft Ring Targeted Banks
In what is considered “the largest identity theft takedown in U.S. history,” 111 individuals were indicted for “stealing the personal credit information of thousands of unwitting American and European consumers and costing individuals, financial institutions and retail businesses more than $13 million in losses over a 16-month period.” The five different identity theft and forgery rings
- Banking Security Guidelines Go Into Effect in January 2012
As banking applications evolve, common attacks on banks are becoming correspondingly more sophisticated. Small businesses, municipalities, and moneyed individuals are often targeted for obvious reasons: they have hundreds of thousands of dollars, if not a few million, in the bank, but their security is often no more effective than that of an average American household. The
- Phony Identities Result in $200 Million Fraud
Recently, the FBI arrested 13 people in four states. Their crime? Allegedly creating thousands of phony identities with which to steal at least $200 million in one of the largest credit card fraud schemes ever charged by the Department of Justice. Bloomberg reports that after using 7,000 false identities to obtain 25,000 credit cards, the conspirators ran the
Leave a Comment
You must be logged in to post a comment.