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MarkMonitor's Senior Vice President Charlie Abrahams interviews with blogger Aaron Lay about solutions for online counterfeiting, fraud, piracy, and other threats. This article originally appeared here at badcredit.org. In a Nutshell: When major financial institutions are the targets of cyber attacks, not only are their customers’ wallets affected, but their brand’s reputation takes a hit as well. The monetary and character damage affects the bank’s ability to do business with its customers in good faith, which often leads to a decline in consumer confidence. And banks certainly aren’t alone. Virtually every business sector is a potential target for attacks, which has led... Read More
$3.7 trillion. That’s the amount of revenue the financial sector loses to fraud every year. Most organizations lose five percent of their revenue to bad actors, annually. It’s tempting to focus solely on the numbers, but the problem of fraud is much bigger than that of the financial industry. When fraudsters set their sights on your brand, they’re doing more harm than simply siphoning from your bottom line. They’re tarnishing your reputation, which is akin to trampling on customer trust – the basis of a monetary relationship. To actively and effectively protect your company, you’ll need a combination of readiness, reconnaissance... Read More
On Wednesday, February 24, I hosted a webinar—Best Practices from Verizon, Proactively Mitigating Emerging Fraudulent Activities—with Patrick Flaherty, Assistant General Counsel for Marketing, IP & New Media Law & Policy at Verizon. Verizon, the largest wireless company in the U.S. with more than 110 million customers across the country, is committed to providing excellent customer service and exceptional communications and entertainment experiences. However, this commitment is challenged by the prevalence of phishing attacks that harm the famous Verizon brand. Specifically, fraudsters attempt to steal customer information, including account usernames and passwords and generate bogus charges that are for everything from popular... Read More
Business Email Compromise (BEC) scams are impersonation emails sent to selected recipients – often a CFO or assistant, that appear to be from a CEO – requesting an immediate wire transfer with attached account details. According to the FBI, thieves stole nearly $740 million in such scams from more than 7,000 victim companies in the U.S. between October 2013 and August 2015. Vistaprint, a web services company, has unwillingly become a conduit for increasing email scams by promoting a free one month trial of their Website Builder product. This is a great deal for the Vistaprint user: they can choose a... Read More
Depending on the industry and type of scam, fraudsters monetize credentials and data in a number of ways. While certain industries are familiar with phishing scams and understand how fraudsters monetize their data, it’s not necessarily clear for all industry verticals. One of the largest, most well-known target of phishing attacks is financial institutions. Fraudsters leverage a number of social engineering scams to steal login credentials and credit card information from financial customers. Fraudsters can then sell stolen credentials and credit card information via social media, chat forums, underground marketplaces, etc. Leveraging anonymizer technology to access the DarkNet, fraudsters are providing... Read More
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