Financial Fraud | Breaking Cybersecurity News | The Hacker News

Meta Platforms on Wednesday said it took steps to remove around 63,000 Instagram accounts in Nigeria that were found to target people with financial sextortion scams. "These included a smaller coordinated network of around 2,500 accounts that we were able to link to a group of around 20 individuals," the company said . "They targeted primarily adult men in the U.S. and used fake accounts to mask their identities." In cases where some of these accounts attempted to target minors, Meta said it reported them to the National Center for Missing and Exploited Children (NCMEC). Separately, Meta said it also removed 7,200 assets, including 1,300 Facebook accounts, 200 Facebook Pages and 5,700 Facebook Groups, based in Nigeria that were used to organize, recruit and train new scammers. "Their efforts included offering to sell scripts and guides to use when scamming people, and sharing links to collections of photos to use when populating fake accounts," it sai

Retail banking institutions in Singapore have three months to phase out the use of one-time passwords (OTPs) for authentication purposes when signing into online accounts to mitigate the risk of phishing attacks. The decision was announced by the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) on July 9, 2024. "Customers who have activated their digital token on their mobile device will have to use their digital tokens for bank account logins via the browser or the mobile banking app," the MAS said . "The digital token will authenticate customers' login without the need for an OTP that scammers can steal, or trick customers into disclosing." The MAS is also urging customers to activate their digital tokens to safeguard against attacks that are designed to steal credentials and hijack their accounts for conducting financial fraud. "This measure provides customers with further protection against unauthorized access to

As a vCISO, you are responsible for your client's cybersecurity strategy and risk governance. This incorporates multiple disciplines, from research to execution to reporting. Recently, we published a comprehensive playbook for vCISOs, "Your First 100 Days as a vCISO – 5 Steps to Success" , which covers all the phases entailed in launching a successful vCISO engagement, along with recommended actions to take, and step-by-step examples.  Following the success of the playbook and the requests that have come in from the MSP/MSSP community, we decided to drill down into specific parts of vCISO reporting and provide more color and examples. In this article, we focus on how to create compelling narratives within a report, which has a significant impact on the overall MSP/MSSP value proposition.  This article brings the highlights of a recent guided workshop we held, covering what makes a successful report and how it can be used to enhance engagement with your cyber security clients.

Four Vietnamese nationals with ties to the FIN9 cybercrime group have been indicted in the U.S. for their involvement in a series of computer intrusions that caused over $71 million in losses to companies. The defendants, Ta Van Tai (aka Quynh Hoa and Bich Thuy), Nguyen Viet Quoc (aka Tien Nguyen), Nguyen Trang Xuyen, and Nguyen Van Truong (aka Chung Nguyen), have been accused of conducting phishing campaigns and supply chain compromises to orchestrate cyber attacks and steal millions of dollars. "From at least May 2018 through October 2021, the defendants hacked the computer networks of victim companies throughout the United States and used their access to steal or attempt to steal non-public information, employee benefits, and funds," the U.S. Department of Justice said in an unsealed indictment last week. According to court documents, the individuals – after successfully gaining initial access to target networks – stole gift card data, personally identifiable informat

The Singapore Police Force (SPF) has announced the extradition of two men from Malaysia for their alleged involvement in a mobile malware campaign targeting citizens in the country since June 2023. The unnamed individuals, aged 26 and 47, engaged in scams that tricked unsuspecting users into downloading malicious apps onto their Android devices via phishing campaigns with the aim of stealing their personal data and banking credentials. The stolen information was subsequently used to initiate fraudulent transactions on the victims' banking accounts, resulting in financial losses. Following a seven-months-long investigation that was launched in November 2023 in partnership with the Hong Kong Police Force (HKPF) and the Royal Malaysia Police (RMP), the SPF said it found evidence linking the two men to a syndicate responsible for carrying out malware-enabled scams. "The two men [...] allegedly operated servers for the purposes of infecting victims' Android mobile phones w

The U.S. Department of Justice (DoJ) on Wednesday said it dismantled what it described as "likely the world's largest botnet ever," which consisted of an army of 19 million infected devices that was leased to other threat actors to commit a wide array of offenses. The botnet, which has a global footprint spanning more than 190 countries , functioned as a residential proxy service known as 911 S5 . A 35-year-old Chinese national, YunHe Wang, was arrested in Singapore on May 24, 2024, for creating and acting as the primary administrator of the illegal platform from 2014 to July 2022. Wang has been charged with conspiracy to commit computer fraud, substantive computer fraud, conspiracy to commit wire fraud, and conspiracy to commit money laundering. If convicted on all counts, Wang faces a maximum penalty of 65 years in prison. The Justice Department said the botnet was used to carry out cyber attacks, financial fraud, identity theft, child exploitation, harassment, bo

A malware botnet called  Ebury  is estimated to have compromised 400,000 Linux servers since 2009, out of which more than 100,000 were still compromised as of late 2023. The findings come from Slovak cybersecurity firm ESET, which characterized it as one of the most advanced server-side malware campaigns for financial gain. "Ebury actors have been pursuing monetization activities [...], including the spread of spam, web traffic redirections, and credential stealing," security researcher Marc-Etienne M.Léveillé  said  in a deep dive analysis. "[The] operators are also involved in cryptocurrency heists by using AitM and credit card stealing via network traffic eavesdropping, commonly known as server-side web skimming." Ebury was first documented over a decade ago as part of a campaign codenamed  Operation Windigo  that targeted Linux servers to deploy the malware, alongside other backdoors and scripts like Cdorked and Calfbot to redirect web traffic and send spam

Google has filed a lawsuit in the U.S. against two app developers for allegedly engaging in an "international online consumer investment fraud scheme" that tricked users into downloading bogus Android apps from the Google Play Store and other sources and stealing their funds under the guise of promising higher returns. The individuals in question are Yunfeng Sun (aka Alphonse Sun) and Hongnam Cheung (aka Zhang Hongnim or Stanford Fischer), who are believed to be based in Shenzhen and Hong Kong, respectively. The defendants are said to have uploaded about 87 crypto apps to the Play Store to pull off the social engineering scam since at least 2019, with over 100,000 users downloading them and leading to substantial financial losses. "The gains conveyed by the apps were illusory," the tech giant said in its complaint. "And the scheme did not end there." "Instead, when individual victims attempted to withdraw their balances, defendants and their co

The Indian government said it has rescued and repatriated about 250 citizens in Cambodia who were held captive and coerced into running cyber scams. The Indian nationals "were lured with employment opportunities to that country but were forced to undertake illegal cyber work," the Ministry of External Affairs (MEA)  said  in a statement, adding it had rescued 75 people in the past three months. It also said it's working with "with Cambodian authorities and with agencies in India to crack down on those responsible for these fraudulent schemes." The development comes in the wake of a  report  from the Indian Express that said more than 5,000 Indians stuck in Cambodia were forced into "cyber slavery" by organized crime rackets to scam people in India and extort money by masquerading as law enforcement authorities in some cases. The report also tracks with an earlier disclosure from INTERPOL, which characterized the situation as  human trafficking-fu

The threat actors behind the PixPirate Android banking trojan are leveraging a new trick to evade detection on compromised devices and harvest sensitive information from users in Brazil. The approach allows it to hide the malicious app's icon from the home screen of the victim's device, IBM said in a technical report published today. "Thanks to this new technique, during PixPirate reconnaissance and attack phases, the victim remains oblivious to the malicious operations that this malware performs in the background," security researcher Nir Somech  said . PixPirate, which was  first documented  by Cleafy in February 2023, is known for its abuse of Android's accessibility services to covertly perform unauthorized fund transfers using the PIX instant payment platform when a targeted banking app is opened. The constantly mutating malware is also capable of stealing victims' online banking credentials and credit card information, as well as capturing keystrokes and intercepting SMS mes

Cybercriminals are using a network of hired money mules in India using an Android-based application to orchestrate a massive money laundering scheme. The malicious application, called  XHelper , is a "key tool for onboarding and managing these money mules," CloudSEK researchers Sparsh Kulshrestha, Abhishek Mathew, and Santripti Bhujel  said  in a report. Details about the scam  first emerged  in late October 2023, when Chinese cyber criminals were found to take advantage of the fact that Indian Unified Payments Interface ( UPI ) service providers operate without coverage under the Prevention of Money Laundering Act (PMLA) to initiate illegal transactions under the guise of offering an instant loan. The ill-gotten proceeds from the operation are transferred to other accounts belonging to hired mules, who are recruited from Telegram in return for commissions ranging from 1-2% of the total transaction amounts. "Central to this operation are Chinese payment gateways ex

Efficient communication is a cornerstone of business success. Internally, making sure your team communicates seamlessly helps you avoid friction losses, misunderstandings, delays, and overlaps. Externally, frustration-free customer communication is directly correlated to a positive customer experience and higher satisfaction.  However, business communication channels are also a major target for cybercriminals. In recent years, especially since the pandemic, the number of cyberattacks has skyrocketed.  Statistics show  that last year alone, the number of hacks shot up by 38%. Worse, it still takes a business 277 days on average to identify a breach, causing a loss of $4.35 on average. So, how can businesses safeguard their communication channels against hackers, while still providing the best possible experience for customers and maintaining team productivity? Here's everything you need to know – and which  mistakes you need to avoid . Use Secure Platforms  To begin with, there is

Google has unveiled a new pilot program in Singapore that aims to prevent users from sideloading certain apps that abuse Android app permissions to read one-time passwords and gather sensitive data. "This enhanced fraud protection will analyze and automatically block the installation of apps that may use sensitive runtime permissions frequently abused for financial fraud when the user attempts to install the app from an Internet-sideloading source (web browsers, messaging apps or file managers)," the company  said . The feature is designed to examine the permissions declared by a third-party app in real-time and look for those that seek to gain access to sensitive permissions associated with reading SMS messages, deciphering or dismissing notifications from legitimate apps, and accessibility services that have been  routinely   abused  by Android-based malware for  extracting valuable information . As part of the test, users in Singapore who attempt to sideload such apps

A 42-year-old Belarusian and Cypriot national with alleged connections to the now-defunct cryptocurrency exchange BTC-e is facing charges related to money laundering and operating an unlicensed money services business. Aliaksandr Klimenka , who was arrested in Latvia on December 21, 2023, was extradited to the U.S. and is currently being held in custody. If convicted, he faces a maximum penalty of 25 years in prison. BTC-e, which had been operating since 2011, was seized by law enforcement authorities in late July 2017 following the arrest of another key member  Alexander Vinnik , in Greece. The exchange is alleged to have received deposits valued at over $4 billion, with Vinnik laundering funds received from the hack of another digital exchange, Mt. Gox, through various online exchanges, including BTC-e. Court documents  allege  that the exchange was a "significant cybercrime and online money laundering entity," allowing its users to trade in bitcoin with high levels of

The U.S. Department of Justice (DoJ) said it charged 19 individuals worldwide in connection with the now-defunct xDedic Marketplace , which is estimated to have facilitated more than $68 million in fraud. In  wrapping up its investigation  into the dark web portal, the agency said the transnational operation was the result of close cooperation with law enforcement authorities from Belgium, Germany, the Netherlands, Ukraine, and Europol. Of the 19 defendants, three have been sentenced to 6.5 years in prison, eight have been awarded jail terms ranging from one year to five years, and one individual has been ordered to serve five years' probation. One among them includes Glib Oleksandr Ivanov-Tolpintsev, a Ukrainian national who was  sentenced to four years in prison  in May 2022 for selling compromised credentials on xDedic and making $82,648 in illegal profits. Dariy Pankov, described by the DoJ as one of the highest sellers by volume, offered credentials of no less than 35,000 ha