Banks and law enforcement discuss cyberrobbers’ attack methods
Posted on | July 30, 2010 | add a comment
Banks are getting a bit more transparent about the scale and scope at which online banking accounts for consumers and small businesses are being deluged by cyberroberies.
My page 1A story in today’s print editions of USA TODAY lays out why consumers are facing a risking risk of having their online banking account cleaned out by cyberrobbers. And my 31 December 2009 investigative report recounts the threat faced by small businesses.
Last week in San Francisco, at a first-of-its kind banking industry roundtable –Â sponsored by fraud-prevention software maker, Guardian Analytics –Â financial institutions and law enforcement officials discussed the need to balance convenience and security. Among the observations made:
- Fraudsters are accessing online accounts through hacked account holders’ PCs with a significantly higher frequency.
- Banking Trojans hidden in the account holders’ Web browser is increasing. Multiple Trojans — programs that allow robbers to manipulate accounts — are being found the same machine.
- Fraudsters are defeating dual fraud prevention controls regularly; they often add new users to compromised accounts and change credit and transfer approval limits.
- Fraud alerts are frequently re-routed or deleted, keeping the account holder in the dark that new users are being created or money is being moved.
- Money mules continue to be a popular method to rapidly move large sums of money in smaller batches
“Cyber criminals have developed the infrastructure to share information with each other, making them a powerful, fast-moving enemy,” said Terry Austin, CEO of Guardian Analytics.
by Byron Acohido