Approving Fraud
Figures from UK Finance – a trade association representing the UK finance and banking industry – revealed more than 19,000 people were targeted by Authorised Push Payment (APP) scams in the first half of 2017. The fraud has cost customers more than £100 million, with an average loss of £3,000 for consumers and £21,000 for […]
Fighting app install fraud
More than a million people have been tricked into downloading a fraudulent version of WhatsApp. Titled “Update WhatsApp Messenger”, the app appeared completely genuine. Instead it flooded users with ads and persuaded them to install other programs. User-enabled App fraud cases are growing because they are increasingly simple to fake. Update WhatsApp Messenger used the […]
Wangiri: the one ring scam
Irish mobile users are experiencing an increase in Wangiri fraud. Mobile users will miss a call and when they return it accrue a large phone bill. In April, New Zealand had a similar wave of Wangiri fraud, originating from Poland and Chad. Mobile providers and police issued warnings, but the fraud proved effective and cost […]
Smartphone hacks for dummies
More than 40% of European consumers use mobile banking on their smartphones. While apps such as mobile banking and payments have helped simplify personal finance management, they also require a user’s personal information. Most banking apps have software that verifies a user’s identity when they log in, often using financial companies like Payfone to verify […]
Equifax: after the attack
On September 7th 2017, Equifax – a consumer credit reporting agency – announced it had been hacked. 143 million American citizens had their data exposed, and 400,000 people in the UK were at risk of a similar fate. Public data Following the cyber-attack, Equifax revealed a file containing UK consumer information may have been breached. […]
Tech support scams: a new wave
The internet contributes 10 per cent of gross domestic product (GDP). When devices break or slow down, users are often desperate to get computer issues fixed as quickly as possible. This urgency is leaving people vulnerable to a new wave of tech support scammers. An estimated 3.3 million US consumers lost $1.5 billion last year to […]
A case of stolen identity
A report from Cifas – the UK’s dedicated fraud prevention service – has found that a record 89,000 cases of identity theft occurred in the first half of this year. Identity fraud has now reached epidemic levels, up 5% on the same period last year. The situation A new wave of identity theft is taking […]
Smishing: a new route for an old trick
Scam artists are moving away from calling phones and targeting victims through text messages instead. Their new method: Smishing (SMS-Phishing). What is Smishing? Smishing works in much the same way as a contemporary phishing e-mail, but the scam is sent by Short Message Service (SMS) messages instead. Preying on people’s panic and sense of urgency, […]
Why fraud evolves, and how to address it
Fraudsters are business people. When one route to generate revenue is closed, they will open another. Equally, when one issue for a network operator disappears, it is commonplace for that revenue loss to move to another method of fraud, rather than disappearing entirely. For the network, it does not matter if they are experiencing SIM […]
SIM swap fraud: simply stealing
According to the U.S. Fairtrade Commission, cases of SIM swap fraud have increased by more than 150% since 2013. Now, with more than 2,658 cases a year, the fraud is becoming increasingly popular for its sheer simplicity. But what is it exactly and how can it be prevented? SIM swap fraud SIM swap fraud is […]