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#cyberfraud | #cybercriminals | Firms to combat cyberattacks and fraud in UAE banking sector

Source: National Cyber Security – Produced By Gregory Evans

The event in progress in Abu Dhabi on Monday.

Business Bureau, Gulf Today

In a collective effort to promote a secure and stable financial landscape in the UAE, UAE Banks Federation (UBF), in partnership with SWIFT, the leading provider of secure financial messaging services, on Monday hosted the ‘SWIFT Customer Security Programme (CSP)’ conference. The CSP conference, which took place in Abu Dhabi, witnessed industry experts coming together to discuss how the widespread implementation of SWIFT CSP can support banks in combating all types of threat of cyberattacks by equipping them with necessary information and tools to mitigate electronic financial frauds.

SWIFT CSP is an initiative aimed at reinforcing the overall security of the global banking system by improving information sharing throughout the community, enhancing SWIFT-related tools for customers, sharing best practices for fraud detection and enhancing support by third party providers. Through the programme, SWIFT has also recently launched the Customer Security Control Framework (CSCF), which outlines a series of compulsory and advisory security controls for customers, which can help them strengthen and improve cyber security standards across the UAE.

Commenting on the occasion,  AbdulAziz Ghurair, Chairman of UBF, said: “On the back of accelerated technological innovation, the threat of cybercrime has significantly increased over the years, and the localised instances of payment fraud have reiterated the necessity for greater and more extensive partnerships to solve these issues. In line with our commitment to foster a safer and more protected banking environment across the UAE, we are delighted to collaborate with SWIFT to encourage the industry-wide adoption of the SWIFT CSP. Cybercriminals are becoming quickly smarter, and we are developing more sophisticated technologies that are becoming fundamental for banks to implement innovative platforms that promote improved transaction processes and provide relief and security for customers.”

Onur Ozan, Head of the Middle East, North Africa & Turkey, SWIFT, said: “With the Customer Security Programme, SWIFT is reinforcing the security of the entire global banking system. Worldwide, financial institutions are adopting SWIFT’s CSP as attackers prove increasingly determined and cunning. The CSP is delivering tangible results, supporting institutions in stepping up to this growing threat.”

The conference included several discussions focusing on SWIFT CSP and CSCF initiatives and the profound impact that such could have on finance and banking environment, emphasising the evolution of the payment landscape as a primary reason to adopt safer security measures.

Meanwhile, a meeting between members of the CEOs Advisory Council of the UAE Banks Federation (UBF) was held in Dubai to discuss recent developments, issues and advancements in the finance and banking sector in the UAE, with a particular focus on Emiratisation.

Directed by AbdulAziz Al Ghurair, Chairman of UBF, the meeting focused on a wide range of topics, including progress on existing UBF programs and initiatives, advances on Emiratisation efforts, findings and results from UBF’s latest Trust Index Survey, and the upcoming Middle East Banking Forum (MEBF) in November 2019.

Speaking on the occasion, AbdulAziz Al Ghurair said: “The astounding amount of change and transformation in the UAE banking industry means it is increasingly necessary for us to regularly hold these meetings, so that we may analyse key strengths, opportunities, and challenges in the sector. For this specific meeting we identified our priorities based on the current happenings in the financial and banking industry, as well as the overall larger economy. The recent announcement of the creation of more than 20,000 jobs for Emiratis in top-tier sectors, including banking, has driven us to focus on Emiratisation efforts within banks, and evaluate ways of working together to enhance the skills and expertise of UAE nationals. Additionally, we are confident that the banking sector will continue progressing and evolving in lieu of the highly positive results from the recently announce Trust Index Survey 2018.”

Distinctively positioned at the centre of the banking industry, which underpins the economy, UBF has a responsibility to support the UAE’s progressive vision to empower society at all levels. Whether it’s addressing the ever-changing challenges in the market, or developing the skills of UAE nationals to increase their recruitment to vital positions in the industry, UBF is continuously working towards a sustainable and diversified economy.

Current plans and initiatives in the banking sector focus on innovation and digitisation, and aim to provide easy access to multiple government and non-government services. From next month, banks will start adopting UAE Pass, a new mobile app which acts as a digital identity and digital signature solution, enabling individuals to conduct financial transactions, upload documents, validate documents and share data. The Emirates Digital Wallet, a tool aimed at promoting financial inclusion and driving a cashless society, is also being developed and will be launched soon.

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#cyberfraud | #cybercriminals | Visakhapatnam resident duped of Rs 3.6 lakh in online car sale fraud

Source: National Cyber Security – Produced By Gregory Evans

On Wednesday, Visakhapatnam Cyber Crime Police arrested a man from Noida, on the charges of duping Rs 3.6 lakh in online car sale fraud.

According to sources, DVAN Raju, a resident of MVP Colony, came across a second-hand car on an online selling platform. Contacting the number given in the advertisement, Mr Raju was asked to meet somebody named Altaf from Gajuwaka, in order to take a look at the car.

After personally viewing the vehicle, Mr Raju transferred an amount of Rs 3.6 lakh to the accused. He was further informed that the car had gone for servicing and will soon be delivered. Thereafter, the accused switched off his mobile phone. Realizing that he was cheated, Mr Raju lodged a complaint with the Visakhapatnam Cyber Crime Police.

The cops had swung into action and interrogated Altaf. He revealed that a person named Sunny Kumar is the mastermind behind the online car sale fraud. Later on, Visakhapatnam CI, V Gopinath, tracked down the culprit’s location, based on the previous bank transaction. Arresting the con artist at Noida, on 9 October 2019, his mobile number and bank account were immediately seized. Furthermore, the police are carrying out investigations to unearth other probable scams conducted by Sunny Kumar.

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Michigan among #states most #vulnerable to #identity theft, fraud

Source: National Cyber Security – Produced By Gregory Evans

Michigan among #states most #vulnerable to #identity theft, fraud

Michigan ranks among the worst states for identity theft and fraud, a new analysis by a personal finance website shows.

The report by WalletHub put Michigan at No. 6, behind California, Rhode Island, Washington D.C., Florida and Georgia, and just ahead of Nevada, Texas, New York and Connecticut.

The Michigan attorney general’s office, which is charged with protecting consumers, suggested that identity theft and fraud is likely not as bad in the state as the report suggests.

“It could be underreported in other states,” Andrea Bitely, a spokeswoman for the attorney general’s office, said, challenging the report’s results. “The more people in a state, the more likely you are to be up at the top.”

“But,” she added, “the attorney general is not taking this lightly.”

October has been designated National Cyber Security Awareness Month by the U.S. Department of Homeland Security.

WalletHub, which is based in Washington D.C., compared all 50 states and the nation’s capital this week using a data that looked at identity theft, fraud and public policy aimed at keeping personal information out of the hands of thieves.

While Michigan ranked No. 6 overall, it was No. 8 specifically for identity theft, No. 12 for fraud, and No. 10 for public policy.

Michigan was No. 2 for the most identity theft complaints per capita, behind Washington D.C., and ahead of Florida, and No. 4 for the most fraud complaints per capita, behind, Washington D.C., Florida, and Georgia and ahead of Texas.

“Equifax has proven that absolutely no one is immune to cybercrime,” the report said. “In September 2017, the credit bureau announced that it had fallen victim to one of the biggest data breaches in recent history.”

Moreover, the WalletHub report said: “Even credit bureaus, government agencies, and financial institutions — the organizations consumers trust and expect to treat their confidential information with utmost care and security — cannot take enough precautions to prevent such attacks.”

Earlier this month, Equifax announced that 2.5 million more consumers were impacted by the breach than originally thought, bringing the total number of Michiganders with potentially compromised information to 4.6 million.

To raise awareness of identity theft, the state attorney general’s office is holding two free seminars:

  • From 12:05 to 12:50 p.m. Friday at 525 West Ottawa Street, Lansing, in the G. Mennen Williams Auditorium.
  • From 12:05 to 12:50 p.m. Wednesday at 3068 West Grand Blvd., Detroit, in Room L150.

Still, the WalletHub report warned:

“While the federal government and various businesses in recent years have taken more aggressive measures to build up our defenses, criminal strategies continue to evolve and grow in sophistication, keeping consumers vulnerable to identity theft and fraud.”

The post Michigan among #states most #vulnerable to #identity theft, fraud appeared first on National Cyber Security Ventures.

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MP police #cyber cell busts #Indo-Pak gang involved in #credit card fraud

Source: National Cyber Security – Produced By Gregory Evans

MP police #cyber cell busts #Indo-Pak gang involved in #credit card fraud

Busting an international gang of credit card hackers, the cyber wing of Madhya Pradesh Police has arrested two persons on Monday who are accused of making large-scale online purchases by hacking information on credit cards. The two accused, both residents of Mumbai, are suspected to be associated with a gang of international cyber criminals, run by Pakistani citizen Shaikh Afzal aka Shozi.

Speaking after the arrest of credit card hackers, Superintendent of Police (SP) of State Cyber Cell of Indore unit, Jitendra Singh said that two Indian members of this gang, identified as Ramkumar Pillai and Ramprasad Nadar, were arrested following a complaint made by a bank official from Agar Malwa district.

“We have learnt that Shozi is a native of Lahore and got married only last year. Shozi visits different countries across the world. He was in Uzbekistan when Nadar and Pillai talked to him last time through Skype. We are trying to confirm these details,” the Superintendent of Police said.

The duo purchased hacked credit card details from some websites on the dark web and later paid for the information through Bitcoin. “If this payment is measured in terms of Indian currency, it costs only Rs 500 to Rs 800 to buy details of every credit card,” Singh added.

The gang members bought air tickets and travel packages of Bangkok, Thailand, Dubai, Hong Kong and Malaysia by using this information of hacked credit cards. They also shopped costly items online using the hacked details, said the official.

Singh said the accused also used to send half the amount, they spent by misusing the credit card details, to Shozi by secret online methods.

The accused also used to select the online e-commerce website, where they do not need a one-time password (OTP) to make a purchase. So, the holders would get the information about the misuse of credit cards only after the payment.

Singh said initial investigation revealed that both the accused have made purchases of about Rs 20 lakh by misusing the details of 17 credit cards so far. However, this figure may go up after further investigation.

He said that the police have been searching for a resident of Jabalpur, who is also learnt to be connected with this gang.

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Inside Mastercard’s Journey To Predicting Card Fraud

Source: National Cyber Security – Produced By Gregory Evans

Fighting payments fraud can be a daunting battle – especially if the battle is waged with reactions. That is, once you’re under siege, protecting data can be a scramble. Or as hockey great Wayne Gretzky once said, it’s important to skate to where the puck is going to be, and not…

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Senators worry troops could fall victim to fraud in wake of Equifax hack

Source: National Cyber Security – Produced By Gregory Evans

A bipartisan pair of senators is pressing Equifax for details on how it plans to protect data on U.S. servicemembers caught up in a massive breach, underscoring fears of potential identity theft and financial fraud. Sens. Joe Donnelly (D-Ind.) and Dean Heller (R-Nev.) wrote to the credit reporting firm on…

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Missouri man admits job-related social security fraud

Source: National Cyber Security – Produced By Gregory Evans

A St. Louis man has been ordered to spend four and a half years in federal prison for using social security numbers of others to conceal his criminal past while finding work with information technology companies. Twenty-nine-year-old Lawrence Jerel Higgins was sentenced Wednesday in St. Louis. That’s where he pleaded…

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Researchers claim that most WhatsApp and Viber users are exposed to fraud and hacking

Source: National Cyber Security – Produced By Gregory Evans

Do you know that despite the end-to-end encryption provided by popular messaging platforms like Facebook Messenger, WhatsApp and Viber, your sensitive information is vulnerable to hacking? A new research has highlighted the importance of what is called an ‘authentication ceremony’ to help mitigate the risk. Researchers from Brigham Young University…

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Could voting fraud panel create an easy target for hackers?

Source: National Cyber Security – Produced By Gregory Evans

Officials from both parties had a consistent answer last year when asked about the security of voting systems: U.S. elections are so decentralized that it would be impossible for hackers to manipulate ballot counts or voter rolls on a wide scale. But the voter fraud commission established by President Donald…

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Email hacking fraud hits home renovators: ‘I paid £10,800 to a bogus builder’

Source: National Cyber Security – Produced By Gregory Evans

First came “solicitor fraud”, where conmen intercepted emails between property buyers and conveyancers and diverted huge sums to the wrong accounts. Now this form of life-destroying crime has widened out to embrace other, big-ticket transactions, including home renovations and building work. The mechanism is the same: fraudsters impersonate one or…

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