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Brazilian Malware Client Maximus: Maximizing the Mayhem

In January 2017, IBM X-Force research reported the development of a new remote-access malware code targeting Brazilian banks. The malware, dubbed Client Maximus, was observed in ongoing campaigns and continues to target online banking users in the country. The development of Client Maximus, which is believed to be commercially available in Brazilian fraud an
Publish At:2017-09-12 13:50 | Read:2626 | Comments:0 | Tags:Fraud Protection Malware Threat Intelligence Advanced Threat

Advanced Approaches to ATM Network Protection

End-to-end automated teller machine (ATM) network protection encompasses multiple security layers. Is it not enough to simply protect ATM endpoints to ensure the security of a bank’s finances. Instead, security teams at financial institutions must take a more advanced approach to ATM network protection. ATM security has always been a hot-button issue
Publish At:2017-08-11 15:05 | Read:3167 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Network Securi

Ransomware, Trojans and Fraud, Oh My! Tracking Recent Cybercrime Trends and Patterns

Throughout the years, banks have expanded their services by offering an ever-evolving set of online capabilities. As a result, financial institutions have become an obvious target for cybercrime and have been quick to deploy various layers of protection to keep their customers safe. Cybercriminals are looking for online money to grab as a day job. Many opera
Publish At:2017-08-07 21:55 | Read:2626 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Authentication

After Big Takedown Efforts, 20 More BankBot Mobile Malware Apps Make It Into Google Play

A flashlight app, fake videos or a fake gaming app? Any one of those could be malicious and harboring a mobile malware app, right there in a trusted official app store. In an ongoing trend, IBM X-Force noted that malicious apps manage to circumvent controls and infiltrate legitimate stores. And this is not about the plethora of adware apps infecting users in
Publish At:2017-07-28 03:30 | Read:3700 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Malware Mobile

New Threats? No Problem! Identify Emerging Cybercrime Trends Early to Fight Financial Fraud

Every year, cyberattacks become more sophisticated, new malware emerges and fraud losses rise. Have you ever looked at your banking information to see a transaction that you didn’t make? Have you ever checked your credit report to find cards you never signed up for or high balances you didn’t create? Unfortunately, financial fraud is an issue ma
Publish At:2017-06-27 02:05 | Read:2548 | Comments:0 | Tags:Fraud Protection Risk Management Bank Fraud Banking Security

Brazilian Malware Never Sleeps: Meet EmbusteBot

IBM Research — Haifa Labs continually invests in the research and development of advanced malware analysis solutions that enhance IBM’s ability to quickly detect and neutralize malware as new and challenging threats arise. Our ongoing observations of the Brazilian cybercriminal landscape have revealed a perpetual rise in new malicious campaigns in this
Publish At:2017-04-17 01:45 | Read:2956 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Malware Advanc

Indian Banking Customers, Beware! Hackers Have an Eye on Your Money

A couple months back, I received a phone call from a man claiming to represent my bank. He menacingly asked me to share my debit card details so he could stop my account from being blocked. I panicked for a few seconds, then asked him some probing questions. The caller hung up the phone. A call to my bank about the security of my account did not provide very
Publish At:2017-02-14 09:35 | Read:2627 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Bank Fraud Ban

Why 53 Percent of Banks Think Security Controls Negatively Impact Customer Experience

How do you tell if a legitimate customer or a fraudster is signing into your online banking platform? How do you know if the authentication measures your organization is using are effective? How important is it to your organization to provide a seamless customer experience while maintaining adequate security controls? The Problem With Customer Security These
Publish At:2017-02-02 20:55 | Read:2567 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Bank Fraud Ban

Real-Time Payments, Real-Time Fraud Risks?

Real-time payments, near real-time payments, faster payments, immediate payments — those are just some names used to describe the increasing speed of the settlement transaction process. Slow clearing times for payments can have a negative effect on businesses and consumers, but a quicker process may introduce fraud risks. The National Automated Clearing Hous
Publish At:2016-12-06 20:15 | Read:3269 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Risk Managemen

Brazen no more, makers of account-draining bank trojan get 24 years

Two men who built and sold a banking trojan that infected more than 50 million computers around the world and caused almost $1 billion in losses have been sentenced to a combined 24 years in prison.Aleksandr Andreevich Panin, the chief developer and distributor of SpyEye, received a sentence of nine years and six months in federal prison, according to a stat
Publish At:2016-04-21 22:10 | Read:2048 | Comments:0 | Tags:Law & Disorder Risk Assessment Technology Lab Uncategorized

Modernizing Digital Security to Protect Banks From Fraud

The popularity and pervasiveness of online banking is good news not only for financial institutions but also for cybercriminals, who see easy targets in online banking customers. Cybercriminals have figured out how to convince customers to surrender their usernames, passwords and other types of personal information through phishing requests or via malware. I
Publish At:2015-03-06 16:20 | Read:1637 | Comments:0 | Tags:Banking & Financial Services Fraud Protection Bank Fraud Ban

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