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June 3, 2022
On the web
Decentralized ID Offers a Human Approach to Identity in Cyberspace
Fast Company
“The nature of the digital world is that organizations, people, software, and devices are connected. This is what enables digital experiences, from business analytics to gaming and shopping. But with millions of digital interactions happening every second, we’ve reached a scale that is difficult to comprehend, with almost limitless interdependencies. This creates an ever-expanding attack surface with more and more vulnerabilities. For example, today there are 921 password attacks every second, and new threats to our online identities are constantly emerging.”
March 25, 2021
On the web
Covid-related Fraud Has Cost Americans $382 Million
CNBC
“Fraud linked to the Covid pandemic has cost Americans $382 million, according to the Federal Trade Commission. As of Tuesday, more than 217,000 people had filed a coronavirus-related fraud report with the agency since January 2020, according to federal data. The median loss was $330. However, losses skewed higher for seniors — $500 for people in their 70s and $900 for those in their 80s.”
March 9, 2021
On the web
How the Pandemic Helped Drive a Startling Increase in Identity Theft Losses
Digital Transactions
“Some 47% of U.S. adults have reported identity theft over the past two years, while the fraud’s toll ballooned to $712.4 billion in 2020, up 42% from 2019, according to a report released Tuesday by Aite Group, a Boston-based research and consulting firm, and sponsored by Giact, an Allen, Texas-based financial-services security firm. The startling rise in this fraud stems at least in part from the onrush of e-commerce transactions and other card-not-present activity following the arrival of the coronavirus pandemic in March last year, earlier reports have said .”
January 6, 2021
On the web
Scammers Have Taken $36 Billion in Fraudulent Unemployment Payments From American Workers
CNBC
“The U.S. has pumped billions of dollars into the unemployment system since the spring — a magnet for criminals that’s led to surging theft and fraud attacks. This has contributed to at least $36 billion being taken from out-of-work Americans. Now, the federal government and states are clamping down. The $900 billion Covid relief package signed last month adds steps for workers to prove their eligibility for benefits.”
October 2, 2020
On the web
Fraud Schemes Exploit Weak Spots in Unemployment Claims System
NYTimes
“The for-sale ad appeared last week in an underground internet bazaar that specializes in selling stolen accounts and data. It was for access to a filched unemployment insurance claim in California that had been approved and offered benefits worth $17,550. The black-market sale of jobless benefits is just one sign that the unemployment insurance system — the main artery for delivering financial assistance to laid-off workers — has been besieged during the coronavirus crisis by criminal networks intent on bilking the government out of hundreds of millions of dollars.”
August 5, 2020
On the web
U.S. Coronavirus Fraud Losses Near $100 Million As COVID Scams Double
Reuters
“U.S. losses from coronavirus-related fraud and identity theft have reached nearly $100 million since the pandemic emerged in March, while complaints of COVID-19 scams have at least doubled in most states, a consumer protection group said on Tuesday. A report from the group, based on government data, highlighted the vast scope of a fast-growing criminal cottage industry – from phony stimulus-check offers to shopping scams and fake cures – preying on Americans already distressed by the pandemic and its economic fallout.”
May 26, 2020
On the wires
Experian Announces Breakthrough Solution in the Fight Against Synthetic Identity Fraud
“To combat a growing threat that’s expected to drive $48 billion in annual online payment fraud losses by 2023,1 Experian® today announced the launch of Sure Profile™. Experian is the first company with an offering to combat synthetic identity fraud that is integrated into the credit profile with market-leading assurance. With Sure Profile, Experian is putting “skin-in-the-game” by sharing fraud losses with the lender if the losses occur on assured profiles.”
December 14, 2018
On the web
Thanksgiving Online Fraud Up 109 Percent Since 2014: Jumio
Mobile ID World
“Defining fraud as an attempt to manipulate government-issued IDs in order to create new online accounts, Jumio found an expected bump in fraud attempts during the busy holiday shopping period, with fraud jumping 22 percent compared to the year’s overall average. But the larger trend is much more worrisome, with Jumio reporting that online identity fraud increased 109 percent between 2014 and 2018. That’s a sobering assessment after Jumio’s holiday fraud report last year found a dip in fraud attempts of 17 percent.”
December 7, 2018
On the web
2019 Data Breach Forecast Predicts Biometric Hacking
Mobile ID World
“It’s a timely warning in the wake of recent academic research suggesting that a number of fingerprint authentication systems could effectively be spoofed by AI-generated fingerprintsthat emulate highly common fingerprint features. Even highly sophisticated biometric authentication systems such as Apple’s 3D facial recognition system have been proven vulnerable to more elaborate hacking efforts. But effective countermeasures are always emerging, with sophisticated liveness detection systems helping to thwart presentation attacks.”
October 1, 2018
On the web
Voice Phishing Scams Are Getting More Clever
Krebs on Security
“Most of us have been trained to be wary of clicking on links and attachments that arrive in emails unexpected, but it’s easy to forget scam artists are constantly dreaming up innovations that put a new shine on old-fashioned telephone-based phishing scams. Think you’re too smart to fall for one? Think again: Even technology experts are getting taken in by some of the more recent schemes (or very nearly).”
May 9, 2018
Top Post
With Synthetic ID Fraud Losses Soaring, Complications Beset a Search for Solutions
Digital Transactions News
“Cyberthieves can use the payment credentials they steal to charge products to the people who are the legitimate owners of that data. That’s bad enough. But increasingly, these fraudsters are using the information they glean from data breaches to invent fresh identities, sometimes out of whole cloth, leaving credit card issuers, banks, and other lenders holding the bag. Indeed, the losses from so-called synthetic identity fraud are mounting fast. Card issuers alone sustained $820 million in synthetic ID fraud in 2017, up fully 41% in just two years, according to a new report from Aite Group LLC. On current trends, the firm projects these losses will swell to more than $1.2 billion by the end of 2020.”
On the web
Think You’ve Got Your Credit Freezes Covered? Think Again.
Krebs on Security
“I spent a few days last week speaking at and attending a conference on responding to identity theft. The forum was held in Florida, one of the major epicenters for identity fraud complaints in United States. One gripe I heard from several presenters was that identity thieves increasingly are finding ways to open new mobile phone accounts in the names of people who have already frozen their credit files with the big-three credit bureaus. Here’s a look at what may be going on, and how you can protect yourself.”
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