ThreatFabric’s Post

Strong passwords serve as the primary defense against unauthorized access to online accounts. Weak passwords, such as "password" or "123456," are easily guessed and can be compromised quickly, exposing users to risks such as identity theft and financial fraud. Cybercriminals often utilize brute-force attacks, where they systematically try various combinations until they find the correct password. A strong password significantly increases the time and effort required for such attacks, making it less likely that hackers will succeed

It’s all good advice, but especially points 9 and 10. At this point, using a password manager shouldn’t be treated as optional; if you can keep track of all your passwords in your head, your passwords are either too easy to guess or getting re-used (or “varied” with a pattern that’s easy to guess). And at this point, MFA is also not optional. Avoid SMS-based MFA if you can; some sort of Authenticator app with notification prompts is better. Relatedly, as an 11th point, go passwordless if you are able to.

The best way to prevent SIM-swapping fraud in financial services is to minimize reliance on SMS as a means of authentication. While SMS OTP is likely here to stay with us for some time, sometimes even serving as a helpful additional verification method in scenarios such as digital onboarding or phone number verification, relying on them as the main security measure in authentication and payment approvals is problematic. Besides the information published in our post below, we have summarized the downsides of SMS OTPs in our blog post. 👉 https://lnkd.in/eiuPyKtp

🚨 Major Botnet Disrupted: The Impact on Cybercrime and Business An international law enforcement team has arrested Yunhe Wang, a Chinese national, and disrupted the "911 S5" botnet. This network of malware-infected computers, spanning nearly 200 countries, was one of the world's largest, amassing over $99 million in profits. Wang resold access to this network to criminals, facilitating identity theft, child exploitation, and financial fraud, including pandemic relief scams. The arrest of Wang and the takedown of the botnet highlight the extensive reach and damage caused by such cybercriminal operations. Botnets like "911 S5" are used to hijack millions of computers, which are then leveraged for various illegal activities, resulting in billions of dollars in losses. This particular network was responsible for over $5.9 billion in fraud against relief programs and compromised numerous financial institutions. For the business community, this arrest underscores the critical need for robust cybersecurity measures. Botnets pose a severe threat to both individual and corporate security, and proactive steps are essential to safeguard against such pervasive threats. The disruption of Wang's botnet not only curtails a significant cybercrime operation but also serves as a reminder of the ongoing battle against cyber threats. Stay informed and protected! #Cybersecurity #Botnet #Cybercrime #BusinessSecurity #Infosec #LawEnforcement #VeteranOwned #SmallBusiness #YeahTHATgreenville

In 2021, the FBI Internet Crime Complaint Center received 1,611 SIM swapping complaints with adjusted losses of more than $68 million.* 💰 SIM swapping is a type of account takeover fraud that targets two-factor authentication in which the second factor or step is a text message (SMS) or call placed to a mobile phone. Scammers get access to all of the victims' communication, targetting (and emptying) their bank accounts as a result. Fortunately, you can protect your clients against the SIM-swapping scams with a secure, modern authentication solution. *Source: FBI Public Announcement, Alert Number I-020822-PSA #tech #authentication #cybersecurity #protection #banking

Is your business vulnerable to payment fraud? 𝐏𝐚𝐲𝐦𝐞𝐧𝐭 𝐟𝐫𝐚𝐮𝐝 𝐜𝐨𝐮𝐥𝐝 𝐛𝐞 𝐜𝐨𝐬𝐭𝐢𝐧𝐠 𝐲𝐨𝐮 𝐭𝐡𝐨𝐮𝐬𝐚𝐧𝐝𝐬—without you even realizing it. From chargebacks to phishing scams, fraudsters are targeting businesses of all sizes, and no one is immune. But here’s the good news: 𝑎 𝑟𝑒𝑙𝑖𝑎𝑏𝑙𝑒 𝑝𝑎𝑦𝑚𝑒𝑛𝑡 𝑝𝑟𝑜𝑐𝑒𝑠𝑠𝑜𝑟 𝑐𝑎𝑛 𝑏𝑒 𝑦𝑜𝑢𝑟 𝑓𝑖𝑟𝑠𝑡 𝑙𝑖𝑛𝑒 𝑜𝑓 𝑑𝑒𝑓𝑒𝑛𝑠𝑒. With tools like real-time transaction monitoring, encryption, and fraud scoring, payment processors are actively working to keep your business secure. Want to know how the right technology can 𝐩𝐫𝐨𝐭𝐞𝐜𝐭 𝐲𝐨𝐮𝐫 𝐛𝐨𝐭𝐭𝐨𝐦 𝐥𝐢𝐧𝐞 𝐚𝐧𝐝 𝐲𝐨𝐮𝐫 𝐫𝐞𝐩𝐮𝐭𝐚𝐭𝐢𝐨𝐧? Click to learn more: https://lnkd.in/dxZz2f5c

Businesses need to know a lot more about the type of payment products, rules, laws and fraud more now than ever before. In an effort to make things simple they’ve become complex and added risk. This is a great article Clayton Zaugg to understand some of the pitfalls. #platpay #paymentcowboys

🗃️ Efile Hit by Lockbit Ransomware Attack? Reports suggest that Efile , a popular online tax filing platform, has suffered a ransomware attack by Lockbit. The attackers have added the company to their extortion site, threatening to leak stolen files. 🧧Tax Season Concerns: - Cybercriminals often target tax-related businesses during tax season - Phishing emails, malware, and identity theft common tactics - Previous breaches have led to stolen identities and fraudulent tax filings However, Efile has denied all claims, pretty strange isn't it? 🔎Theories: - Lockbit may be recycling data from a 2022 breach - Attackers might be seeking fame after law enforcement disruptions 🪧Stay Vigilant: - Monitor your accounts and credit reports - Be cautious of phishing emails and suspicious links - Keep personal and financial information secure #Ransomware #Lockbit #eFile #TaxSecurity #Cybercrime #DataBreach #IdentityTheft #TaxSeason

E-challan fraud is a growing concern in the digital age, posing risks to personal information and financial security. By staying vigilant and informed, individuals can protect themselves from falling prey to these fraudulent schemes. Always verify the source of any e-challan communication, use official channels for payments, and report any suspicious activity to the authorities. #CyberFraudAlert #CyberFraud #CyberCrime #CyberAwareness #Echallan

🔐 5 Critical Lessons to Protect Yourself from Financial Fraud & Cyber Theft: 1. Your bank will NEVER ask for OTP/PIN/CVV - any such request is a red flag. Legitimate institutions don't need this information. 2. Urgent money requests & time pressure? Stop. Scammers create false urgency to make you act without thinking. Take time to verify. 3. Investment schemes promising unusually high returns? Remember: If it sounds too good to be true, it probably is. 4. Always verify links before clicking, even if they appear to be from known contacts. Hover over URLs to spot suspicious domains. 5. Enable two-factor authentication on all financial accounts & regularly monitor your statements for unauthorised transactions. ⚡ When it comes to your money, skepticism isn't rudeness – it's your shield against fraud. #CyberSecurity #FinancialLiteracy #FraudPrevention #DigitalSafety #OnlineSecurity