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Articles tagged with: fraudulent

Regulators Request Banks To Improve Network Security

US financial regulators have asked that all banks do their best to boost network security after companies have gone through a flurry of cyber attacks. The Federal Financial Institutions Council recommended that banks perform regular risk assessments as well as keeping customers informed about any online banking security issues.

The Council urged that all banks demand more than one form of customer authentication since hacking often occurs via keyloggers, where passwords are stolen on personal computers.

Massive Botnet Taken Down After Ten Years Of Mayhem

After ten years, the U.S. has finally killed a botnet that has spread a continually evolving virus known as “Coreflood.” The botnet first became active in 2001 and has steadily infected computers finally reaching a number of 2 million computers worldwide, with the assistance of malware. Coreflood has stolen a total near 100 million dollars worldwide from both businesses and consumers. The botnet of course is a group of infected machines that “work together” to steal personal data from other users. The botnets can also be programmed to send malicious files, spam, and phishing e-mails to targeted computers. The creators of the botnet used Coreflood to steal information and conduct thousands of fraudulent banking and wire transfers. Some individuals lost as much as $240,000 in the scam.