It is vital for CIO and CTO of an organization to be aware of latest developments in Fraud Detection

Recently, cyber security firm Kaspersky reported that hackers have gained access to more than 100 banks in over 30 countries from past 2 years stealing as much as $1 billion… Recently, cyber security firm Kaspersky reported that hackers have gained access to more than 100 banks in over 30 countries from past 2 years stealing as much as $1 billion. Hackers infiltrated the bank security systems through phishing schemes. They used the surveillance systems in banks to monitor the bank and employees at work by penetrating malware. Once the criminal group which includes Europeans, Chinese and Russians became familiar with bank operations they were able to steal funds without raising suspicion, by tweaking ATMs to dispense money at specific times or to transfer money to fraudulent accounts. Millions of dollars from banks in United States, Switzerland, Japan, Russia and Netherlands have been transferred to fake accounts that were set up in other countries. Before moving on to other banks, hackers limited their scores to about $10million, which aided them to avoid detection for almost 2 years. Not only this, there have been many security breach incidents that shook the world in recent years. Some of them are: Target data breach:… Read full this story

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