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In 2011, the technology world was all abuzz with news of a new payment system which could turn your smartphone into a virtual wallet. Google was the first to come forward with their Google Wallet and they partnered with Visa and MasterCard to produce Near Field Communication systems in a limited number of smartphones.
Find out what the FDIC and other experts have to say about this service. Read More
The Better Business Bureau has shut down 100 phony websites and alerted law enforcement that the BBB name and logo are being fraudulently used by criminals in an ongoing phishing scam.
The phony emails are similar to a notice of a complaint from BBB, but contain links to malware that can infect your computer and steal passwords.
Read on to find out what the BBB had to say in its official release about malware and scams affecting both business owners and consumers.
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A man pretending to be Microsoft co-founder Paul Allen has been arrested on credit card fraud, and experts say there is no reason to assume that a public figure like Allen is any less susceptible to identity theft. Read More
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Security researchers have apparently found a vulnerability in Google’s mobile payments platform. The video below says the problem is currently available in phones sold by Sprint Nextel. Read More
A 30-year-old man was sentenced last week to nearly 18 years in prison on fraud charges.
Although convicted of mail fraud, authorities believe he masterminded a scheme to open nearly 600 fraudulent bank accounts and bilk 22 major banks out of hundreds of thousands of dollars. Read More
The FDIC and other regulators have formally updated guidelines on how banks verify the identity of anyone logging onto financial websites.
The FDIC will also start a formal review of banks’ assessments of their online banking risks and the new security measures they put in place. Read More
In this New York Times article, Cyrus R. Vance Jr., the Manhattan district attorney, said he just handled his fourth major cybercrime case in a month.
As he said at a press conference, “We’ve come to realize that the Internet is the crime scene of the 21st century.” Read More
European banking protection firm Affinion International conducted a survey of online bank customers and found a whopping 85% of respondents are worried about online fraud.
Not only that, but 42% of bank customers polled said they have been fraud victims! Read More
The Wall Street Journal reports on how banks and large companies are spending large amounts of money to build firewalls — and using complex technology to fortify their systems — but it is often their own employees who are letting identity thieves in the door. The article says the “first line of defense” for large corporations is the customer-service representatives who answer the phones, yet some hackers say they often find these employees easy prey, because of their high turnover, low pay, and a desire to be helpful. Read More
The New York Times says mobile hackers are “not yet much of a threat” but that is poised to change quickly as people increasingly use their phones to shop and exchange money. As the article here explains, “Phones can be more vulnerable because they connect to wireless networks at the gym or the coffee shop, and hackers can surreptitiously charge consumers for a purchase.” Read More
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