Pratik Zanke’s Post

Learn how banks are combating the surge in online fraud. Discover the latest strategies and technologies being used to protect against cybercrime with Karishma Chandnani's article on the rising online fraud: https://lnkd.in/g4Fy6Vb7 #onlinefraud #banking #fintech #cybercrime #cybersecurity #hacking #otp #bankingfraud #fintech #financial #techtrends #technews #stockmarket #cyberthreat #TDQ

𝐋𝐨𝐜𝐤𝐛𝐢𝐭'𝐬 𝐫𝐞𝐜𝐞𝐧𝐭 𝐭𝐚𝐤𝐞𝐝𝐨𝐰𝐧 𝐛𝐲 𝐥𝐚𝐰 𝐞𝐧𝐟𝐨𝐫𝐜𝐞𝐦𝐞𝐧𝐭 𝐬𝐞𝐫𝐯𝐞𝐬 𝐚𝐬 𝐚 𝐯𝐚𝐥𝐮𝐚𝐛𝐥𝐞 𝐜𝐚𝐬𝐞 𝐬𝐭𝐮𝐝𝐲 𝐟𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐨𝐟𝐟𝐢𝐜𝐞𝐫𝐬.✍️ During our recent Crypto Compliance training at A&D Forensics, 𝐈 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐞𝐝 𝐅𝐀𝐓𝐅'𝐬 𝐬𝐭𝐚𝐧𝐜𝐞 𝐨𝐧 𝐑𝐚𝐧𝐬𝐨𝐦𝐰𝐚𝐫𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠, emphasizing the importance of identifying ransom payments. Lockbit's use of RaaS (Ransomware-as-a-service) underscores the evolving challenges in this space🤷🏻♀️. 👉Lockbit, a significant player in ransomware, operated using 𝐑𝐚𝐧𝐬𝐨𝐦𝐰𝐚𝐫𝐞-𝐚𝐬-𝐚-𝐒𝐞𝐫𝐯𝐢𝐜𝐞 (RaaS). 👉 In this model, the core group develops 𝐦𝐚𝐥𝐰𝐚𝐫𝐞 𝐚𝐧𝐝 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞, 𝐥𝐢𝐜𝐞𝐧𝐬𝐢𝐧𝐠 𝐭𝐡𝐞 𝐜𝐨𝐝𝐞 𝐭𝐨 𝐚𝐟𝐟𝐢𝐥𝐢𝐚𝐭𝐞𝐬 𝐰𝐡𝐨 𝐞𝐱𝐞𝐜𝐮𝐭𝐞 𝐚𝐭𝐭𝐚𝐜𝐤𝐬, 𝐬𝐭𝐞𝐚𝐥 𝐝𝐚𝐭𝐚, 𝐚𝐧𝐝 𝐞𝐱𝐭𝐨𝐫𝐭 𝐦𝐨𝐧𝐞𝐲. Victims of LockBit include US government entities, ports, automotive companies, a children's hospital, Boeing, the UK’s Royal Mail, and Subway. 🤔Despite the takedown of Lockbit, 𝐟𝐥𝐮𝐢𝐝 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐨𝐟 𝐑𝐚𝐚𝐒 𝐨𝐩𝐞𝐫𝐚𝐭𝐢𝐨𝐧𝐬 𝐦𝐚𝐲 𝐥𝐞𝐚𝐝 𝐭𝐨 𝐭𝐡𝐞𝐢𝐫 𝐫𝐞𝐬𝐮𝐫𝐠𝐞𝐧𝐜𝐞 𝐮𝐧𝐝𝐞𝐫 𝐚 𝐝𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭 𝐧𝐚𝐦𝐞. Hence, The U.S. State Department is offering up to $𝟏𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐛𝐨𝐮𝐧𝐭𝐢𝐞𝐬 for information leading to the identification and arrest of key leaders within the LockBit ransomware group. (https://buff.ly/49kbQwm) 🤏As compliance officers, understanding Ransomware Financing indicators is crucial. 𝐓𝐡𝐞 𝐅𝐀𝐓𝐅'𝐬 "𝐂𝐨𝐮𝐧𝐭𝐞𝐫𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐧𝐠 𝐨𝐟 𝐑𝐚𝐧𝐬𝐨𝐦𝐰𝐚𝐫𝐞" report provides key insights. Indicators include: 1️⃣Outgoing wire transfers to cybersecurity firms, 2️⃣Unusual incoming transfers from insurance companies specializing in ransomware remediation. 3️⃣Customer impatience with payment delays, 4️⃣ Transactions involving anonymity-enhancing cryptocurrencies. 🤝In combating the financing of ransomware attacks, compliance officers play a pivotal role, and 𝐬𝐭𝐚𝐲𝐢𝐧𝐠 𝐢𝐧𝐟𝐨𝐫𝐦𝐞𝐝 𝐰𝐢𝐭𝐡 𝐢𝐧𝐜𝐢𝐝𝐞𝐧𝐭𝐬 𝐥𝐢𝐤𝐞 𝐋𝐨𝐜𝐤𝐛𝐢𝐭’𝐬 𝐭𝐚𝐤𝐞𝐝𝐨𝐰𝐧 𝐢𝐬 𝐨𝐧𝐞 𝐬𝐮𝐫𝐞 𝐰𝐚𝐲! 🫡It’s Monday, and I’m super glad to be back here🤗! Make sure you stay connected and follow Chioma Onyekelu, CCI for more insightful contents. #cryptocomplianceofficer #cryptocompliance #cryptoinvestigator #BlockchainForensics #ADForensics

🔒 **Navigating the Rising Tide of Wire Fraud: A Call to Action** In 2022, the United States witnessed a staggering loss of over $10 billion to cybercrime, with wire fraud escalating by 30% annually. This alarming trend underscores a crucial vulnerability in our financial transactions. The stark reality is that 80% of U.S. companies have encountered hacking attempts, often targeting email systems—a common channel for wire transactions. But why is this happening? A significant factor lies in the inherent weaknesses within our security protocols. The chain is only as strong as its weakest link, and in the world of wire payments, this adage rings especially true. The liability risks are omnipresent, leaving businesses and individuals exposed to potential financial catastrophes. At WireVault we recognize the urgency of this crisis. Secured by cutting-edge blockchain technology, our solution offers a fortified bulwark against these escalating threats. We're not just a team; we're guardians in this digital landscape. Led by experts like Holly Hubert, a 25-year FBI cybersecurity veteran, and John Gavigan, a seasoned entrepreneur and tech executive, we bring a wealth of experience and innovation to the forefront. 📈 **Take Control of Your Financial Security** The time for action is now. Don't let your business be part of the statistic. Join us in turning the tide against wire fraud. Let's explore how WireVault can safeguard your transactions and bring peace of mind to your financial operations. 📅 **Book a Consultation Today** Ready to learn more? I invite you to book a 30-minute consultation with me. Together, we can discuss how WireVault's solutions can be tailored to your unique needs. Secure your spot here: 👇 https://lnkd.in/eK4xxNE8 Together, let's build a safer financial future. #WireFraud #CyberSecurity #Blockchain #WireVault #FinancialSafety

Although Fraud Intelligence Limited provides companies with valuable insights to combat fraud, there are also things you can do to ensure your fraud management capability is effective: 1- Educate and Train Employees: Ensure that all employees know the risks of telecom fraud and know how to recognize and report typical fraud schemes such as phishing and smishing attempts, social engineering and subscription fraud.  2- Implement Robust Know-Your-Customer (KYC) Authentication: Identity, documentation and address verification are critical in ensuring bad actors do not gain access to your network and services.  3—Leverage Technologies: Invest in the right type and mix of technologies to authenticate customers and network-level traffic, detect anomalies, predict and prevent fraud, and actively share and utilise fraud intelligence. 🔗 Discover more about how we can help you stay ahead in the fight against fraud: https://lnkd.in/dvu3eQhu #FraudPrevention #Blockchain #TelecomSecurity #DataSecurity

🔐 Anticipating Financial Sector Fraud Trends in 2024 As we step into 2024, the financial sector gears up to face evolving fraud challenges. Here are the top five fraud trends to watch and strategies for robust mitigation: 1️⃣ Deepfake Fraud: Synthetic media manipulations targeting voices, faces, and documents. Mitigation: Strengthen identity verification, embrace advanced biometrics. 2️⃣ Phishing 2.0: More sophisticated and targeted techniques lure victims. Mitigation: Educate staff and customers, fortify cybersecurity defenses. 3️⃣ Blockchain Exploitation: Attacks on distributed ledger tech underpinning cryptocurrencies. Mitigation: Implement robust cybersecurity measures, stay vigilant against blockchain breaches. 4️⃣ Insider Threats: Employees or contractors abusing access for data or fund theft. Mitigation: Monitor, audit, and control access privileges, foster a culture of security. 5️⃣ AI-Powered Fraud: Automation and enhancement of fraud schemes. Mitigation: Leverage AI and analytics for detection, implement transaction monitoring. 💡 Mitigation Strategies: - Enhance Identity Verification: Robust authentication mechanisms. - Educate and Train: Empower staff and customers against evolving threats. - Cybersecurity Measures: Implement and update robust cybersecurity protocols. - Monitoring and Auditing: Continuous surveillance of transactions and activities. - AI and Analytics: Harness technology to detect and prevent fraud. Source: https://lnkd.in/dd6fxjKw Sharing insights, fostering awareness, and adopting proactive strategies ensure a secure financial landscape in the face of emerging fraud challenges. #fraudprevention #financialsecurity #cyberrisk #staysecure

Raise your Knowledge 📢 Fintech Companies are often classified as high-risk. 🧐 Why? Primarily due to the lack of face-to-face interactions and the rapid speed at which financial products can be accessed. 💰 #Fintech #RiskManagement #FinancialServices #Cybersecurity #DigitalTransformation

Hacking Chase Bank's Wire Transfer A post on a forum explains how to secretly move money from accounts at JP Morgan Chase Bank. The threat actor shares a step-by-step guide that starts with logging into a Chase account. The Threat actor also talks about pretending the money is for things like travel or paying a bill to hide what they're really doing, and mentions different ways the bank checks the status of payments. Source: https://lnkd.in/dXMWcmUU Subscribe TechOwl SHIELD for all of such threat intelligence. #TechOwlShield #CyberSecurity #ThreatIntelligence #FinancialSecurity #BankingSecurity #WireTransferSafety #CyberCrimePrevention #DigitalBanking #FinanceTech #SecureBanking #InfoSec #CyberThreats #CyberSafety #FinancialCrime #AntiFraud #SecurityAwareness #FinTech #JPmorganChase #OnlineBankingSecurity #CyberAttackPrevention #SecureTransactions

If you know, you know. But for those who haven’t jump onboard yet, I wanted to highlight one of the biggest spaces for innovation right now. ZKPs have consistently been one of the fastest growing tools for privacy & security applications. This article perfectly highlights why!! What cryptographic tool is next to be merged into mainstream tech? 👀 #zeroknowledge #cryptography

The way fintech innovations improve the customer's experience is unparalleled. Thus, financial entities must combat necessary fraud to eliminate cybercrime from their systems. Let’s read: https://lnkd.in/gUYniRD4 #cybersecurity #fraudprevention #financialindustry #cybercriminals #fintech #customerdata #digitaltransformation

🔐 Enhance security, compliance, and efficiency in digital payments with tokenization! Discover how this innovative method protects sensitive data and transforms financial transactions. 🌐📊 #Tokenization #DigitalPayments #FinTech #DataSecurity #FinancialTransactions #Compliance #Innovation #CyberSecurity #FinancialServices #FutureOfFinance