Category Archives: Bank Fraud

Virtual credit card fraud: An old scam reinvented

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In today’s rapidly evolving financial landscape, as banks continue to broaden their range of services and embrace innovative technologies, they find themselves at the forefront of a dual-edged sword. While these advancements promise greater convenience and accessibility for customers, they also inadvertently expose the financial industry to an ever-shifting spectrum of emerging fraud trends. This […]

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Gozi strikes again, targeting banks, cryptocurrency and more

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In the world of cybercrime, malware plays a prominent role. One such malware, Gozi, emerged in 2006 as Gozi CRM, also known as CRM or Papras. Initially offered as a crime-as-a-service (CaaS) platform called 76Service, Gozi quickly gained notoriety for its advanced capabilities. Over time, Gozi underwent a significant transformation and became associated with other […]

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The rise of malicious Chrome extensions targeting Latin America

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In its latest research, IBM Security Lab has observed a noticeable increase in campaigns related to malicious Chrome extensions, targeting  Latin America with a focus on financial institutions, booking sites, and instant messaging. This trend is particularly concerning considering Chrome is one of the most widely used web browsers globally, with a market share of […]

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How Fraudsters Redefine Mobile Banking Account Takeovers

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Fraudsters are constantly finding new ways to exploit vulnerabilities in the banking system, and one of the latest tactics involves stealing credit card information via mobile banking apps. This type of attack has been seen in different variations in Spain and North America and was reported for the first time at the beginning of 2023. […]

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A View Into Web(View) Attacks in Android

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James Kilner contributed to the technical editing of this blog. Nethanella Messer, Segev Fogel, Or Ben Nun and Liran Tiebloom contributed to the blog. Although in the PC realm it is common to see financial malware used in web attacks to commit fraud, in Android-based financial malware this is a new trend. Traditionally, financial malware […]

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Confessions of a Famous Fraudster: How and Why Social Engineering Scams Work

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In a world in which bad news dominates, social engineering scams that carry a promise of good news can be incredibly lucrative for cyber criminals.  In one recent example, fraudsters set up a phony job posting using a real recruiter as the contact person for the hiring process. Applicants hoping for a chance at the […]

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Ursnif Leverages Cerberus to Automate Fraudulent Bank Transfers in Italy

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Contributed to this research: Segev Fogel, Amir Gendler and Nethanella Messer.   IBM Trusteer researchers continually monitor the evolution and attack tactics in the banking sector. In a recent analysis, our team found that an Ursnif (aka Gozi) banking Trojan variant is being used in the wild to target online banking users in Italy with […]

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IBM Trusteer Exposes Massive Fraud Operation Facilitated by Evil Mobile Emulator Farms

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IBM Security Trusteer’s mobile security research team has recently discovered a major mobile banking fraud operation that managed to steal millions of dollars from financial institutions in Europe and the US within a matter of days in each attack before being intercepted and halted. This is the work of a professional and organized gang that […]

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Bank of Ireland fined €1.66 million after being tricked by fraudster

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One of Ireland’s largest banks, Bank of Ireland, has been fined almost €1.7 million after regulators discovered it had failed to inform financial regulators and the police after a fraudster tricked them into transferring funds from a client… Continue reading Bank of Ireland fined €1.66 million after being tricked by fraudster→

Ginp Malware Operations are on the Rise, Aiming to Expand in Turkey

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The Ginp mobile banking malware, which emerged in late 2019, is one of the top most prevalent Android banking malware families today. It started as a simple short message server (SMS) stealer and rapidly evolved into one of the most advanced actors in the financial fraud landscape. Ginp has primarily targeted Spanish banks, but recent evidence […]

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