Category Archives: Tax Fraud

What to do about the rise of financial fraud

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As our lives become increasingly digital, threat actors gain even more avenues of attack. With the average person spending about 400 minutes online, many scammers enjoy a heyday. Old impersonation scams continue to deceive people every day, as con artists and hackers are armed with advanced technologies and sophisticated social engineering tactics. According to the […]

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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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Synthetic Identity Theft: When Everybody Knows Your Name

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You probably have a place where everyone knows your name — and maybe your address and your birthday and your favorite drink. That place could be your favorite restaurant, your office or your grandma’s house. It doesn’t matter where that place is; when everyone in the room greets you by name, it gives you a […]

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Rapper Scams $1.2M in COVID-19 Relief, Gloats with ‘EDD’ Video

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“Nuke Bizzle” faces 22 years in prison after brazenly bragging about an identity-theft campaign in his music video, “EDD.” Continue reading Rapper Scams $1.2M in COVID-19 Relief, Gloats with ‘EDD’ Video→

2020 Tax Fraud Trends: How to Protect Yourself at Home and Work

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Scammers view tax season as a prime recruiting season for victims. Here are the most prominent tax fraud trends in 2020 and how to protect your identity and business from risks.

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Russian hacker who allegedly exploited accounting software to steal $1.5 million to plead guilty

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A Russian man accused of stealing $1.5 million as part of a scam that relied on using fraudulent tax returns to intercept cash meant for Americans is preparing to plead guilty. U.S. prosecutors charged Anton Bogdanov, known online as “Kusok,” with computer intrusion, aggravated identity theft and related charges for alleged activity between June 2014 and November 2016. Bogdanov and a team of associates used information purloined from hacked computers at American tax firms to change clients’ personal information, according to an indictment made public in April. By leveraging a security flaw in a remote access program used by accountants, Bogdanov and his crew allegedly changed client data so legitimate tax refunds would be delivered to the thieves in th form of debit cards. Bogdanov was arrested while on vacation in Thailand in November 2017 and extradited to the U.S. in March. Now, his attorney said in a Dec. 15 […]

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U.S. arrests 281 people worldwide accused of involvement in BEC scams

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The U.S. Department of Justice has announced the arrests of 281 people and the seizure of nearly $3.7 million in connection with a four-month investigation into business email compromise scams. Prosecutors on Tuesday detailed the results of an elaborate interagency probe into BEC scams, which occur when thieves impersonate a trusted co-worker, lover or other associate in order to convince a victim to send them money or personal information. Among the accused are a group of alleged scammers who defrauded a community college out of $5 million from Illinois, two men in Texas who prosecutors say used 12 fictitious identities to steal and launder more than $3 million, and a Florida crime ring that relied on 18 money mules to launder $950,000. Seventy-four people were taken into custody in the U.S, while there were also 167 arrests in Nigeria, 18 in Turkey, 15 in Ghana, and more in France, Italy, the […]

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Don’t Let Vulnerabilities Leave You Taxed — Refund Customer Trust With Application Security

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How an organization handles application security goes a long way in determining whether it will be “taxed” by vulnerabilities in production or receive a nice refund of their customers’ trust.

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Cybercriminals Spoof Major Accounting and Payroll Firms in Tax Season Malware Campaigns

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IBM X-Force researchers observed cybercriminals engaging in three tax-themed malware campaigns likely aimed at businesses but with the potential to spread to consumers as well.

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A week in security (April 16 – April 22)

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A roundup of security news from April 16 – April 22, including tax fraud, Adobe Flash, trustjacking, and surveillanceware.
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Week in security

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