Search This Blog

Showing posts with label Theft. Show all posts

Are your rewards and loyalty points getting less? You might want to take a look!

The universe is lazy, everything that occurs follows the principle of least action. It should be no surprise that living things have evolved to obtain the most benefit for the least work; consider the intersection of intelligence and energy. And the same is true for humans, we are inherently lazy - choosing the path of least resistance. No matter the work, we will choose the shortest, most easy and least time-consuming way to do it. No matter the path, we will take the most direct and simplest route.

The same could be said for the cyber world wizards, the hackers who would take the easiest path to hack and earn and hence have chosen a new way to earn and steal - "Loyalty Points".

Loyalty Points 

Digital Banking systems nowadays is as safe and impenetrable as their physical counterparts and require planning, knowledge and a load of luck to hack. And when there are easily accessible, far less secure targets like Loyalty Points, then why do so much work?

 Loyalty Points and schemes are rewards given to customers that they can swap for goods and offers much like currency. Since these are less secure, easy to steal our lazy hackers are now attacking these points instead of the highly secure bank accounts and vaults.

Need to be taken seriously

Andy Still, CTO Netacea writes for Infosecurity Group Website, "People don’t treat loyalty points in the same way as they treat other financial products. When our wallet or purse is stolen or lost, we immediately cancel our credit and debit cards. Our loyalty cards can wait. Retailers tend to treat loyalty points in the same way—logging into an account doesn’t have the same level of security, and two-factor authentication is rare."

People are often careless with their reward accounts, they leave it for months before they check it and the theft goes unnoticed. There's also a benefit that the stolen points will be refunded. In this scam, both the businesses and the customers are affected. The customer doesn't get the benefit of loyalty points nor does the business get what they want- repeat business, customer loyalty and branding. Business needs to take their loyalty points scheme like bank accounts and ask their customers to do the same.

Hackers Attack IOTA's Trinity Wallet, Company Shuts Down the Network

The hackers attacked the IOTA's cryptocurrency wallet and stole all the funds. The theft happened by exploiting a vulnerability in the IOTA's networks. Attack took place on 12th February 2020, and the company informed about the incident via its official account on twitter. The tweet said that the IOTA is presently investing an attack on its trinity wallet. IOTA has advised its users not to share or use the Trinity Wallet on their desktop until the case has been solved. According to the news, the IOTA is currently working with cybersecurity experts and law agencies to go to the roots of the problem that has caused the cryptocurrency theft.

The company, on its official website, announced that because of the theft of funds, it has shut down its 'Coordinator' node for a while to protect the users. The Coordinator works as a final checkpoint for safety assurance of the transactions that take place on IOTA's network. According to the company, the decision to shut down the Coordinator node is to protect any further fraudulent transactions that might take place on IOTA's network. IOTA says that the hackers chose to attack the high profile accounts first, and then moved on to smaller accounts, and so on until the transactions were stopped by the coordinator.

“The attack pattern analysis showed that the halt of the coordinator interrupted the attacker’s attempts to liquidate funds on exchanges,” said the IOTA's official website. “The stolen funds have been purposely and repeatedly merged and split to obfuscate the investigation, and with the current token exchange rate as well as exchanges’ KYC limits in mind. We received additional feedback from more exchanges (not all yet), confirming that none of the identified transactions has been received or liquidated.”

As of now, IOTA's network system is still not active, and the company is still investigating the issue. Cybersecurity experts and members of the IOTA say that the hackers found a vulnerability in the Trinity wallet and were thus able to launch the attack. IOTA hasn't announced anything about the amount stolen but the experts believe it to be around $1 Million IOTA coins or more.

21-Year-Old Arrested For SIM Swapping Hack; Allegedly Steals $1 Million

U.S. broadsheet the New York Post announced Nov. 20 regarding some authorities in the United State, state of California who have arrested a 21-year old New Yorker for the supposed burglary of $1 million in crypto utilizing "SIM-swapping,"

SIM-swapping otherwise called a "port-out scam" includes the burglary of a mobile phone number with the end goal to capture online financial and social media accounts, empowered by the way that numerous organizations utilize computerized messages or telephone calls to deal with client validation.

The captured suspect, Nicholas Truglia, is accused for having focused on well off Silicon Valley officials in the Bay Area, and of effectively convincing telecoms support staff to port six exploited people's numbers to his an affirmed "crew" of accomplice attackers. Deputy DA Erin West, of Santa Clara Superior Court, told the Post that the ploy was "a new way of doing an old crime.”

“You’re sitting in your home, your phone is in front of you, and you suddenly become aware there is no service because the bad guy has taken control of your phone number,” West said.

With his capture on November 14, authorities were able to recover $300,000 in stolen reserves while the remaining assets remain untraced.

Trugila is currently being held at pending for extradition to Santa Clara, where he faces 21 felony counts related with an aggregate of six exploited people, authorities said. One of Truglia's supposed SIM-swapping victims, San Francisco-based Robert Ross, was purportedly robbed of $500,000 worth of crypto possessions on his Coinbase wallet "in a flash" on Oct. 26, and in the meantime a further $500,000 was taken from his Gemini account. West said the $1,000,000 was Ross' "life savings" and his two girls' college fund.

This rising predominance of SIM swap-related occurrences has therefore provoked a California-based law enforcement group to make it their "most noteworthy need." in excess of one prominent occasion, exploited people have acted to sue telecoms firms, for example, AT&T and T-Mobile for their help of the wrongdoing.

Truglia is since being held Manhattan Detaintion Complex pending extradition to Santa Clara in California. Formal charges identify with a seven-day "hacking spree" starting Oct. 8, particularly involving "grand theft, altering or damaging computer data with the intent to defraud and using personal information without authorization.”