cybercrime News

Accounts Deceivable: Email Scam Costliest Type of Cybercrime

RICHMOND, Va. (AP) — A shopping spree in Beverly Hills, a luxury vacation in Mexico, a bank account that jumped from $299.77 to $1.4 million overnight. From the outside, it looked like Moe and Kateryna Abourched had won the lottery. …

9th Circuit Clarifies Meaning of Direct Causation in Ruling on Claim for Phishing Scam

A decision by a panel of the 9th Circuit Court of Appeals on Wednesday will make it more difficult for insurers to deny claims by victims of phishing scams, which one industry group says have more than doubled in frequency …

U.S. Agency Sleuths Look Beyond Indictments in Cybercrime Fight

The FBI and other federal agencies are increasingly looking to counter cyber threats through tools other than criminal indictments, the head of the bureau’s cyber division said in an interview with The Associated Press. Arrests and indictments of foreign cybercriminals …

Justice Department Stepping Up Efforts to Combat Cybercrime

WASHINGTON (AP) — The Justice Department is stepping up actions to combat ransomware and cybercrime through arrests and other actions, its No. 2 official told The Associated Press, as the Biden administration escalates its response to what it regards as …

Global Hackers Are Thwarted by FBI, Europe in $100 Million Heist

U.S. and European law enforcement officials on Thursday said they had dismantled a global organized cybercrime network, which used malware to steal banking login details in an attempt to pocket about $100 million from thousands of businesses. A federal grand …

RIMS Speakers Offer Guidance on Preparing for Disaster

BOSTON — Preparing for the unthinkable requires a lot thought. Risk management professionals on Monday cautioned audiences of the myriad pitfalls in planning for catastrophes during the Risk & Insurance Management Society’s annual conference at the Boston Convention and Exhibition …

FBI Reports Cybercrime Losses Nearly Doubled in 2018

The amount of reported losses from cyber crime nearly doubled in 2018 to $2.7 billion, with almost half of that from business email schemes that targeted wire transfer payments, according the FBI’s 2019 Internet Crime Report. The report, prepared by …

Ransom Demands Increasing as More Virulent Viruses Emerge

The average ransom paid to cyber criminals nearly doubled to $12,762 per incident in the first quarter of 2019, compared to $6,733 during the fourth quarter of 2018, according to a report released today by Coveware, a cybersecurity firm based …

Survey Finds Carriers Turning to Analytics to Fight Growth in Fraud

Insurers believe that fraud in on the rise, and they are increasingly turning to advanced analytics to fight it, according to the results of a survey released Wednesday by the Coalition Against Insurance Fraud. The Coalition said the survey of …

NAS Says Ransomware Demands Growing Along with Cyber Claim Costs

Cybercrime claims by policyholders outside the health care sector nearly doubled in 2018, led by financial fraud, often phishing schemes that lead to payments or wire transfers to criminals posing as clients or business partners, NAS Insurance said in a …