isBuzz News: International Cyber Crime Ring Taken Down By Feds After More Than $530 Million Stolen

February 13, 2018 — International Cyber Crime Ring Taken Down By Feds After More Than $530 Million Stolen

Ryan Wilk, VP at NuData, comments on a report issued yesterday by Information Security Buzz disclosing that residents of Britain, the United States, and several other countries, are among 36 defendants charged for their alleged involvement in a cyber crime operation responsible for more than $530 million (€433 million) of losses to consumers, businesses, and financial institutions. Operating under the slogan “In Fraud We Trust,” members of the Infraud Organization used an online forum to purchase and sell stolen identities, credit cards, and financial information.

Infraud and similar organisations affect every company, not just those in the retail sector, because they show how easily data from any source can be broadly distributed for profit. This data is used for account takeover and other successful tactics such as whale phishing.
The success of an organization whose motto is “In Fraud We Trust” is a clear sign that companies need to rethink authentication and incorporate continuous validation techniques based on data that can’t be mimicked, such as passive behavioural biometrics.

For the complete article, go here.