Cyber-Criminals Now Focus on Bank Insurance Scam

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This Latest Cyber-Criminal Scheme is both Very Simple and Extremely Effective.
The basis of this scheme is to offer and promise an online banking fraud insurance, that in actuality,  steals from your bank account. This most recent criminal attack was discovered by Trusteer and the attack Tatanga malware platform. Essentially the Tatanga malware notifies the online banking targets via their own web browser that their individual bank is offering protection against online banking fraud for free.


Fake Online Bank Insurance Account
A fake insurance account that claims to insure total amount of funds in the bank account is presented to the target.  The fake insurance account, is in actuality, a real bank account that belongs to a money mule.  The program then informs the target that they will be protected against any losses from online fraud by this insurance plan.  The last step of the scheme is to have the target give the OK to authorize a transaction that will activate the online banking fraud insurance.


Transfer of Online Banking Funds
There is no hint that any funds will or need to be transferred out of their bank account for this insurance to activate it.  To activate the insurance, the target enters a one-time password that is sent to their phone or other mobile device.  What is really happening at this time is that the target is now becoming the victim by approving a transfer of funds from their bank account to the cyber-criminals money mule account.


Fraud Creativity
“Once they have compromised an endpoint, the ability of Tatanga and the other cybercrime platforms to commit online fraud is limited only by the imagination of criminals,” said Trusteer’s Ayelet Heyman. “As this latest scheme illustrates fraudsters do not lack creativity when it comes to developing new methods that trick victims into authorizing fraudulent transactions.”


Remember the old saying, “there ain’t no such thing as a free lunch”?
Well this latest cyber attack typifies that saying.   Having an effective Internet Security and/or Network Solution platform in place will eliminate these types of cyber threats.  But in the event that you don’t have an effective security solution in place, just remember this saying and avoid agreeing to anything online that seems to good to be true, because it probably is.

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