Connect with us

Published

on

Personal loan scams take advantage of people’s financial vulnerabilities and can trap people in a vicious cycle of debt.

Since the pandemic, people in many parts of the world have had a difficult time financially. Climate crises, increases in food and energy prices, and ongoing inflation have made household spending difficult.

It has put great pressure on employees and families. High interest rates, including in Europe, made matters worse. As always, cybercriminals are lying in wait to see how they can take advantage of others’ misfortune.

Credit fraud can take various forms. It uses the lure of free loans to deceive vulnerable internet users. It may be common at certain times of the year. Those particularly at risk are young people, the elderly, low-income households, and individuals with low credit scores.

Fraudsters know that these groups are among the worst affected by the current cost of living crisis and are developing various strategies to trick users into handing over their money.

  credit fraud

Top 7 credit fraud threats

Loan fee (advance fee) fraud. The most common type of credit fraud, where a fraudster usually pretends to be a legitimate lender. They claim to offer a no-strings-attached loan but require you to pay a small fee up front to access the cash. The scammers then disappear with your money.

Student loan fraud. It targets those seeking financing for their education and recent graduates who are burdened with tuition fees and other educational expenses. They may offer attractive loan terms, debt forgiveness, fake help with loan repayment, fake promises to reduce monthly payments, consolidate multiple student loans into a more manageable package, negotiate with lenders on behalf of borrowers.

Credit “phishing” scam. Some scams may involve the scammer asking you to fill out an online form so the loan can be ‘processed’. Doing so will give your personal and financial information directly to the bad guys to be used in more serious identity fraud. This can run alongside advance fee fraud and result in the loss of both money and sensitive personal and bank account information.

  credit fraud

Malicious credit practices. It reported 20 of these fraudulent apps to Google, which had more than 9 million cumulative downloads on the official Play Store at the beginning of 2022. Detections of “SpyLoan” apps increased by 90% between the second half of 2022 and the first half of 2023. It found 18 more malicious apps with 12 million downloads in 2023. SpyLoan applications, SMS It lures victims with the promise of easy loans through messages and social media sites such as X (formerly Twitter), Facebook and YouTube.

They often impersonate the brands of legitimate credit and financial services companies to add legitimacy to the scam. If you download one of these apps, you will be asked to confirm your phone number and then provide extensive personal information.

This information may include your address, bank account information, and photos of your ID cards, as well as a selfie, all of which can be used for identity fraud. Even if you don’t apply for a loan, app developers may start harassing you and blackmailing you into giving money, or even threaten you with physical harm.

Payday loan scam. These scammers target individuals in need of quick cash, often with poor credit or financial difficulties. As with other types, they exploit the urgency of the borrower’s financial situation, promising quick and easy loan approval without a credit check with minimal documentation. To apply for credit, the scammer often asks the borrower to provide sensitive personal and financial information, such as social security number, bank account information and passwords, and uses them for identity theft and financial fraud.

Loan repayment fraud. Some scams require prior discovery by criminals. They target victims who have already received loans. They impersonate the loan company in question and send you a letter or email, claiming that you missed the payment deadline and demanding payment plus a penalty fee.

Identity fraud. A slightly different approach is to steal your personal and financial information. The purpose is to then use them to obtain a loan on your behalf from a third-party provider. The scammer will max out the credit and then disappear, leaving you to pick up the pieces.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Security

Kaspersky, IT Outage And Supply Chain Risk Scenario

As part of Kaspersky’s annual “Security Bulletin”, the company’s experts analyzed major supply chain attacks and IT outages experienced last year.

Published

on

Kaspersky, IT Outage And Supply Chain Risk Scenario

As part of Kaspersky’s annual “Security Bulletin”, the company’s experts analyzed major supply chain attacks and IT outages experienced last year.

In 2024, supply chain attacks and IT outages emerge as prominent cybersecurity concerns, demonstrating that almost no infrastructure is completely immune from risk. A faulty CrowdStrike update affected millions of systems; Sophisticated incidents such as the XZ backdoor and the Polyfill.io supply chain attack have highlighted the risks inherent in widely used tools. These and other notable cases highlight the need for rigorous security measures, robust patch and update management, and proactive defenses to protect global supply chains and infrastructure.

While evaluating the events of 2024 within the scope of “Story of the Year”, Kaspersky Security Bulletin discusses possible future scenarios and the potential consequences of these scenarios as follows:

Kaspersky

But what if a major AI provider experiences an outage or data breach? Businesses are increasingly relying on models from providers such as OpenAI, Meta, Anthropic. However, despite the excellent user experience these integrations offer, they also come with significant cyber risks. Dependence on a single AI provider or a limited number of service providers creates concentrated points of failure. If a large artificial intelligence company experiences a critical outage, it can significantly affect tens or even thousands of services that depend on them.

Additionally, an incident at a major AI provider could lead to one of the most serious data leaks since these systems store large amounts of sensitive information.

internet violence kaspersky

But what if on-device AI tools are exploited? As AI becomes more integrated into everyday devices, the risk of it becoming an attack vector increases significantly. For example, Kaspersky’s Operation Triangulation campaign, revealed last year, showed how attackers can compromise device integrity by exploiting system software and hardware using zero-day vulnerabilities and installing advanced spyware. Potential software or hardware vulnerabilities in the neural processing units that run AI, including certain platforms such as Apple Intelligence, could, if discovered, significantly increase the scope and impact of such attacks. Exploiting such vulnerabilities can significantly amplify the scale and impact of attacks using AI capabilities.

Kaspersky’s Operation Triangulation investigation also uncovered a first-of-its-kind case reported by the company: the misuse of on-device machine learning tools for data extraction. This suggests that features designed to improve user experience are already being weaponized by advanced threat actors.

But what if threat actors disrupt satellite connectivity? Although the space industry has been facing various cyber attacks for some time, the new target of threat actors may be satellite internet providers as an important element of the global connectivity chain. Satellite internet can provide temporary communication links when other systems are down; Airlines, cruise lines and other platforms can rely on this service to offer connectivity to passengers. It can also be used to enable secure communication services.

sidewinder

This creates cyber risks: a targeted cyber attack or a faulty update against a leading or dominant satellite provider can cause internet outages and possible communication breakdowns and seriously impact individuals and organizations.

But what if major physical threats to the internet materialize? Continuing on the topic of connectivity, the internet is also vulnerable to physical threats. 95% of global data via undersea cables while being transmittedwhich are physical locations where different networks exchange data traffic approximately There are 1,500 Internet Exchange Points (IXPs). Many of these points are located in data centers.

An outage to just a few critical components of this chain – such as trunk cables or IXPs – could overload the remaining infrastructure and potentially lead to widespread outages, significantly impacting global connectivity.

But what if serious vulnerabilities are exploited in the Windows and Linux kernels? These operating systems run many critical assets around the world – servers, production equipment, logistics systems, IoT devices, and others. A remotely exploitable core vulnerability in these systems could expose countless devices and networks around the world to potential attacks, creating a high-risk situation where global supply chains could suffer major disruptions.

“Supply chain risks may seem daunting, but awareness is the first step to prevention,” said Igor Kuznetsov, Director of Kaspersky Global Research and Analysis Team (GReAT). We can reduce single points of failure by rigorously testing updates, using AI-powered anomaly detection, and diversifying providers. We can eliminate weak elements and build resilience. It is also vital to create a culture of responsibility among staff, because human attention is the cornerstone of security. “Together, these measures can ensure a safer future by protecting supply chains.”

Continue Reading

Security

5 Cyber ​​Security Threats Awaiting the World in 2025

The year 2024 stood out as a critical year in terms of cyber security, with increasing threats in the digital world. In this year of fighting against the threats brought by artificial intelligence, cyber criminals have made their attack methods more effective by taking advantage of developing technologies.

Published

on

5 Cyber ​​Security Threats Awaiting the World in 2025

The year 2024 stood out as a critical year in terms of cyber security, with increasing threats in the digital world. In this year of fighting against the threats brought by artificial intelligence, cyber criminals have made their attack methods more effective by taking advantage of developing technologies.

It has been accepted by experts that developing technologies will pose a threat to cyber security in 2025, as in 2024. With the developments in artificial intelligence, quantum computers, IoT devices and cloud technologies, the cost of cyber attacks is expected to reach 12 trillion dollars worldwide in 2025.

5 that will stand out in 2025 cyber security threat

Cyber ​​Security Threat

1. The Great Danger Emerging from Quantum Computer: Researchers at Shanghai University in China claim to have found a way to break the most common online encryption method using quantum computers of just 372 qubits.

This effectively demonstrates that advances in niche quantum methods can pose small-scale cryptographic risks, highlighting a gradual progression towards large-scale quantum threats. Experts predict that quantum computers could be powerful enough to break current encryption methods as early as 2025. That’s why it’s critical for organizations to move to encryption methods that can resist quantum decryption before it’s too late.

2. Artificial Intelligence Supported Cyber ​​Attacks: In 2024, attacks powered by artificial intelligence were seen to be effective, especially through methods such as social engineering, phishing, and deepfake. AI-enabled social engineering attacks accounted for 35-37% of all cyber attacks, and this proportion is expected to increase further in 2025.

In addition, attackers, who used natural language processing technology offered by artificial intelligence to make phishing emails more believable, managed to deceive 60% of target users, and the average cost of these attacks for businesses was recorded as 4.88 million dollars.

We predict that in 2025, in addition to the increase in all these attack methods, automatic tools that can exploit security vulnerabilities in real time will be effective in artificial intelligence-oriented cyber attacks.

Cyber ​​Security Threat

3. Internet of Things (Iot) and Cloud Security: The development of IoT devices and the transition of businesses to cloud platforms will also increase cyber risks. Attacks on these devices increased by 35% in 2024. On the cloud security side, misconfigurations continued to be the main cause of cyber attacks in 2024. According to research, 83% of organizations report that weaknesses in authentication and access management are a factor in cloud data breaches.

It is predicted that by 2025, more than 90% of companies will use more than one cloud platform and the number of IoT devices will exceed 32 billion. Since many IoT devices, such as smart home technology and sensors, do not meet appropriate security measures, the increase in the number of devices makes them an easy target.

4. Digital Asset Security and Cryptocurrency Thefts: In 2024, digital asset security and cryptocurrency thefts continued to be an important target of cybercrime. In the first half of the year, losses from cryptocurrency thefts reached approximately $1.4 billion. In the second quarter in particular, losses exceeded $600 million, a 100% increase compared to the previous year.

cyber security

In 2025, as the cryptocurrency market grows further, digital wallets and decentralized finance (DeFi) platforms will be at the forefront among the targets of cybercriminals. “Phishing” attacks and smart contract vulnerabilities, especially against wallets, can cause serious financial losses for individuals and institutions.

5. Cyber ​​Threats on Social Media: Social media platforms will continue to be a major ground for phishing attacks and data leaks. According to Meta’s 2024 security report, such attacks increased by 28% compared to last year.

It is estimated that in 2025, methods such as deeply personalized phishing attacks, artificial intelligence-supported fake profiles and deepfake videos will be used more frequently. Cybersecurity teams will also increasingly rely on AI-powered tools to detect and counter these threats. Individuals and organizations that do not take sufficient cyber security precautions and do not gain awareness against these threats may face serious risks.

Continue Reading

Security

Young Hacker Caused Millions of Dollars of Damage

With the advancement of technology, cyber crimes have become increasingly common. It is stated that a 19-year-old young hacker hacked telecom networks and caused damage of 4 million dollars.

Published

on

Young Hacker Caused Millions of Dollars of Damage

With the advancement of technology, cyber crimes have become increasingly common. It is stated that a 19-year-old young hacker hacked telecom networks and caused damage of 4 million dollars.

19-year-old young hacker named Remington Ogletree, hacker He is accused of being affiliated with the Scattered Spider group, exploiting security vulnerabilities, carrying out extensive phishing activities and gaining unauthorized access. According to court records shared by Bloomberg, Ogletree breached the security of two telecom companies, sent phishing links to millions of users and tried to steal large amounts of cryptocurrency from users.

hacker

The mentioned hacking incidents took place in October 2023. However, authorities have just announced the developments to raise awareness about potential fraud and cybercrime activities. It is stated that Remington Ogletree sent a total of 8.5 million text messages to users.

The mentioned crimes were not limited to telecom companies. Ogletree’s actions extend to US financial institutions. Because the young hacker managed to deceive 12 employees, obtain sensitive information and access accounts. This is not the first time such cyber crimes have made headlines. Other incidents caused by hackers have also been brought up before.

hacker

While Ogletree’s case continues, the events revealed the security vulnerabilities of the telecom industry and what could happen if the necessary precautions are not taken. The names of the hacked telecom companies were not disclosed.

Continue Reading

Trending

Copyright © 2022 RAZORU NEWS.
Project by V