Bitcoin Protects Users Against Financial Social Engineering Attacks
Fraud reports are not uncommon in this day and age, and it looks like criminals are resorting more and more to posing as official bank employees. A lot of harm can be done by contacting bank clients and “social engineering” their way into user accounts. Or in some cases, bank customers can even be persuaded to transfer funds into another account....
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Distribution of this malware is showing signs of innovation as well. Criminals have been switching between exploit kits, spam campaigns, and social engineering attacks to secure their payday. The topic of ransomware never seems to be far away these days. Online threats are a significant concern for both individual users and enterprises around the world. With the first half of 2016 behind us, it is evident ransomware will not go away anytime soon. Enterprises lost US$209m due to these attacks in the first six months of 2016. Ransomware Leads To Mounting Financial Losses. The new report,....
Various companies all over the world are looking to come up with new methods to prevent fraud from taking place in the financial industry. While plastic card payments are a major threat when it comes to fraud, there are other factors to take into consideration as well. Social engineering is playing an ever-increasing role of importance these days, and Pindrop wants to prevent companies from being scammed over the phone. Bitcoin users can benefit from these efforts as well. Pindrop Raises Another US$75m in Funding. Preventing individuals and companies from falling victim to fraud and....
Popular digital currency forum BitcoinTalk has been taken offline following a social engineering attack that resulted in a server compromise. The attack is said to have targeted the site's ISP, a company called NFOrce that is based in the Netherlands. During a social engineering attack, an attacker tries to manipulate the target with the goal of convincing them to divulge passwords or other sensitive information. The compromise was announced via the official BitcoinTalk Twitter account. Operator Theymos later took to the bitcoin subreddit to offer a more detailed explanation, writing: "The....
A notable blockchain industry investor was hacked today, the latest target in a string of apparent social engineering attacks that have taken aim at cryptocurrency users. The hackers claim to have stolen and liquidated 110,000 REP (upwards of $300,000) in the digital currency Augur plus an additional unknown sum of ether, the cryptocurrency on the ethereum blockchain, owned by Bo Shen, founder of VC firm Fenbushi Capital. Speaking via Shen's Twitter account, the hacker credited his sale with dropping the dollar value of Augur's digital asset Reputation (REP) from 0.0035 BTC (then roughly....
Bitcoin protects private property for its users due to its theft-proof design, its use of decentralized nodes and an immutable public ledger.