Another day in cyber heaven with data breaches happening daily. Does corporate America CEO even care about Joe Blow consumer anymore or are they just looking for bigger revenues?
Time will tell when the next data breach caves in a stock. So far, they have only been a little cyber hiccup on most stocks vs. full blown gravity flash attack.
Customers that use Chase.com, JP MorganOnline, ChaseMobile app, and JP Morgan Mobile got breached. Was this an inside job? The JPMorgan Chase breach started in June and continued till August. Even if it was an inside job, they have no clue on how to discover who the insider was? Right?? Wrong. With newer cyber breach bio-chronometric technologies, employees can be identified with their e-DNA with any device they come in contact with such as a pc, phone, or tablet that is owned by the employer.
Expect this technology to arrive soon into industries that have sensitive data such as financial, medical health, e-commerce, and governments.
Antiquated security in the health care industry is making the Chinese hackers shift their eyes off of credit hacking to medical record hacking. They also get up to 10x’s more for medical records vs. credit cards. The typical medical record with name, birth date, policy number, diagnosis, and billing info goes for $10.00.
Credit cards have a finite time period in which the card expires. Either the card owner calls in or the bank notices fraudulent activity. But, with medical records, it can take much longer time period. The industry is trying new medical anti-fraud technology but it will take some time for adoption.
To help fight cyber crime, fraud, and money laundering, a network of banks are arming themselves with a new agency called “Financial Crime Alerts Service”
As more and more transaction go digital and mobile, will cyber banking fraud increase?
Nigeria known for banking fraud is currently on the hunt for a $39 million cyber fraud. Not really shocking but it was done by an insider which shows just how important inside security needs to be from employers. Some banks like Barclays are taking precautions with some sort of dual authentication seen in James Bond movie of the 80’s with biometric finger readers. Lets make the consumers life miserable? That’s pretty much what is happening in todays cyber fraud culture till the arrival of bio-chronometrics which is passive authentication of a user. The uses of bio-chronometrics have yet to be seen but the market is there. We will see.
Please send in your comments or thoughts about the future of cyber fraud.
This site has been up for 4 days and I finally got my first user. We all want to welcome:
Yet another cyber hack. Gmail hacked for 5 million email passwords. You can check your email address here if it got hacked or not.
This is the first post in an experiment on how fast bots find this site and spam it. We will then analyze and write on the latest bot activity on the internet.