Tony Larks Director of Communications, EMEA ThreatMetrix, Inc. At ThreatMetrix® we’ve been banging on about the need for businesses to invest in effective fraud protection for what seems like a lifetime. Some forward-thinking organisations do get it – they realise that partnering with the right provider could end up saving significant sums of money in the long run. These not only come from reduced chargeback costs but also thanks to fewer instances of shopping cart abandonment and less need for costly manual reviews. But it…

With Last Minute Holiday Shopping Going to the Last Minute, How Can Retailers Maximize Their Returns? If you’re in a daze…about days, here’s a quick rundown. You’re already familiar with Black Friday, so let’s jump to Free Shipping Day Thursday, which this year fell on December 18th and, according to Katrin Ribant on adotas.com, got its name because there’s no charge and no minimum order requirement with guaranteed delivery of purchases by Christmas Eve. Okay, the last day you may or may not be familiar…

Staples Reveals Details of a Breach That Took Place Between July 20th and September 16th In October the company first announced it was investigating a potential breach that had taken place during the summer. It just got around to releasing the results of the investigation as the holiday shopping season winds down. According to Jose Pagliery’s story on money.cnn.com (link to article), customers at 115 of Staples approximately 1,400 stores were affected. Stolen were shopper’s names, card numbers, expiration dates and card verification codes. Staples…

Multiple News Sources Say U.S. Intelligence Traced the Source of the Sony Hack to North Korea. But Was It Also an Inside Job? News for everyone who was certain North Korea had nothing at all to do with the Sony breach — There’s a group in Brooklyn, who despite the sentimental value, are willing to part with a landmark bridge for the right price and say it would make a unique holiday gift. And, another group, conservationists are attempting to raise money for a fund…

ThreatMetrix Predicts Better Info Sharing, Major Internet of Things Security Issues and Bigger, Even More Sophisticated Data Breaches. While 2015 looks to have more and better information sharing, the difficulty of protecting the Internet of Things (IoT) and the data breaches that plagued major banks, e-commerce giants, healthcare giants, casinos and others in 2014 will continue to grow. They can be expected to increase in sophistication and exposing hundreds of millions more usernames, passwords and credit card details. So that businesses may be better prepared…

New Study Shows 79 Percent of Online Merchants See Fraud as the Dark Cloud Hovering Over a Bright Sales Vista Worldpay, a payment processing company that provides payment services for mail order and Internet retailers, as well as point of sale transactions, just released its Fragmentation of Fraud report. The report shows that fully half of all online merchants polled find it difficult to keep up with fraud trends with only 20 percent confident in their ability to handle those threats. The following has been…

December 16, 2014

Open Sesame

Alibaba Hacked. Millions of User and Seller Accounts Exposed. If you’re not familiar with the folk tale Ali-Baba and the Forty Thieves, Ali-Baba, a poor woodcutter, says “Open Sesame” and the mouth of a cave where forty thieves have hidden their treasure is opened for him to take the treasure. Evidently some hackers did their own “Open Sesame” on Alibaba, the shopping website, allowing, as Sheera Frenkel wrote on buzzfeed.com, “anyone with basic computing skills to access both private user information and the account details…

Recently Hacked Sony’s IT Department Hid Company Passwords in a File Named…”Password.” At first sight, hiding passwords in a file titled “Password” sounds, for want of a better description, “you’e gotta be kidding.”  To quote no less an authority than the world’s greatest consulting detective, Sherlock Holmes, on the subject of hiding something in plain sight, “It’s so overt, it’s covert.” What Sony IT didn’t take into account was that the hackers could be so literal. When they i.e., the hackers, saw a file folder…

UK retailers usually look forward to the busy Christmas shopping period with a curious mixture of excitement and apprehension. Why? Because they know that while the coming few weeks represent their biggest opportunity of the year to drive revenue, such efforts can also be undermined by online fraudsters. What they might not be aware of, however, is that by failing to choose the right kind of tools to combat the bad guys they might be doing more to harm the bottom line than the fraudsters…

What Can Stop a Cybercrime Epidemic That Cost U.S. Businesses Double What They Did Just 4 Years Ago? Alisdair Faulkner Says a Global Trust Intelligence Network. Mark Niu cites data from the Ponemon Institute that states the average cost of a security breach is $12.7 million. In his piece on cctv-america.com, Niu reports on approaches that can be effective in stopping this drain on business and the economy. The following has been excerpted from his piece and edited to fit our format. You may find…

Treasury Says Banks Failure to Block Tor Transactions Caused Most Account Takeovers by Cyberthieves This Past Decade Tor is the global communications net that hides users’ true online locations and makes it possible for them to maintain their anonymity. Now a new report from the U.S. Treasury Department that KrebsOnSecurity characterizes as “non-public” has been obtained by Brian Krebs. The report was produced by the Financial Crimes Enforcement Network (FinCEN), the Treasury Department bureau charged with collecting and analyzing data about financial transactions. FinCEN’s work…

iTWire Has an Engaging One-on-One with CEO Reed Taussig Covering Everything from Shared Global Trust Intelligence to a Mobile Future In a fascinating video interview with iTWire that runs a little over half-an-hour, ThreatMetrix’s President and CEO takes on a wide variety of topics including, but not limited to: What differentiates ThreatMetrix and makes it unique Why ThreatMetrix is well positioned by providing multiple products across many industries Why the future is mobile How ThreatMetrix protects privacy while delivering security Why two-factor authentication designed for…

December 8, 2014

The “i”s Don’t Have It

What are the Odds of an iPhone 6 User Using Apple Pay? 10 to 1 AGAINST. They Don’t “Get” the Tech or Know Which Stores Accept It InfoScout, a shopper-research firm, tracked the behavior and opinions of 170,000 U.S. households, basing its findings on consumers who both own an iPhone 6 or 6 Plus and shopped at a retail store that accepts Apple Pay over the Thanksgiving weekend from Black Friday to Cyber Monday. An article on thepaypers.com reports on InfoScout’s findings. The following has…

…to Catch a Thief. Sabrina Balkman-Bradwellaka Nellie Bell aka “Queen of ID Theft” Gets Time Off for Helping Feds Sabrina Balkman-Bradwell made off with more than $3 million in three months using stolen identities to file fraudulent income tax returns and cash refund checks. To be precise, between January 15 and March 23, 2011, she filed false returns and received 948 income tax refund checks and electronic deposits worth more than $3,057,914. Hers, however, was a short-lived success. Balkman-Bradwell was busted and sentenced in January…

December 5, 2014

Trailer Hitch?

Did a Movie Trailer Cause North Korea to Attack Sony Films Crashing Systems, Giving Away Movies, and Leaking SSN’s and Salaries? After seeing a trailer for Sony’s “The Interview,” a comedy about the CIA recruiting two American newsmen to off Kim Jong-un, the Foreign Ministry of North Korea called the movie “the most undisguised terrorism” and said it would cause “a strong and merciless countermeasure.” Tough words. Not nearly as tough as what movie critics are likely to say. So was Sony hacked because some…