Page 5 - Threat Intelligence Brief 7-10-2019_Neat
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Security News
Synthetic Identity Fraud in U.S. Payments: The Fastest Growing Fraud Segment - The Federal
Reserve published a report today on Synthetic Identity Fraud, and the impact to U.S. Payment
System, which it calls the “fastest growing type of financial crime in the United States.” Synthetic
identities tend to be more prevalent in the United States than in other countries because
identification in the United States relies heavily on static personally identifiable information (PII),
including Social Security numbers (SSNs). The generally agreed-upon definition of synthetic identity
fraud is a crime in which perpetrators combine fictitious and sometimes real information, such as
SSNs and names, to create new identities to defraud financial institutions, government agencies or
individuals.
Source: https://www.paymentsjournal.com/synthetic-identity-fraud-in-u-s-payments-the-
fastest-growing-fraud-segment/
Average Cost of Cyberattacks Soars to $4.6 Million Per Incident - The aftermath of a cyber breach
can be costly. But just how expensive and where the brunt of that financial impact falls has been
somewhat unclear, until now. A new report by Radware and Merrill Research found that the price
tag of cyberattacks has spiked significantly, increasing from $3 million per incident in 2018 to $4.6
million in the first half of 2019 alone. These multi-million-dollar breaches are also becoming more
frequent. Breaches costing more than $10 million have doubled since 2018, and now stand at 13%.
Source: https://www.bitsight.com/blog/average-cost-of-cyberattacks-soars-to-4.6-million-
per-incident
Silence Group Likely Behind Recent $3M Bangladesh Bank Heist - An attack on a bank in
Bangladesh that suffered losses of at least $3 million may be the work of the Silence hacker outfit, a
relatively new, financially-motivated group. Silence came into the limelight back in September, when
Group-IB, a company headquartered in Singapore that specializes in preventing cyber-attacks,
published a report detailing resources and tactics of the group. They've been operating since at least
2016 when they attempted to steal money through the Russian Central Bank's Automated
Workstation Client.
Source: https://www.bleepingcomputer.com/news/security/silence-group-likely-behind-
recent-3m-bangladesh-bank-heist/
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