MagSpoof vs American Express

A $10 tool can guess (and steal) your next credit card number


When Samy Kamkar lost his American Express card last August and received its replacement in the mail, something about the final digits on the new card set off an alert in the hacker lobe of his brain. He compared the numbers with those of his previous three American Express cards—as a universally curious security researcher and serial troublemaker, he’d naturally recorded them all—and a pattern emerged...

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Money Laundering in China, From Fine Art to Casinos

China busts $64 billion underground banking ring

CNN Money

Chinese officials have busted the country's largest-ever underground banking ring, involving transactions totaling $64 billion.

Some 100 suspects from eight gangs have been detained since police in eastern China launched the investigation last September, according to official state media.

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Arms Fraud in Nigeria

Nigeria will arrest its ex-security chief for $2 billion arms fraud while Boko Haram ran riot


President Buhari has ordered the arrest of Nigeria’s former national security adviser for allegedly stealing up to $2 billion in fraudulent arm dealings which deprived the Nigerian army of ammunition and equipment at the peak of its battles with Boko Haram’s insurgents.

It follows an audit of arms and military equipment procurement since 2007. The probe is said to have unveiled fraudulent practices by high-ranking officials including the former national security adviser Sambo Dasuki, who had already been sacked in July a few weeks after Buhari took office.

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Fingerprint Algorithms

What hackers can do with your fingerprints


Fingerprint scans are being used to authenticate transactions on various payment platforms. 

Credit card fraud has been a persistent problem in recent years, particularly in the U.S. where the transition to EMV chip-enabled credit cards has only just begun. 

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Botnets Costing Billions

New ad-fraud botnet targets major corporations, universities


A new botnet is specifically targeting large corporations, taking over user machines to generate high-value ad fraud, according to a new report from Pixalate.

The Xindi botnet first appeared last fall, but has really taken off since August. It has already infiltrated around 8 million machines at more than 6,000 enterprises, said Amin Bandeali, CTO at Pixalate.

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All or Nothing

U.S. urges early company reports in bid to charge employees


The U.S. Justice Department renewed its push to charge executives in corporate fraud cases, encouraging companies to come to them early even if they can’t yet identify individual wrongdoers.

Deputy Attorney General Sally Quillian Yates clarified the department’s new policy requiring federal investigators to produce charges against individuals during corporate prosecutions in a speech to bankers and compliance officials in Washington Monday. That policy, which Yates announced in September, is now official.

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