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01 February 2013
A brutal war is raging in cyber space as sophisticated criminal gangs seek to harness the power of smart devices and next-generation networks to siphon data – and cash – from big business. Richard Irving finds out how service operators are fighting back.
At precisely 12.43pm on July 19 last year, an
anonymous computer hacker penned the final lines of code on a
devastating new programme that went on to siphon more than $46
million from bank accounts across Italy, Spain, Germany and The
The audacious heist, which targeted at least 30,000
business and retail customers from 33 banks, is the largest
fraud ever to specifically target smartphone users and is
likely to raise fresh concerns over the safety of
Forensic investigators found the telltale time stamp
as they painstakingly unpicked the malicious software, or
malware, behind the raid, subsequently dubbed
The robbers used a sophisticated new version of a programme
called Zeus, named after the Greek god of all gods, which first
came to light in July 2007 in an attack on the US's Department
of Transportation and which is freely available on the
Katia Gonzalez has been working tirelessly to raise awareness of fraud in the wholesale sector, both in her role as head of i3forum’s Fraud Workstream and as head of fraud operations at BICS.
As fraudulent activity becomes smarter, companies are urged to share experiences and knowledge to counter threats together. Capacity identifies the top five fraud associations and companies that are promoting collaboration for collective security.
It is incumbent on the board to act when shareholder value is at risk. But greater visibility, understanding and collaboration are necessary when fraud or cybersecurity are concerned.
Capacity Europe day 3 – Telenor has joined the alliance formed by Orange, Ooredoo and Bharti Airtel at ITW earlier this year to promote collaboration on voice and data networks globally.
AT&T is set to launch a new service which allows businesses to access the operator’s network data to confirm a customer’s location.
Subex is to provide its Revenue Assurance and Fraud solution to Maltese telecoms operator GO.