McAfee Warn of Huge Cyber Fraud in ProcessPublished: Friday, June 29th, 2012
McAfee has written a cyber fraud report with the banking security firm Guardian Analytics, claiming that a number of evolved versions of the dangerous Zeus and SpyEye malware has been used to target high-balance bank accounts.
McAfee discovered the attack was heavily automated, which no manual (human) was needed to control it. This meant that not only was the attack fast and effective, it was becoming increasingly dangerous. Many security firms are now warning of the dangers of automated attacks, used by cyber criminals who want to make even more money.
The fact that this particular tack has been targeting bank high-earning individuals as well as well off companies has been particularly worrying. The ‘big banks’ are not the only targets, however; even some smaller regional banks that are usually not considered as targets for these fraudsters are being attacked. Some frauds have gone into the hundreds of thousands, and the use of more developed Zeus and SpyEye malware is worrying security firms who are looking at how to stop these attacks in the future.
This particular cyber fraud appears to be focused on Europe, although the net is expanding wider so that cyber criminals can make more money (for example, the US and Colombia). This highly sophisticated money-making scheme will only grow, the report issued by McAfee and Guardian Analytics warns.
Despite the doom and gloom of this wide reaching fraud, security firms like McAfee remain optimistic that companies like themselves can combat such an attack. The tools that they need exist, and they are working on the problem now.
However, as with all frauds and online attacks, McAfee and other security companies warn users that a lot of the responsibility lies with the user. Although complex and highly sophisticated frauds are sometimes impossible to protect oneself from, it is believed that with the right vigilance and attention paid, consumers and business users can protect themselves against these sorts of attacks. Or, if they are targeted successfully, they can get help to quickly solve the problem.
Guest Article by Sophie Camp