The Israel National Cyber Directorate (INCD) has issued a warning of a new type of cyber attack, using artificial intelligence (AI) technology to impersonate senior company executives. In this method, instructions are given to the companies staff members to perform transactions such as money transfers, as well as malicious activity on the company's network. Recently, reports on cyber attacks of this kind were received at the operations centre of the INCD, Xinhua news agency reported. The new offensive is of the business email compromise (BEC) type -- frauds by email against commercial and government organizations to motivate employees using social engineering methods to act for the attacker"s benefit. The most common types are phishing messages and an invoicing fraud in which the attacker impersonates the vendor, submits an invoice to the company and tries to motivate an employee under time pressure to make a bank transfer, provide information or allow access to the company"s network.
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Few industries grapple with the volume of information the financial services industry manages on a daily basis. Whether financial services organizations are analyzing market shifts, or protecting against fraud and money laundering, understanding their data and quickly finding the right insights are critical to their success. Over the past year, we've spent a lot of time working with our financial services customers--like HSBC, Citi, UBS, Scotiabank, Two Sigma, and more. And what we found is whether they're large or small, a startup or a global institution, there are universal themes shared by all. Large, global institutions are using the cloud to overcome the incompatibilities, latencies and blind spots associated with traditional data silos, growing volumes of market data and alternative data sets.
The developers of the Monero anonymous cryptocurrency have rolled out a patch today that addresses a bug that could have been used by hackers to obtain funds from exchanges illegally. Described by the Monero team as a "burning" bug, the issue is in how Monero exchange platforms handle incoming transactions. The issue came to light after a user posted a theoretical question on the Monero subreddit. The user asked what would happen if someone would send multiple transactions to a stealth address. For ZDNet readers that are unfamiliar with the term of a stealth address, this is a concept in the world of cryptocurrencies.
It's already getting tough to discern real text from fake, genuine video from deepfake. Now, it appears that use of fake voice tech is on the rise too. That's according to the Wall Street Journal, which reported the first ever case of AI-based voice fraud -- aka vishing (short for "voice phishing") -- that cost a company $243,000. Don't miss Hard Fork Summit in Amsterdam In a sign that audio deepfakes are becoming eerily accurate, criminals sought the help of commercially available voice-generating AI software to impersonate the boss of a German parent company that owns a UK-based energy firm. They then tricked the latter's chief executive into urgently wiring said funds to a Hungarian supplier in an hour, with guarantees that the transfer would be reimbursed immediately.