The Online Threats of 2019

How you can stop them from happening.

Like a biological virus mutates – as technology advances, so does the complexity of phishing and identity theft schemes. With major services adopting cloud technologies and storing private data online, anyone is vulnerable to hacking.

To make matters worse, hackers continue to come up with some pretty creative ways to profit from stolen information.

Without wasting time, these are the things you should already be doing to avoid being exposed to hackers in the first place:

In order to keep these cybercriminals out of your lives and computers, let’s take a look at some of the actual schemes to watch out for in 2019.

Hacking

We all know what hacking is by now – the term has almost become synonymous with internet security. So a question is: do you love watching movies on Netflix or jamming out to your summer playlist on Spotify? If the answer is yes, then you’re at a pretty high risk of getting hacked.

DynaRisk, a UK cybersecurity firm, recently found that cybercriminals most commonly target these brands, along with adult-oriented sites (you know what we mean) and then, online gaming services.

Identity Theft

A few weeks ago, authorities caught a New York-based gang who had used identity theft to steal over $19 million worth of iPhones. Quartz reported that this operation ran for seven years.

So-called “Top Dogs,” the ring leaders, would organize lower level members of their organization to steal identities and create clone credit and identity cards. Then, affiliates fanned across the nation, signing up for mobile phone plans to acquire iPhones, which were later sold for a profit by the Top Dogs.

Because phone payment plans take the shape of nominal fees over the course of several years, victims often wouldn’t notice the fraud until it was too late. Learn how another scheme dubbed sim port attack works in the diagram below:

Ransomware

Hacking can happen to anyone – including our favorite bands. In early June, a hacker managed to steal the minidisk archive of Thom Yorke, the lead singer of Radiohead. This included previously unreleased demos and audio material from around the time of “OK Computer,” the band’s 1997 worldwide hit album. The hacker then demanded $150,000 on the threat of releasing it.

Holding files for ransom is so common nowadays that it even has its own name: “Ransomware.” Either pay over the ransom or lose your files—or, even worse, have them released onto the unforgiving Internet.

In response, Radiohead released all 18 hours of material on Bandcamp themselves, winning against these ransom hackers.

Most security experts recommend the same route as Radiohead—never pay the ransom, because there’s no guarantee you’ll recover files or prevent their release.

Sextortion

If you think ransomware is bad, there’s an entire subgroup of it aimed to profit off sexual shame. Cheekily named “Sextortion,” some hackers creatively upgraded the classic email phishing scam to scare victims into handing over Bitcoin.

According to Fortune, hackers have already racked up over $900,000 with sextortion. In these phishing emails, the sender claims to have spied on you while you watched porn—and has webcam footage of the salacious deeds. The message then demands a Bitcoin ransom, or else face the social and professional consequences of this lewd video getting sent to all your contacts.

To make the threat even more believable, the sender references a previous password tied to the user’s email account. According to Krebson Security, a sextortion phishing message might look a little like what’s written in the sidebox.

In rare cases, the threats are real—and hackers get their hands on some sexually explicit photos. Recently, American actress Bella Thorne fell victim to sextortion. Last Saturday, she took a similar, albeit more risqué, route as Radiohead, opting to release her nude photographs on Twitter in order to take the power away from her hacker.

Last thoughts..

So, what’s the best way to avoid your personal, or, business from costing thousands in virtual currency? Since most of these emails are fake, you can just avoid them with a spam filter. And you should probably buy a webcam cover…just to be safe. When it comes to general browsing- we suggest using a VPN.

Read more about VPNs here

There are now more secure anti-hacking tools that use the Blockchain and offer great protection especially against identity theft. Have a look at our feature on Tokenisation.

Most online services now like mobile banks, offer App-based 2-factor authentication. This should now be regarded as the minimum security for ANY online account or App.

To avoid hacking or phishing scams in general, optimizing your cybersecurity and using online common sense will save you loads of time, trouble and money.

Cybersecurity by Acunetix
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Open Banking – too exposed?

As a human race, we are constantly striving for easier ways of doing things: simpler, faster and more practical. Thanks to better tech, you can now interact with people globally and instantly with the click of a few buttons.

Likewise, you can also physically move quickly due to advances in transportation technology. When it comes to the age-old practice banking – the same is now happening.

Provided you have the necessities, a passport, residential address and a mobile phone, you can now open a bank account within minutes. This is brought about by a Fintech offering better known as Open Banking.

Open banking is the use of open APIs that enable third-party developers to build applications and services around the financial institution.

Wikipedia

It is ultimately about giving you a better, secure and flawless service experience with the opportunity to gain access to excellent financial products.

Online security expert and Chairwoman of Zortrex, Susan Brown reflects on the advent of the new offering:

“Just over a year ago when Open Banking came into the limelight for the Fintech world. CMA9 (the nine largest banks within the UK), were effectively mandated to make their banking platform accessible for third party companies.”

A comprehensive global report commissioned by Accenture emphatically highlighted growth and talking points about the emerging industry in 2017.

N26 Bank
N26 Bank

This is all wonderful, innovative, and promotes transparency within the financial services market – but there is only one drawback Brown cites:

“Consumers really do not know what Open Banking means, there has been a lot published about the benefits that is to be had from Open Banking. At the same time consumers have become very aware of the negative aspects around sharing their data.”

Online scourge of hacks & breaches

Daily, you hear more and more about hacks, and data compromises. With the UK’s Lloyds Bank breach last year; the trust by its consumers to share their financial and personal information, some would say, is completely gone.

In addition, you go onto a site look review products and before you know it, you are bombarded with adverts on the products that you have been looking at elsewhere. This has led some consumers to abandon shopping carts and refrain from using online retailers.

If not adequately protected, the newly established Fintech system might suffer a similar data breaches.

Visa and Mastercard for one, are among the established firms threatened by Open (and Mobile) Banking. And so, they should be according to Brown.

“As consumers knowledge grows about their data and the security around their financial data has not been secure as shown with the Marriott hack.”

Naturally, these new systems pose a huge threat for banks as they become the digital gateway channel connection to the financial sector. This eliminates the direct relationship between consumers and banks.

This is not a bad thing as banks are overwhelmed and cannot always keep in touch with every client.

Added layer of protection

The solution for failing global acceptance would be for a new Fintech company to gain the trust of its new customers. They would naturally also be able to chip away at the market share of other expensive financial institutions.

What you as a consumer know and want is privacy and security. Currently, only banks can make this happen – but at a high cost.

With a new digital tokenisation system like Zortrex vault, you can concurrently let your consumers reap the awards on their transactions.

They can as a result, gain redeemable tokens for patronising your services. This can occur while both you and your partners offer them products globally.

“Don’t be a gateway for the challenger banks be in control of your omni channel for your consumers,” Brown advises

Read more about Zortrex’s solution to privacy here.

This blogpost contains excerpts from Susan Brown about Open Banking initially published on her LinkedIn page.  




Digital Dribs & DApps!

We have barely scratched the surface with the Internet (introduced in the early eighties) and it is already seemingly being threatened with competition. A possible replacement by a new phenomenon.

Well, for lack of a better word, “replaced” has connotations of a dying Internet. This is far from accurate.

This new phenomenon – fostered by blockchain technology, will change the way you use and consume the Internet as a service.

So, what is this new Internet-like system creating waves online and making online marketers quiver at the prospect of them losing out on the exponential revenues they have previously enjoyed?

Well, without hyping it up any further, it is called Distributed Applications or ‘DApps’ for short.

A brief history of Apps

Before we delve further into its meaning and use in the cyber world, perhaps some background context is required.

The use of online or mobile applications software or “Apps” has boosted the way you consume products and services online. Companies jumped onto the bandwagon when they discovered that we mostly use Smartphones for the Internet – a lot more than on desktops.

App developers were then subsequently sought after to create mobile Apps for practically anything.  What started as something mainly for gamers moved quickly onto Apps for any commercial activity.

We now use Apps (the Internet) for shopping; fitness; travelling; online bookings and banking. Developers now create customised software to help with anything.

There is now an App store for every significant tech provider – Microsoft, Google and Apple to mention a few. This has naturally fattened their pockets and created an additional stream of income from an eager market.

The ‘catch’ for using mobile apps is that though it costs you nothing to download, using them still require some form of ‘registration’. You can do this by providing personal data or linking to an existing account such as your Facebook or Google account.

The benefit to App providers

The Apps, which are also embedded in social media, create a data goldmine for marketers to study and track your browsing habits. Through them marketers can gain valuable insights into your interests and then customise their products/services to sell to you.

Data mining has become more lucrative and more accessible with the advent of Artificial Intelligence (AI) and Machine Learning. Ever notice how after browsing online or having a conversation or a chat application like WhatsApp or Facebook Messenger, you go online afterwards, and you see Ads displaying the items you discussed?

Creepy isn’t it? Well, that is the future of Web 4.0 for you!

Staying ‘woke’

Luckily for us, there is a school of knowledgeable and security conscious programmers who are not ‘giving in’ to the way the Internet has become a centralised cesspool for marketers to harvest data from.

Social media platforms, search engine providers and mobile application providers facilitate them immensely with this.

Watch a video explaining the mechanics of DApps

The impetus behind a distributed application system is that it serves to distribute plough some of wealth garnered from your data via application providers back to you – the end user.

Imagine getting paid to surf the web for hours. The way you get paid for taking on a survey, partaking in a social experiment, donating an organ or sperm?

This is the way distributed apps are touted to work: by rewarding you for the use of specific applications (in a peer-to-peer review like setting) with cashable tokens. Seems only fair right?

Now you can imagine how companies like Cambridge Analytica would react to having to pay you for their use of your data. There will be reluctance and resistance but if they could pay companies like Facebook for the use of data, why not pay us directly?

Early adoption

Joining the DApps revolution is a no-brainer. Companies at the forefront of building and supporting DApps will end up getting a more substantial chunk of the market.

DApps will primarily provide you with the use of payment (remuneration) systems. These are specifically known as Smart Contracts and Proof or Work systems.

There are currently also web-browsers (built as DApps on blockchain platforms such as Ethereum or EOS) that will reward you for merely using their DApps.

For instance, you are rewarded in cashable tokens to surf the net over applications like Google Chrome, Opera, Microsoft Edge or Mozilla Firefox.

It is therefore, only a matter of time that this form of Internet-browsing and use of applications becomes the norm.

The Internet revolutionised the way you communicate, socialise, learn, shop and do business online.

DApps however, will determine the way you get compensated for doing the very same things you love to indulge online while making it worth your while.