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Ransomware
Business Cyber Crime Finance Sector Identity Theft Ransomware

Ransomware Gangs Target Weekends and Holidays for Maximum Impact

 


A new report by cybersecurity firm Semperis reveals that ransomware gangs are increasingly launching attacks during weekends and holidays when organisations are less equipped to respond. The study found that 86 percent of ransomware incidents occurred during off-peak times as companies often scale back their security operations centre (SOC) staffing. While most organisations claim to run 24/7 SOCs, 85% admit to reducing staff by up to half on weekends and holidays, leaving critical systems more exposed. According to Dan Lattimer, an area vice president at Semperis, many organisations cannot afford the high cost of maintaining full SOC coverage each day. He noted, for example, that some organisations assume they are less exposed to risk during weekends because fewer employees are online to fall prey to phishing attacks. Others perceive their exposure being low because they have never had a threat in the past, further reducing the monitoring effort.


Why Cybercriminals Prefer Off-Peak Hours

Attackers leverage these openings to elevate the chances of their success. Performing attacks during weekends or holidays gives them a relatively longer timeframe to conduct an operation secretly so they can encrypt files and steal sensitive information with little hope of interfering soon. According to Lattimer, this tactic increases the chances of receiving ransom money because the organisations are willing to regain control at any critical downtime.

The report also showed that finance and manufacturing were among the most often targeted sectors, with 78 percent and 75 percent of organisations in the respective sectors reporting attacks on weekends or holidays. Furthermore, 63 percent of respondents said the ransomware related to major corporate events such as mergers or layoffs, which often cause additional diversion for IT teams. 


Identity Security Lapses Continue

Another concerning result of the report is that too many companies feel too confident about their identity security. While 81% said to have sufficient defences against identity-related attacks, 83% experienced successful ransomware incidents in the past year. This discrepancy is largely due to lack of budget and resources to properly protect identity systems like AD, a part of core infrastructure.

Semperis noted that without proper funding for identity threat detection and response (ITDR), many organisations are leaving themselves open to attacks. Around 40% of companies either lacked the resources or were unsure about their ability to secure these systems. 


Takeaway

SEMPERIS 2024 RANSOMWARE HOLIDAY RISK REPORT states that businesses must immediately address the vulnerability of weekends. Strengthening cybersecurity measures over holidays, investing in such robust identity protection, and maintaining consistent monitoring can help mitigate such growing risks for organisations. Cybercrime has become so dynamic, and hence organisations must adapt constantly to stay one step ahead.



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Spam Calls
Cyber Security Data Brokers Data Removal data security Data Theft Identity Theft online data risks Spam Calls

How Incogni Helps Protect Your Digital Privacy and Reduces Spam

 

Managing unwanted spam messages, calls, and emails has become a necessary part of online life today. Beyond annoyance, these can lead to identity theft, financial fraud, and other issues. Much of this activity is driven by advertisers and marketing companies, which rely on data brokers who collect, store, and sell personal data for profit. In response, data removal services like Incogni have emerged to protect online privacy. Developed by Surfshark, Incogni uses automation to simplify and expedite the process of deleting personal data from these brokers’ databases. 

Incogni is designed for ease of use and requires minimal user intervention. Users authorize Incogni to handle the data removal requests with just a few initial steps. Once signed up, Incogni handles the technical legwork of filing removal requests with data brokers on the user’s behalf. It also regularly re-checks databases to ensure that data brokers don’t re-acquire the user’s information, providing ongoing protection. Incogni then tracks and organizes each request through a clean, user-friendly dashboard that categorizes requests by status, such as “sent,” “in progress,” or “completed.” The demand for Incogni reflects growing concerns over the security of personal information. When sensitive data is leaked or accessed by malicious actors, the consequences can be severe, ranging from identity theft to financial fraud.

For many, manually contacting data brokers is too complex and time-consuming. Incogni’s automation offers an efficient alternative, saving users considerable effort while giving them peace of mind about their digital privacy. Incogni is available as a standalone service, but it can also be bundled with Surfshark’s other cybersecurity tools, such as real-time data breach alerts, antivirus software, and an ad blocker, under the Surfshark One+ plan. Incogni’s appeal is in its accessibility and price. Competing data removal services like DeleteMe, Optery, Kanary, and Privacy Bee offer similar features but are often more expensive or complex. DeleteMe, for example, tracks a larger list of brokers but is more costly. Incogni balances affordability with essential functionality, making it a practical choice for users who want effective, no-frills data removal. 

This service is ideal for people who receive excessive spam or have concerns about personal information being exposed in a data breach. Additionally, for anyone who has already faced cybercrime, Incogni helps reduce ongoing risks by limiting the spread of their personal data online. While Incogni lacks some detailed tracking features offered by its competitors, it remains highly effective at what it does, making it a convenient option for most users. With an emphasis on simplicity, Incogni lets users reclaim privacy without extensive technical knowledge, automating much of the process. By reducing users’ digital footprint and preventing misuse of their information, Incogni offers an efficient layer of security in a landscape where personal data is frequently at risk.
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Personal Information
comcast Data Breach FBCS Identity Theft Personal Information

Comcast Data Breach Impacts Thousands, Sensitive Information Compromised

 



Comcast Cable Communications LLC reports that it is a victim of a data breach compromising personal information of more than 237,000 individuals, including 22 residents of Maine. According to an investigation, the breach is traced back to Financial Business and Consumer Solutions, Inc., a third-party with which Comcast has associated in the past.

The data breach began on February 14, 2024, when an unauthorised third party gained access to FBCS's computer network. Access to this unauthorised party had led to a ransomware attack where cybercriminals downloaded and encrypted sensitive data. Initially, on March 13, 2024, FBCS had communicated to Comcast that customer information did not appear to have been compromised. However, months later, on July 17, 2024, it came to be known that sensitive customer data had indeed been affected.


New Comcast Hacking Findings

As soon as the breach was discovered, FBCS reached out to the FBI and hired some private cybersecurity firms to comprehend the full dimension of the breach. The investigation revealed names, addresses, Social Security numbers, birth dates, and Comcast account numbers accessed. The acquired information is of a very sensitive nature that encompasses substantial risk factors for identity theft and even financial frauds.

Still, FBCS has maintained that, to date, there is nothing known to be ill-gotten from the stolen data. Only the records starting 2021 are affected, as in 2020, FBCS terminated its contract with Comcast.


Support for Victims

Comcast began notifying the victims on 16 August 2024 and is providing them with free identity theft protection for 12 months. Comcast is partnering with CyEx Identity Defense Complete for credit monitoring and additional support services.

The notification stated that the breach had occurred only in FBCS systems and was unrelated to Comcast's networks themselves. To reach out to the affected customers, the company, Comcast, geared efforts towards helping them manage the fallout of the breach. It provided direct communication and access to a support service. Outside legal counsel for Comcast, Michael Borgia noted, "We are committed to helping our customers navigate the aftermath of this incident and ensuring they have the resources necessary to protect themselves."

Watching Your Back: Protection of Consumer Data End

The Comcast breach highlights the kinds of current risks facing consumers whose data is managed by third-party vendors. In response to this, Comcast is counselling its consumers to be on their guard. Protecting measures include: reviewing account statements for suspicious transactions, reviewing credit reports, and registering for the identity protection services Comcast is offering. Moreover, Comcast is suggesting the enabling of two-step verification for Xfinity accounts in order to increase security to its fullest potential.

This incident underlines the critical need to protect information while ensuring greater caution with regard to personal information in light of more prudent cyber attacks.



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SIM card cloning
BSNL data breach cyberattack on BSNL dark web forum Data Breach Extortion Identity Theft kiberphant0m sensitive user information SIM card cloning

BSNL Reportedly Suffers Major Data Breach: Sensitive User Information at Risk

 

Bharat Sanchar Nigam Limited (BSNL) has reportedly experienced a significant data breach, with the responsible threat actor claiming to have acquired sensitive user and operational data. The government-owned telecom provider's servers were attacked, resulting in the hackers obtaining SIM card details, home location register data, and critical security keys. This stolen data could potentially be used for criminal activities such as SIM card cloning, identity theft, and extortion.

According to a report by digital risk management firm Athenian Tech, cited by News18, the cyberattack was carried out by a threat actor using the dark web forum username “kiberphant0m”. It remains unclear if the attack was executed by an individual or a group of hackers.

The report states that approximately 278GB of data from BSNL's telecom operations was compromised. This data includes not only user information but also server snapshots that could be exploited for further attacks, posing severe security risks. The threat actor claims to have obtained critical details such as International Mobile Subscriber Identity (IMSI) numbers, SIM card details, PIN codes, authentication keys, and snapshots of BSNL's SOLARIS servers.

The hacker has reportedly offered the stolen data for sale at $5,000 (roughly Rs. 4.18 lakh). Discussions on the dark web forum suggest potential misuse of the data for activities like SIM cloning, identity theft, and extortion.

Kanishk Gaur, CEO of Athenian Tech, explained that while the specific vulnerabilities exploited by “kiberphant0m” are not publicly disclosed, access to critical systems such as the Home Location Register (HLR) and SOLARIS server snapshots indicates a deep penetration. This likely involved exploiting software vulnerabilities or sophisticated social engineering techniques. The server snapshots suggest possible exploitation of known vulnerabilities within BSNL's server infrastructure, highlighting the need for rigorous patch management and security updates.

The alleged data breach poses a serious threat to millions of BSNL users whose sensitive information may have been compromised. Notably, BSNL experienced a similar data breach in December 2023. Gadgets 360 has reached out to BSNL for a comment and will update the story once a response is received.
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Two Factor Authentication
CrowdStrike Cyber Attacks cybercriminals Employee Data Employees IBM Identity Theft MFA phishing Two Factor Authentication

Safeguarding Your Employee Data From Identity Theft

 

In today's digital age, where data breaches and cyberattacks are increasingly common, safeguarding against identity-based attacks has become paramount for organizations worldwide. Identity-based attacks, which involve the unauthorized access to sensitive information through compromised user credentials, pose significant risks to businesses of all sizes and industries. 

As CrowdStrike reported, 80% of attacks involve identity and compromised credentials, highlighting the widespread nature of this threat. Additionally, an IBM report found that identity-related attacks are now the top vector impacting global cybercrime, with a staggering 71% yearly increase. 

Cybercriminals employ various tactics to carry out identity-based attacks, targeting organizations through phishing campaigns, credential stuffing, password spraying, pass-the-hash techniques, man-in-the-middle (MitM) attacks, and more. Phishing campaigns, for example, involve the mass distribution of deceptive emails designed to trick recipients into divulging their login credentials or other sensitive information. Spear-phishing campaigns, on the other hand, are highly targeted attacks that leverage personal information to tailor phishing messages to specific individuals, increasing their likelihood of success.  

Credential stuffing attacks exploit the widespread practice of password reuse, where individuals use the same passwords across multiple accounts. Cybercriminals obtain credentials from previous data breaches or password dump sites and use automated tools to test these credentials across various websites, exploiting the vulnerabilities of users who reuse passwords. Password spraying attacks capitalize on human behavior by targeting commonly used passwords that match the complexity policies of targeted domains. 

Instead of trying multiple passwords for one user, attackers use the same common password across many different accounts, making it more difficult for organizations to detect and mitigate these attacks. Pass-the-hash techniques involve obtaining hashed versions of user passwords from compromised systems and using them to authenticate into other systems without needing to crack the actual password. This method allows attackers to move laterally within a network, accessing sensitive data and executing further attacks. MitM attacks occur when attackers intercept network connections, often by setting up malicious Wi-Fi access points. 

By doing so, attackers can monitor users' inputs, including login credentials, and steal sensitive information to gain unauthorized access to accounts and networks. To mitigate the risk of identity-based attacks, organizations must adopt a multi-layered approach to security. This includes implementing strong password policies to prevent the use of weak or easily guessable passwords and regularly auditing user accounts for vulnerabilities. 

Multi-factor authentication (MFA) should be implemented across all applications to add an extra layer of security by requiring users to provide a second form of authentication, such as a one-time password or biometric data, in addition to their passwords. Furthermore, organizations should protect against social engineering attacks, which often target service desk staff to gain unauthorized access to sensitive information. Automated solutions can help verify user identification and reduce the risk of social engineering vulnerabilities. 

 Identity-based attacks pose significant risks to organizations, but by implementing robust security measures and remaining vigilant against evolving threats, businesses can effectively mitigate these risks and safeguard their sensitive information from cybercriminals.
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Tax Fraud
Cyber Attacks Identity Theft IRS Ransom Demands Ransomware attack sensitive data theft Tax Fraud

Teachers' Taxes Fraudulently Filed in Glendale Ransomware Attack

 

The Glendale Unified School District recently found itself at the center of a distressing situation when teachers, nurses, counsellors, and other faculty members received an unexpected notification from the IRS: their taxes had already been filed. What unfolded was a troubling revelation — the district had fallen victim to a ransomware attack, compromising sensitive data and leaving employees grappling with the aftermath. 

The attack, which occurred in December, targeted the school district's system, locking employees out and demanding a ransom for the safe return of their data. The stolen information included employee and student details such as names, addresses, dates of birth, Social Security numbers, and financial account information. As if that wasn't alarming enough, the breach's full extent became apparent when employees attempted to file their taxes, only to discover that fraudulent filings had already been made using their information. 

In the wake of the breach, at least 231 union members found themselves impacted, facing the arduous task of verifying their identities with the IRS to rectify the situation. The district took swift action, partnering with law enforcement agencies and cybersecurity experts to investigate the incident's scope and potential risks to employees and students. Despite the district's efforts to address the breach, some employees expressed dissatisfaction with the handling of the situation. 

Criticism centered around the perceived lack of transparency and timely communication regarding the breach. While the district maintained that it promptly informed the community about the incident and provided regular updates, employees felt otherwise, describing the information release as a "slow drip of updates." 

Amidst the fallout, concerns lingered about the compromised data's implications and the district's ability to safeguard against future attacks. School districts, while not prime targets for ransomware attacks, are vulnerable due to their extensive networks and numerous vulnerabilities. The complexity of securing these systems underscores the challenges faced by educational institutions in safeguarding sensitive information. 

Looking ahead, affected employees face an uphill battle in reclaiming their financial security, with the process of rectifying fraudulent filings expected to be prolonged and cumbersome. Despite assurances from the district and ongoing efforts to mitigate the breach's impact, the incident serves as a stark reminder of the ever-present threat posed by cybercriminals and the critical need for robust cybersecurity measures in educational institutions.
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Identity Theft
Customer Information cyber attack Data Breach Data Leak data security Experian Identity Theft

Wells Fargo Data Breach: Safeguarding Customer Information in a Digital Age

 

In a digital age where data breaches have become all too common, the recent disclosure of a data breach at Wells Fargo, a prominent multinational financial services corporation, has once again brought cybersecurity concerns to the forefront. The breach, impacting the personal information of two clients, underscores the challenges faced by financial institutions in safeguarding sensitive data and maintaining customer trust. 

The breach exposed clients' names and mortgage account numbers, raising significant concerns about the security of personal information within the financial services sector. According to Wells Fargo, the breach was not the result of a cyberattack but rather an employee breaching company policy by transferring information to a personal account. While the exact timeline and duration of unauthorized access remain unclear, Wells Fargo has taken swift action to address the situation and mitigate risks to affected individuals. 

In response to the breach, Wells Fargo has prioritized the welfare of its customers and has taken proactive steps to assist those impacted. The company has offered complimentary two-year subscriptions to Experian IdentityWorks5M, a comprehensive identity theft detection service. This includes daily monitoring of credit reports, internet surveillance to monitor identity-related activity, and full-service identity restoration in the event of theft. Affected individuals are encouraged to activate their subscriptions within 60 days from the date printed on the notification letter, either online or by phone. The team is available via phone during specified hours and offers language assistance services for non-English speakers, as well as support for individuals with hearing or speech difficulties. 

While the specifics of the data breach are still under investigation, Wells Fargo remains committed to enhancing security measures and preventing similar incidents in the future. The breach serves as a stark reminder of the evolving nature of cyber threats and the importance of remaining vigilant in protecting sensitive information. This incident also highlights a recurring issue within the banking industry, as Wells Fargo is not the only financial institution to experience a data breach in recent months. 

In February 2024, Bank of America, another one of the Big Four Banks in North America, announced a data breach affecting its customers. The Bank of America data breach was attributed to a cyberattack targeting one of its service providers, Infosys McCamish Systems. 

As investigations into the breach continue, Wells Fargo reassures its customers of its unwavering commitment to security and vows to implement additional measures to safeguard customer information. Despite the challenges posed by cyber threats, Wells Fargo remains dedicated to maintaining customer trust and protecting sensitive data in an increasingly interconnected world.
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User Privacy
Data Breach Data Leak Identity Theft Private Data User Privacy

AT&T User Discusses Safety Measures Following Data Breach

 

AT&T has periodically tried to downplay the gravity of its recent data breach, but the US telecoms company has now sought to reassure worried consumers with a slew of new security features. 

In the most recent development in the ongoing story of the AT&T data hack, the firm has announced that all of its users—affected or not—can now take advantage of a number of complimentary security and identity protection offerings. 

These include a free identity theft insurance policy that offers up to $1 million in coverage, which seems to indicate that the company is now beginning to take the data leak seriously. 

AT&T new announcements

AT&T has announced numerous additional security measures in response to the March disclosure that data belonging to up to 73 million of its customers had been exposed on an online hacker forum.

In addition to the previously mentioned $1 million identity protection insurance, these also come with access to an identity restoration team and "one year of complimentary credit monitoring, identity theft detection, and resolution services.” 

According to KPRC-TV, AT&T appears to have hired the assistance of Experian's IdentityWorks protection arm to help reassure the more than seven million current AT&T customers who have been affected by the hack. 

How many AT&T customers were affected by the data breach?

Most estimates suggest that as a result of the historic data breach, the personal information of around 71 million AT&T customers was exposed online. 

However, AT&T has attempted to dispute this number on several occasions, having first denied culpability for the breach completely. It has instead stated that it believes approximately 51 million consumers were affected, the majority of whom are former customers.

That is perhaps predictable, given that many individuals would leave a provider who had disclosed their information. As previously stated, the number of current AT&T users believed to be affected is approximately 7 million. 

To make it easier to secure your online accounts with hard, unique passphrases, experts advise setting up a password manager.
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SIM swap
2FA Bitcoin Cyber Fraud Identity Theft SIM swap

Look Out For SIM Swap Scams: Tips for Bitcoin Security

 




In today's digitised world, safeguarding personal information and digital assets is of great importance. One emerging threat is the SIM swap scam, a sophisticated form of identity theft where fraudsters manipulate mobile carriers to transfer a victim's phone number to a SIM card under their control. This can lead to unauthorised access to accounts, especially those reliant on SMS-based two-factor authentication (2FA).


Bitcoin Security at Risk

For Bitcoin users, SIM swap scams pose an even greater risk, particularly on centralised exchanges using SMS-based 2FA. Unauthorised access to these accounts could result in substantial financial loss. However, utilising self-custodial wallets, where users control their private keys, significantly reduces this risk by eliminating reliance on telecom-based authentication methods.


Protective Measures and Best Practices

1. Switch to Authenticator Apps: Transitioning from SMS-based 2FA to authenticator apps like Google Authenticator or Authy enhances security by eliminating the vulnerability to SIM swap attacks.

2. Implement Additional Security Measures: Make use of platform-provided security features such as withdrawal address whitelisting and multi-factor authentication whenever possible to add layers of protection to your assets.

3. Stay Careful Against Phishing: Be cautious of unsolicited communications and verify the authenticity of requests for personal information or urgent actions related to your accounts.

4. Inform Your Mobile Carrier: Make your mobile carrier aware of the risks associated with SIM swap scams and inquire about additional security measures to safeguard your account.

5. Prioritise Non-Custodial Wallets: Opt for storing Bitcoin in hardware or reputable software wallets where you control your private keys, ensuring maximum security.


Striving for Practical Security

While achieving perfect security may seem daunting, taking practical steps such as enabling authenticator apps and transitioning to non-custodial wallets significantly reduces vulnerability to SIM swap scams. Rather than pursuing perfection, adopting proactive security measures is key to mitigating risks and protecting valuable assets.


In the face of multiplying threats like SIM swap scams, prioritising security measures is essential, especially for Bitcoin holders. By following best practices and embracing non-custodial solutions, individuals can shield their digital assets and minimise the risk of falling victim to cyberattacks. Stay informed, stay vigilant, and take proactive steps to protect yourself in the digital realm.


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Technology
Artifcial Intelligence CyberCrime Identity Theft Tax Fraud Technology

How Can You Safeguard Against the Dangers of AI Tax Fraud?

 




The digital sphere has witnessed a surge in AI-fueled tax fraud, presenting a grave threat to individuals and organisations alike. Over the past year and a half, the capabilities of artificial intelligence tools have advanced rapidly, outpacing government efforts to curb their malicious applications.

LexisNexis' Government group CEO, Haywood Talcove, recently exposed a new wave of AI tax fraud, where personally identifiable information (PII) like birthdates and social security numbers are exploited to file deceitful tax returns. People behind such crimes utilise the dark web to obtain convincing driver's licences, featuring their own image but containing the victim's details.

The process commences with the theft of PII through methods such as phishing, impersonation scams, malware attacks, and data breaches — all of which have been exacerbated by AI. With the abundance of personal information available online, scammers can effortlessly construct a false identity, making impersonation a disturbingly simple task.

Equipped with these forged licences, scammers leverage facial recognition technology or live video calls with trusted referees to circumvent security measures on platforms like IRS.gov. Talcove emphasises that this impersonation scam extends beyond taxes, putting any agency using trusted referees at risk.

The scammers then employ AI tools to meticulously craft flawless tax returns, minimising the chances of an audit. After inputting their banking details, they receive a fraudulent return, exploiting not just the Internal Revenue Service but potentially all 43 states in the U.S. that impose income taxes.

The implications of this AI-powered fraud extend beyond taxes, as any agency relying on trusted referees for identity verification is susceptible to similar impersonation scams. Talcove's insights underscore the urgency of addressing this issue and implementing robust controls to counter the accelerating pace of AI-driven cybercrime.

Sumsub's report on the tenfold increase in global deepfake incidents further accentuates the urgency of addressing the broader implications of AI in fraud. Deepfake technology, manipulating text, images, and audio, provides criminals with unprecedented speed, specificity, personalization, scale, and accuracy, leading to a surge in identity hijacking incidents.

As individuals and government entities grapple with this new era of fraud, it becomes imperative to adopt proactive safety measures to secure personal data. Firstly, exercise caution when sharing sensitive details online, steering clear of potential phishing attempts, impersonation scams, and other cyber threats that could compromise your personally identifiable information (PII). Stay vigilant and promptly address any suspicious activities or transactions by regularly monitoring your financial accounts.

As an additional layer of defence, consider incorporating multi-factor authentication wherever possible. This security approach requires not only a password but also an extra form of identification, significantly enhancing the protection of your accounts. 

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Identity Theft
Consumer Data Data Breach Financial Data Breach Financial Security Identity Theft

The Latest Prudential Financial Data Breach Exposes Vulnerabilities

 

Prudential Financial, a global financial giant managing trillions in assets, recently revealed a cybersecurity breach, putting employee and contractor data at risk. The incident, identified on February 5, highlighted the vulnerabilities in even the most robust financial institutions' cybersecurity defenses. 

Prudential Financial, a Fortune 500 company providing a spectrum of financial services to over 50 million customers globally, reported that a threat actor gained unauthorized access to some of its systems. The breach, detailed in a Form 8-K filing, exposed the severity of the incident, as the attackers managed to steal administrative and user data stored on compromised systems, including user accounts linked to employees and contractors. 

The company, managing assets worth approximately $1.4 trillion, activated its cybersecurity incident response process promptly. External cybersecurity experts were enlisted to investigate, contain, and remediate the breach. Despite these efforts, Prudential Financial did not disclose the number of employees affected among its 40,000-strong global workforce. The nature of the attack suggests a cybercrime group's involvement, potentially indicating a ransomware attack. Prudential Financial assured stakeholders that it is actively investigating the extent of the incident, aiming to determine if the threat actor accessed additional information or systems. 

The company is committed to understanding the full impact of the breach on its operations. Prudential Financial emphasized that, as of now, there is no evidence of customer or client data theft. This assertion is a relief for the millions of customers who rely on the company for insurance, retirement planning, and wealth management services. The incident has been reported to law enforcement and regulatory authorities, showcasing the company's commitment to transparency and cooperation in addressing the cyber threat. 

However, this is not the first time Prudential Financial faced a data breach. In May 2023, a further complication arose when personal information for over 320,000 Prudential customers, managed by third-party vendor Pension Benefit Information (PBI), became vulnerable. The breach was attributed to the Clop cybercrime group infiltrating PBI's MOVEit Transfer file-sharing platform. PBI, in their communication about the incident, specified that compromised data on their server included sensitive information such as names, addresses, dates of birth, phone numbers, and Social Security numbers. 

This prior breach adds a layer of complexity to the recent cybersecurity incident, prompting concerns about the overall resilience of Prudential Financial's data security infrastructure. The dual incidents underscore the evolving and persistent threats financial institutions face in the digital age. The intricacies of these breaches pose challenges not only in immediate response but also in understanding the long-term consequences on customer trust, regulatory compliance, and the overall stability of the financial services provider. 

As Prudential Financial navigates the aftermath of the recent breach, the focus on cybersecurity resilience becomes paramount. The company must reassess and fortify its security protocols to withstand evolving cyber threats. Beyond addressing the immediate vulnerabilities, Prudential Financial needs to instil confidence in its customers, employees, and stakeholders by showcasing a renewed commitment to data protection and proactive cybersecurity measures. 

The Prudential Financial Data Breach serves as a cautionary tale for financial institutions worldwide. The incident highlights the ongoing challenges in safeguarding sensitive data and underscores the critical need for continuous improvement in cybersecurity strategies. As the financial industry grapples with evolving cyber threats, institutions like Prudential Financial must not only respond effectively to breaches but also proactively invest in robust cybersecurity measures to protect their assets, reputation, and the trust of millions of customers.
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User Security
Cyber Crime Deep Fakes Identity Hijack Identity Theft Threat Landscape User Security

Identity Hijack: The Next Generation of Identity Theft

 

Synthetic representations of people's likenesses, or "deepfake" technology, are not new. Picture Mark Hamill's 2019 "The Mandalorian" episode where he played a youthful Luke Skywalker, de-aged. Similarly, artificial intelligence is not a novel concept. 

However, ChatGPT's launch at the end of 2022 made AI technology widely available at a low cost, which in turn sparked a competition to develop more potent models among almost all of the mega-cap tech companies (as well as a number of startups). 

Several experts have been speaking concerning the risks and active threats posed by the current expansion of AI for months, including rising socio economic imbalance, economic upheaval, algorithmic discrimination, misinformation, political instability, and a new era of fraud. 

Over the last year, there have been numerous reports of AI-generated deepfake fraud in a variety of formats, including attempts to extort money from innocent consumers, ridiculing artists, and embarrassing celebrities on a large scale. 

According to Australian Federal Police (AFP), scammers using AI-generated deepfake technology stole nearly $25 million from a multinational firm in Hong Kong last week.

A finance employee at the company moved $25 million into specific bank accounts after speaking with several senior managers, including the company's chief financial officer, via video conference call. Apart from the worker, no one on the call was genuine. 

Despite his initial suspicions, the people on the line appeared and sounded like coworkers he recognised.

"Scammers found publicly available video and audio of the impersonation targets on YouTube, then used deepfake technology to emulate their voices... to lure the victim into following their instructions," acting Senior Superintendent Baron Chan told reporters. 

Lou Steinberg, a deepfake AI expert and the founder of cyber research firm CTM Insights, believes that as AI grows stronger, the situation will worsen. 

"In 2024, AI will run for President, the Senate, the House and the Governor of several states. Not as a named candidate, but by pretending to be a real candidate," Steinberg stated. "We've gone from worrying about politicians lying to us to scammers lying about what politicians said .... and backing up their lies with AI-generated fake 'proof.'" 

"It's 'identity hijacking,' the next generation of identity theft, in which your digital likeness is recreated and fraudulently misused," he added. 

The best defence against static deepfake images, he said, is to embed micro-fingerprint technology into camera apps, which would allow social media platforms to recognise when an image is genuine and when it has been tampered with. 

When it comes to interactive deepfakes (phone calls and videos), Steinberg believes the simple solution is to create a code word that can be employed between family members and friends. 

Companies, such as the Hong Kong corporation, should develop rules to handle nonstandard payment requests that require codewords or confirmations via a different channel, according to Steinberg. A video call cannot be trusted on its own; the officers involved should be called separately and immediately.
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user data security
cryptocurrency Dark Web Data Breach Identity Theft Information Security user data security

Binance Data Breach Sparks Concerns: Dark Web Sale Rumors Surface

 

In a surprising development, cryptocurrency giant Binance finds itself facing the looming threat of a potential data breach, as claims circulate on the dark web suggesting the sale of sensitive user information. This occurrence has sent shockwaves throughout the cryptocurrency community, prompting apprehension about the security of one of the world's leading digital currency exchanges. 

Renowned for its extensive selection of digital assets and user-friendly interface, Binance has not been impervious to the escalating menace of cyberattacks targeting the cryptocurrency sector. Reports indicate that an individual or a group of hackers is asserting possession of a significant amount of user data from Binance, purportedly offering it for sale on the dark web. 

The alleged data breach has cast a spotlight on Binance's security infrastructure, compelling the company to initiate a comprehensive investigation to verify the authenticity of the claims. Users anxiously await official statements from the exchange detailing the extent of the breach, identifying potential vulnerabilities, and outlining measures taken to mitigate the repercussions. 

Should the dark web sale prove to be true, it could expose sensitive information, including user account credentials, email addresses, and other personally identifiable details. This not only raises concerns about individual privacy but also the potential exploitation of this data for illicit activities, such as phishing attempts and identity theft. 

Despite Binance's proactive approach to security, incorporating measures such as two-factor authentication and cold wallet storage, the dynamic nature of cyber threats poses an ongoing challenge for even the most robust security protocols. 

Users are strongly advised to exercise vigilance and adopt precautionary measures, including password updates, enabling two-factor authentication, and regular monitoring of their accounts for any signs of suspicious activity. Binance has reassured users that it is treating the situation seriously and is diligently working to validate the extent of the alleged data breach. 

This potential breach at Binance also prompts broader inquiries into the overall security stance of cryptocurrency exchanges. As the digital asset landscape continues to expand, the imperative to secure user data and assets becomes increasingly paramount. Regulatory bodies and industry stakeholders are expected to scrutinize such incidents, emphasizing the necessity for stringent cybersecurity measures across the cryptocurrency ecosystem. 

In summary, the potential data breach at Binance and the accompanying dark web sale claims underscore the persistent challenges confronting cryptocurrency exchanges in safeguarding user information. This incident serves as a poignant reminder for users to prioritize security best practices, while exchanges must continually reassess and fortify their cybersecurity measures to counter evolving cyber threats. The cryptocurrency community awaits further updates from Binance regarding the investigation and any actions taken to address this disconcerting situation.
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Victim
bank account Cyber Fraud FBI warning Financial crime Identity Theft loss Phone Scam Security Breach Sim-swapping scam Victim

Phone Scam Siphons Over $200,000 from Bank Account Holder

A bank account holder recounts losing over $200,000 due to phone accessibility issues. Heidi Diamond became a victim of a cyber scam known as sim-swapping, resulting in the depletion of her bank account. Sim-swapping involves fraudsters deceiving cell phone companies by assuming someone else's identity, enabling them to access personal information and manipulate phone services.

The fraudulent tactic begins with perpetrators obtaining personal details online and contacting phone service providers, claiming the loss or theft of the targeted individual's device. Once convincing the company of ownership, they activate the phone using the victim's SIM card, thereby gaining control over the device and its data. This renders the original owner's SIM card and phone inactive.

Diamond said this factor made the ordeal particularly tedious,  according to InvestigateTV. “It was such a panic that you know that something was so out of your control,” she said.

Sim-swapping circumvents typical security measures such as two-factor authentication, allowing criminals to breach sensitive accounts like bank accounts. Despite her bank reimbursing the stolen funds, Diamond remains dissatisfied with the lack of apprehension of the perpetrators, expressing a desire for justice.

Acknowledging the increasing prevalence of sim-swapping, the FBI has cautioned the public about its risks. Many remain unaware of this form of fraud, unlike more commonly recognized scams. The FBI disclosed that sim-swapping has resulted in a staggering $141 million in losses thus far.

Echoing Diamond's plight, other victims have shared their harrowing experiences, including Sharon Hussey, who lost $17,000 despite having robust security measures in place. Hussey received an unauthorized purchase confirmation from Verizon before her funds vanished, underscoring the severity and sophistication of sim-swapping attacks.
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Scam
2FA Cash App Cyber Security Data protection Financial Fraud Holiday Scam Identity Theft Money Transfer Scam

Fallen Victim to Zelle Scams During the Holiday Season

Identity theft is a serious concern at a time of rapid technology development and digital commerce. It becomes essential to strengthen our defenses against potential cyber threats as we negotiate the complexities of internet platforms and financial services. Identity protection must be prioritized immediately, as shown by several recent instances. 

A thorough analysis by CNET states that as more people become aware of the significance of protecting their personal information online, there is a growing demand for identity theft protection services. The paper emphasizes that because hackers have become more skilled, protecting sensitive data needs to be done proactively.

The holiday season, a time of increased financial activity, poses additional challenges. Fraudsters exploit popular money transfer services like Zelle, Venmo, and Cash App during this period. As we enter 2023, it is crucial to be aware of potential threats and adopt preventive measures. Emily Mason's analysis serves as a wake-up call, urging users to exercise caution and be vigilant in protecting their accounts.

One of the prevalent scams involves Zelle, as reported by sources. Victims of Zelle scams find themselves ensnared in a web of financial deceit, with the aftermath often leaving them grappling for solutions. Refund scams, in particular, have become a cause for concern, prompting financial experts to emphasize the need for enhanced security measures and user education.

To fortify your defenses against identity theft and financial fraud, consider implementing the following recommendations:
  • Employ Robust Identity Theft Protection Services: Invest in reputable identity theft protection services that monitor your personal information across various online platforms.
  • Enable Two-Factor Authentication (2FA): Add an extra layer of security to your accounts by enabling 2FA. This additional step can thwart unauthorized access attempts.
  • Stay Informed and Vigilant: Keep abreast of the latest scams and fraud techniques. Awareness is your first line of defense.
  • Regularly Monitor Financial Statements: Review your bank and credit card statements regularly for any suspicious activity. Promptly report any discrepancies to your financial institution.
  • Educate Yourself on Common Scams: Familiarize yourself with the modus operandi of common scams, such as refund fraud and phishing attempts, to recognize and avoid potential threats.
Safeguarding your identity in the constantly changing world of digital transactions is a shared duty between users and the platforms they use. People can greatly lower their chance of being victims of identity theft and financial fraud by being informed and taking preventative action. As technology develops, maintaining the integrity of our personal data increasingly depends on taking a proactive approach to security.

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Artificial Intelligence business loss Cyber Fraud cybersecurity advocate fraudulent call Identity Theft Scam Alert Scams two-factor authentication

$1.2 Million Stolen from Grafton Family Business, Sparks Cyber Security Warnings

 

Paul Fuller has revealed how his business suffered a devastating loss of nearly $1.2 million due to a fraudulent call. The caller, identifying as "Mike" from the National Australia Bank (NAB), seemed trustworthy since Mr. Fuller's company had prior dealings with a NAB representative named Mike in Coffs Harbour. 

This imposter displayed an alarming level of knowledge about the business, including recent payments made. With deceptive claims of investigating fraudulent activities, the imposter coerced the accounts manager into granting access to the company's bank accounts. In a matter of minutes, $1.2 million vanished, causing severe damage to the business.

Although NAB managed to recover $84,000, they informed Mr. Fuller that further retrieval efforts were futile. This substantial financial setback has put immense strain on Mr. Fuller, who is now struggling to maintain the viability of his business. A total of 25 families depend on the company for their livelihoods, a responsibility that weighs heavily on his shoulders.

Mr. Fuller promptly reported the incident to both the police and the banking ombudsman, though he held little hope for additional restitution. In response, the company has implemented stringent security measures, including a policy to exclusively communicate with their designated bank manager.

Mr. Fuller issues a stern warning to fellow businesses, emphasizing that legitimate banks do not initiate such inquiries over the phone. He urges against divulging sensitive information to any unsolicited callers.

In a contrasting narrative, Bastian Treptel shares his unique journey from teenage hacker to cybersecurity advocate. At the age of 14, he infiltrated a major Australian bank, pilfering credit card details. When apprehended at 17, authorities offered him a choice between juvenile detention and aiding in cybercriminal detection. Opting for the latter, he spent the next 14 years running a company devoted to safeguarding businesses from cyber threats.

Mr. Treptel likens cyber attacks to a silent menace, with many erroneously assuming immunity. He stresses that a staggering one in three individuals falls victim to such breaches, yet only 4 percent manage to reclaim their losses.

Highlighting the vulnerability of small businesses, Mr. Treptel explains that they often possess fewer security measures and more accessible funds, making them attractive targets. He underscores the evolution of hacking, now employing sophisticated techniques aided by artificial intelligence. Malicious emails or files are no longer prerequisites; even innocuous actions, like downloading images, can facilitate cyber infiltration.

Furthermore, Mr. Treptel cautions about the potential risks posed by everyday devices like smart TVs and printers, all of which can serve as gateways for cyber intrusion. He advocates for the widespread adoption of two-factor authentication as a crucial defense measure.

ID Support NSW, a state agency aiding victims of identity theft and hacking, underscores the importance of bolstering cybersecurity. Recommendations include enforcing robust passwords, scrutinizing the security of third-party systems, limiting access to sensitive information, and collecting only essential personal data.
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Unauthorized access
Data Breach Encryption Financial Data Firewalls Healthcare Healthcare Data Identity Theft Sensitive Information Unauthorized access

McLaren Health Data Breach

McLaren Health Care, a major healthcare provider, was hit by a ransomware attack. This type of cyberattack encrypts a victim's data and demands a ransom to decrypt it. The hackers stole sensitive patient data and threatened to release it if McLaren didn't pay them. This incident highlights the need for strong cybersecurity measures in the healthcare industry.

Residents received messages from McLaren Health Care on October 6, 2023, alerting them to the cyber threat that had put patient data confidentiality at risk. This incident serves as a sobering reminder of the growing cyber threats facing healthcare organizations around the world.

Ransomware attacks involve cybercriminals encrypting an organization's data and demanding a ransom for its release. In this case, McLaren Health Care's patient data is at stake. The attackers aim to exploit the highly sensitive nature of healthcare information, which includes medical histories, personal identification details, and potentially even financial data.

The implications of this breach are far-reaching. Patient trust, a cornerstone of healthcare, is at risk. Individuals rely on healthcare providers to safeguard their private information, and breaches like this erode that trust. Furthermore, the exposure of personal medical records can have severe consequences for individuals, leading to identity theft, insurance fraud, and emotional distress.

This incident emphasizes the urgency for healthcare organizations to invest in state-of-the-art cybersecurity measures. Robust firewalls, up-to-date antivirus software, regular security audits, and employee training are just a few of the essential components of a comprehensive cybersecurity strategy.

Additionally, there should be a renewed emphasis on data encryption and secure communication channels within the healthcare industry. This not only protects patient information but also ensures that in the event of a breach, the data remains unintelligible to unauthorized parties.

Regulatory bodies and governments must also play a role in strengthening cybersecurity in the healthcare sector. Strict compliance standards and hefty penalties for negligence can serve as powerful deterrents against lax security practices.

As McLaren Health Care grapples with the aftermath of this attack, it serves as a powerful warning to all healthcare providers. The threat of cyberattacks is real and pervasive, and the consequences of a breach can be devastating. It is imperative that the industry acts collectively to fortify its defenses and safeguard the trust of patients worldwide. The time to prioritize cybersecurity in healthcare is now.


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Technology
Argentina Blockchain Blockchain Security Crypto Crypto Keys Cyber Security Decentralized Identity Theft Sensitive Information Technology

Argentina's Blockchain-based IDs are Transforming Governance

Argentina's capital, Buenos Aires, is making waves in the realm of digital governance. The city has taken a bold step forward by implementing blockchain technology to issue government IDs. This move represents a significant leap towards secure, efficient, and transparent identification processes.

Traditionally, government-issued identification documents have been vulnerable to fraud, identity theft, and bureaucratic inefficiencies. However, by leveraging blockchain, Buenos Aires aims to address these challenges head-on. The technology offers a decentralized, tamper-proof ledger where sensitive information is stored securely.

One of the key advantages of using blockchain for IDs lies in its immutable nature. Once data is recorded on the blockchain, it cannot be altered or deleted, ensuring the integrity of the information. This level of security greatly diminishes the risk of identity fraud, a prevalent concern in today's digital age.

Moreover, the blockchain-based system provides citizens with greater control over their personal information. Through cryptographic keys, individuals can manage who has access to their data, enhancing privacy and data protection. This empowers citizens and fosters a sense of trust in the government's digital initiatives.

Additionally, the use of blockchain streamlines administrative processes. Verifying identities becomes quicker and more reliable, reducing the time and resources traditionally spent on manual checks. This efficiency not only benefits citizens but also optimizes government operations.

The adoption of blockchain for government IDs also sets a precedent for other jurisdictions. It showcases the potential of decentralized technology in enhancing public services and strengthening trust between citizens and their governments.

However, challenges remain. Ensuring the accessibility of this technology to all citizens, regardless of their technological literacy, is crucial. Additionally, robust cybersecurity measures must be in place to safeguard against potential threats.

Buenos Aires' blockchain-based government ID pilot program is a groundbreaking initiative that has the potential to revolutionize the way governments interact with their citizens. By integrating blockchain technology into government IDs, Buenos Aires is setting a new standard for digital governance and demonstrating the transformative potential of this technology in creating more secure, efficient, and citizen-centric public services.

This initiative is a beacon of progress in a world that is grappling with evolving technological landscapes. It is a model for governments worldwide that are looking to harness the power of blockchain technology to redefine the relationship between citizens and their governments.




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Binance crypto exchanges cryptocurrency Cybersecurity Data Breach Digital threats FTX Identity Theft Kroll Online Security Phishing Attacks SIM swap

Emerging Phishing Campaigns Aim FTX Users After Kroll Data Breach

 

In a recent turn of events that has reverberated across the cryptocurrency community, Changpeng ‘CZ’ Zhao, the Chief Executive Officer of Binance, a globally renowned cryptocurrency exchange, has issued a stern caution to users who were formerly associated with the now-defunct FTX platform. 

This alert revolves around a fresh surge of phishing attacks that have been set in motion following a significant data breach stemming from Kroll, the claims agent responsible for managing FTX’s bankruptcy case.

The Core of the Issue: Kroll Data Breach and Its Ramifications

The crux of this matter revolves around a recent breach in cybersecurity suffered by Kroll, the entity tasked with overseeing claims linked to the ongoing bankruptcy proceedings of FTX. While the specific details of the breach were initially kept confidential, it has now been unveiled that the breach exposed certain non-sensitive customer data belonging to specific claimants involved in the case.

Zhao’s warning emphasizes the seriousness of the situation, explicitly connecting the current series of phishing attacks to this data breach. The pronouncements from the CEO of Binance closely follow FTX’s own declaration concerning the breach, a revelation that has understandably triggered significant apprehension among its user community.

However, what renders this breach especially alarming is the technique through which it was executed. Zhao has illuminated the fact that a SIM swap maneuver executed on an employee's account was pivotal in enabling the breach. For those unfamiliar, a SIM swap involves malicious actors deceiving cellular service providers into transferring a victim’s phone number to a device under their control.

Subsequently, this maneuver allows them to intercept crucial information, including authentication codes, effectively circumventing security measures like two-factor authentication. The gravity of the threat was so pronounced that FTX was compelled to temporarily suspend operations on its claims portal.

The Escalating Peril of Phishing Attacks

Phishing attacks are not an emerging concept in the digital domain. Nevertheless, their persistent and evolving nature has solidified their status as one of the most malicious hazards that internet users encounter today. Fundamentally, these attacks capitalize on deception and psychological manipulation to deceive unsuspecting individuals into disclosing sensitive information, spanning from login credentials to personal financial particulars.

Zhao’s recent alert acts as a somber reminder of the possible havoc that phishing attacks can unleash. When successful, these attacks can lead to a spectrum of consequences, encompassing identity theft, unauthorized entry into sensitive accounts, and substantial financial losses. The fact that prominent platforms like FTX, BlockFi, and the now-defunct Genesis crypto exchange have become targets for cybercriminals underscores the sheer scale and audacity of these threats.

Bolstering Defenses Against the Digital Threatscape

In light of these unfolding events, the responsibility falls upon individual users to enhance their digital safeguards. Zhao's message is crystal clear: complacency is not an option. Users are urged to be proactive in their stance on online security, adopting a multifaceted approach to thwart potential threats.

Foremost, staying well-informed is of paramount significance. Being cognizant of the latest threats and comprehending the strategies of cybercriminals can play a pivotal role in precluding potential attacks. Equally important is vigilance. Users ought to exercise caution in response to unsolicited communications, particularly those soliciting personal or financial information.

Furthermore, embracing robust security measures is imperative. This encompasses, but is not limited to, utilizing strong and distinct passwords for various accounts, activating two-factor authentication whenever feasible, and regularly updating software and applications to rectify known vulnerabilities.

While the digital era presents unparalleled conveniences and avenues, it also introduces an array of challenges. The recent events encompassing the FTX platform and the Kroll data breach underline the ever-evolving nature of the threat landscape. Nonetheless, by merging awareness, vigilance, and resilient security practices, users can confidently navigate this landscape, securing their digital well-being.
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Software
Cyber Security Financial Loss Hackers Identity Theft Passwords Smishing Scam SMS Phishing Software

Beware: Government's Alert on Smishing Scam Threat

The Indian government has now urgently warned its citizens about the threat posed by smishing scams. Smishing, a combination of the words 'SMS' and 'phishing,' is the practice of hackers sending false text messages to people in an effort to get their sensitive personal information. This official warning serves as a reminder that residents need to be more vigilant and knowledgeable.

The warning highlights that cybercriminals are exploiting SMS communication to carry out their malicious intentions. These messages often impersonate legitimate entities, such as banks, government agencies, or popular online services, luring recipients into clicking on malicious links or sharing confidential information. The consequences of falling victim to smishing can be dire, ranging from financial loss to identity theft.

To shield themselves against this growing menace, citizens are urged to follow certain precautions:

1. Verify the Source: Always double-check the sender's details and the message's authenticity. Contact the organization directly using official contact information to confirm the legitimacy of the message.

2. Don't Click Hastily: Refrain from clicking on links embedded in SMS messages, especially if they ask for personal information or prompt immediate action. These links often lead to fraudulent websites designed to steal data.

3. Guard Personal Information: Never share sensitive information like passwords, PINs, Aadhar numbers, or banking details via SMS, especially in response to unsolicited messages.

4. Implement Security Measures: Install reliable security software on your mobile devices that can detect and block malicious texts. Regularly update the software for enhanced protection.

5. Educate Yourself: Stay informed about the latest smishing techniques and scams. Awareness is a strong defense against falling victim to such tricks.

6. Report Suspicious Activity: If you receive a suspicious SMS, report it to your mobile service provider and the local authorities. Reporting aids in tracking and preventing such scams.

The government's warning serves as a reminder that while technology enriches our lives, it's vital to remain cautious. Cybercriminals are continuously devising new ways to exploit unsuspecting individuals, making it imperative for everyone to stay well-informed and adopt preventive measures.

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