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Scam
Cyber Crime Payment QR Codes Quishing Scam

QR Code Frauds Growing Fast in the UK: What You Should Know

 



A new kind of digital scam is spreading across the UK, where criminals trick people using fake QR codes. This type of scam is called “quishing,” and it has been growing quickly. In 2023, there were over 1,300 reports of this scam, compared to only 100 cases in 2019, showing just how fast it's increasing.


How These Scams Work

Scammers take advantage of everyday places where QR codes are used for payments or information. This includes locations like parking spots or restaurant tables where you scan codes to pay or view menus. What these scammers do is cover the real QR codes with fake ones that they control.

When someone scans the fake code, it sends them to a fake website. The site may ask them to enter payment details, thinking it's a normal payment page. In some cases, clicking the link may even install harmful software on the person’s phone without them knowing.


Why It’s Hard to Notice

These scams can be hard to detect. Unlike large frauds that take big sums of money at once, these scams often take small amounts over time, making it less likely for someone to notice. The charges might look like monthly fees or parking payments, so they often go unnoticed.

Cyber experts say that what makes this scam dangerous is how real the fake websites appear. The links that come up after scanning look just like real ones, so people don’t think twice before entering their card numbers or other personal information.


What You Can Do to Stay Safe

Here are some simple steps to protect yourself:

1. Only scan QR codes that you trust. If the code looks tampered with or placed unevenly, avoid using it.

2. Never enter sensitive information like card numbers on a website you reached through a QR code unless you’re sure it’s safe.

3. Before submitting any details, double-check the website’s name or URL for spelling errors or anything unusual.

4. Use a reliable security app on your phone that can detect harmful links or files.


QR codes were created to make daily tasks faster and more convenient. But now, scammers are misusing them to steal people’s information and money. As these scams become more common, the best defense is to be alert and avoid scanning any QR code that looks even slightly suspicious.


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Ransomware attack
Australian Government Critical Data Cyber Security Financial Data Malicious actor Payment Ransomware attack

Australia's Cyber Strategy: No Ransomware Payment Ban

Australia has recently unveiled its new Cyber Security Strategy for 2023-2030, and amidst the comprehensive plan, one notable aspect stands out – the absence of a ban on ransomware payments. In a world grappling with increasing cyber threats, this decision has sparked discussions about the efficacy of such a strategy and its potential implications.

The strategy, detailed by the Australian government, outlines a sweeping resilience plan aimed at bolstering the nation's defenses against cyber threats. However, the decision not to ban ransomware payments raises eyebrows and prompts a closer examination of the government's rationale.

According to reports, the Australian government aims to adopt a pragmatic approach to ransomware, acknowledging the complex nature of these attacks. Instead of an outright ban, the strategy focuses on improving cybersecurity, enhancing incident response capabilities, and fostering collaboration between government agencies, businesses, and the wider community.

Critics argue that allowing ransom payments may incentivize cybercriminals, fueling a vicious cycle of attacks. The concern is that paying ransoms may encourage hackers to continue their activities, targeting organizations with the expectation of financial gain. In contrast, proponents of the strategy contend that banning payments may leave victims with limited options, especially in cases where critical data is at stake.

Australia's decision aligns with a growing trend in some parts of the world where governments are grappling with finding a balance between protecting national security and providing victims with avenues for recovery. The approach reflects an understanding that rigid and one-size-fits-all policies may not be effective in the ever-evolving landscape of cyber threats.

The new Cyber Security Strategy also emphasizes the importance of international cooperation to combat cyber threats. Australia aims to actively engage with international partners to share threat intelligence, collaborate on investigations, and collectively strengthen global cybersecurity.

Australia's experiment with a more nuanced approach to ransomware payments is being watched by the whole world, and the results will probably have an impact on how other countries formulate their cybersecurity laws. The continuous fight against cyber dangers will depend on finding the ideal balance between deterring illegal activity and helping victims.

In contrast to other nations that have taken more restrictive measures, Australia has decided not to outlaw ransomware payments in its new Cyber Security Strategy. In light of the always-changing cybersecurity landscapes, it underscores the significance of a comprehensive, cooperative, and flexible approach and demonstrates a practical recognition of the difficulties presented by cyber attacks. The future course of international cybersecurity regulations will surely be influenced by this strategy's success.

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Scam
Cyber Attacks Data Safety Fintech Fraud Payment Scam

Payment Fraud Attack Rate Across Fintech Increased by 70% in 2021

 

The index based on a global network of over 34,000 sites and apps and a poll of over 1,000 consumers, reveals that payment fraud attacks across fintech increased by 70% in 2021, the greatest increase of any category in the network. 

Payment fraud has increased in tandem with a whopping 121 percent year-over-year increase in fintech transaction volumes on Sift's network, making this industry a tempting target for cybercriminals. These escalating attacks, as per this data, were mostly focused on alternative payments such as digital wallets, which witnessed a 200 percent increase in payment fraud, as well as payments service providers (+169 percent) and cryptocurrency exchanges (+140 percent). 

These approaches were targeted towards buy now/pay later (BNPL) providers, which showed a 54 percent increase in fraud attack rates year over year. Sift's Trust and Safety Architects discovered a rising number of fraud schemes on Telegram in late 2021, providing unlimited access to BNPL accounts via fake credit card numbers and compromised email addresses, demonstrating the wide range of methods fraudsters use to target the whole fintech sector.

Along with a 23 percent increase in blocked payment fraud assaults in 2021, Sift noticed a network-wide rise in daily transaction volumes across all industries. Similarly, 49 percent of poll respondents indicated they've been a victim of payment abuse in the last one to three years, with 41 percent of those who have been victims in the last year alone. Financial service websites were regarded as the sites that pose the most risk by 33% of the victims, which could have a detrimental impact on the customer’s trust. 

Jane Lee, Trust and Safety Architect at Sift. stated, “Many brands fail to realize that the damage of payment fraud goes beyond the initial financial impact. The vast majority of consumers report abandoning brands after they experience fraud on a business’s website or app, diminishing customer lifetime value and driving up acquisition costs. Further, potential customers who see unauthorized charges from a particular company on their bank statements will forever associate that brand with fraud. In order to combat these attacks and grow revenue, businesses should look to adopt a Digital Trust & Safety strategy—one that focuses on preventing fraud while streamlining the experience for their customers.”
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