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Unseen Money Episode 7: The dangers of one-time passcodes (OTPs)
We all now use one-time passcodes (OTPs) to verify our identity online.In the last few weeks, I’ve personally received OTPs from Amazon, Apple, Google, the UK Driving Licence Authority, my pension provider, payments app Yotta, National Savings and parking app Ringgo. Some OTPs were sent to me in text (SMS) messages, others arrived via email.Identity authentication online using OTPs is much safer than using a single piece of information like a password. But OTPs are not safe, for a number of reasons.In the latest episode of “Unseen Money” from New Money Review, security researcher Timur Yunusov and I discuss some recent scams that involved stolen OTPs—from a $2m theft from the family of a Moscow teenager to an industrial-scale carding operation in China.Our story covers the security of mobile networks, tech giants Apple and Google, the business models of criminal masterminds and bagfuls of stolen phones shipped around the world.
Unseen Money 6: How the UK became fraudster heaven
The UK prides itself in being open for innovative tech firms—and companies in general—to set up business. It takes only £12—and 15-20 minutes—to create a new company online.But the laxity of the country’s system for new company formations has made the UK a goldmine for scammers. And the problem is getting worse: fraud, much of it digital, now accounts for over 40 per cent of all recorded crime in England and WalesIn the latest episode of Unseen Money, Timur Yunusov and I discuss a recent Financial Times article about a London-based fraud victim, Livia Giuggioli Firth, who was conned by scammers into sending £325k from her company’s bank account.Instead of asking for compensation from her own bank for being a victim of an authorised push payment fraud, Ms. Giuggioli Firth took the unusual step of suing the scammers’ bank in court. This forced the disclosure of the names if not of the individual scammers, but of the network of companies they used to launder the stolen money.The court case unveiled some of the principal weaknesses in the UK’s system for deterring and catching fraudsters.In the podcast, we discuss:Why the UK is a heaven for digital fraudstersWhy Companies House is still making it easy for criminalsHow the fintech and AI booms have fuelled scamsWho’s responsible in the UK for fighting scammers?How criminals second-guess anti-fraud systems and the need for ongoing due diligenceThe role of cryptocurrency in laundering stolen moneyShould Zuckerberg and Musk reimburse digital fraud victims?Why AI-enabled scams are certain to become more dangerousWant to join Timur and me on a future episode of Unseen Money to talk about how scammers use Companies House registrations to aid their crimes? Drop me a line at paul@newmoneyreview.com.
Unseen Money 5: Stealing your identity—bit by bit
Having your identity stolen is a catastrophe. You can lose your reputation, your credit rating, your money, your home or even be accused of fraud yourself.To victims, ID theft feels like a single, earth-shattering event. But it’s likely that the hacker has been stealing different aspects of your identity over time.Your name, address, email address, phone number, bank account number, passport number, medical records and log-in credentials are all valuable bits of information to hackers. Combined, they may be enough for a digital hit on you and your bank account.In the latest Unseen Money podcast, Timur Yunusov and I explore the “personally identifiable information” or “PII” that enables hackers to impersonate and rob us.PII is now traded amongst fraudsters as a commodity. But what kind is most valuable to criminals? Where do they get it? How do they use it in scams? Once we’ve lost our PII, is there anything we can do?Listen on for more.
Unseen Money 4: Keeping a phone thief out of your bank account
In the latest episode of Unseen Money, Timur Yunusov and I discuss how to stop a bad dream turning into a real nightmare: when a phone snatcher has your mobile device and is trying to get hold of your money as well. We cover: How a phone thief can access your bank accountsThe security of contract and non-contract mobile phonesBest mobile phone security practices and what to keep safe at all costsMulti-factor authentication and avoiding single points of failureStopping a phone theft from becoming identity theftFace ID or touch ID to authorise payments?The unevenness of payment apps’ securityWhy little can stop the determined hackerWe also refer to these New Money Review articles in the podcast:A phone grabber could drain your bank account in minutesHow safe are payment cards?
KGB legacy and a new scam in Russia: Unseen Money episode 3
In the latest episode of Unseen Money, we talk about the recent $4.5 million fraud committed against Ol’ga Serova, a 71-year-old former bureaucrat from Samara, Russia. We discuss:KGB legacy: how Russian scammers play on people’s long-standing fear of the authoritiesGreed, fear and social engineering by country: how the weak points of fraud victims vary in Russia, the US and EuropeBig brother in Singapore: new state powers to freeze the bank accounts of potential fraud victimsAML, KYC and Timur’s past struggles to receive his salary into a UK bank accountFintechs fail: the knock-on effects from the UK’s new compensation rules for victims of authorised push payment fraudWill new in-app communication channels help prevent payment scams?Why small, iterative changes in anti-fraud technology are bestSurvival of the fittest: why the weakest and least secure payments firms must go under.
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