Forest Global Training Partners

Cyber Risks · Krebs on Security

Which Banks Are Enabling Fake AV Scams?

Summary: Researchers at the University of California, Santa Barbara spent several months infiltrating three of the most popular fake antivirus affiliate networks, which pay hackers to deploy bogus security software. Of almost 2.3 million people who bought fake AV from the three networks over a three-year period, fewer than 10 percent requested a refund, and an even smaller subset asked their bank to initiate a chargeback.

Bottom line: The fake AV operations adjusted refunds to stay just under the 2-3 percent chargeback rate that raises red flags at Visa and MasterCard, and the researchers named five banks processing their payments: FMBE Bank Limited in Cyprus, Bank Hapoalim BM in Israel, Ceska Sporitelna A.S. in the Czech Republic, and the International Bank of Azerbaijan and JSCB Bank Standard, both in Azerbaijan.

Read the original at Krebs on Security ↗

Topics
Fraud & Scams
Related