Most impactful fraud incidents of 2016

Posted on: December 28th, 2016 by Art Barger

When it comes to data breaches, 2016 marked new heights in compromised accounts and personal information. Throughout the year, computer hackers successfully launched illicit attacks and social engineering schemes against corporate enterprises around the globe, gaining access to billions of personal and financial details through online and telephonic platforms.

In the article, “Biggest Data Breaches and Hacks of 2016,” Tech Times breaks down some of the biggest and most impactful fraud incidents of the year. They include:

  • Yahoo breach: This was the largest scale breach of 2016, and may possibly be the biggest in history. Two years in the making, what was initially believed to be 500 million user accounts compromised has grown into a billion after separate hacks were discovered.
  • Dyn’s distributed denial of service (DDoS): The malware that created repeated requests on a leading domain system provider knocked out service for major service websites like Twitter and Netflix. This caused significant disruption for millions of users worldwide.
  • DNC hacking: The high-profile hacking of the Democratic National Committee website showed how fraudsters can reach the political arena. This hack cost people their jobs and may have played a part in the outcome of the presidential election.
  • Hacking of San Bernardino iPhone: After seeking approval from Apple to unlock protected data on the cell phone of one of the San Bernardino terrorist attack shooters, the FBI worked with a separate company to retrieve the information. This could set a precedent for other privacy issues in the future.
  • Social media platform hacks: Like the hacking of popular celebrity accounts, hacking groups like OurMine successfully carried out hacks on social media platforms like the popular Pokemon GO. Breaking into individual accounts of social media giants like Facebook’s CEO Mark Zuckerberg and Google’s CEO Sundar Pichai proved that nobody is immune to being hacked.

For several years now, accessing people’s personal data over the Internet has allowed criminals to use stolen information to committed fraud over multiple customer channels, including the telephone channel. To thwart future attacks that can put sensitive customer information at risk, banks and businesses need to continue analyzing their authentication processes to make sure they have multi-factor identifiers in place across their enterprises to identify risk factors and detect other anomalies that may be targeting their private customer data and confidential information.