New York Settles with Devumi, Purveyor of Social Media Bots

The state of New York reached a settlement, announced attorney general Letitia James, with Devumi, a company that sold fake followers on Twitter and other social media platforms. Her investigation was prompted by a New York Times report about how the then-Florida-based Devumi raked in millions of dollars selling social media bots to at least 200,000 customers, among them businesses, politicians, reality TV stars, professional athletes, comedians, models and pornographic actors in New York and other states. Continue reading New York Settles with Devumi, Purveyor of Social Media Bots

Justice Department Levies Multiple Charges Against Huawei

The Justice Department charged Huawei and its chief financial officer Meng Wanzhou with the theft of trade secrets, obstructing a criminal investigation and evading economic sanctions on Iran. The charges are part of an aggressive move by the U.S. to block the Chinese telecom firm suspected of undermining national interests. The charges are based on Huawei’s internal emails describing a plan to steal T-Mobile testing equipment. Internal memos also link Meng to bank fraud to evade sanctions against Iran. Continue reading Justice Department Levies Multiple Charges Against Huawei

Millions of Net Neutrality Comments to FCC Judged for Fraud

Stanford University released the findings of a study on the comments received by the FCC on its plan to end net neutrality. The FCC received millions of comments from bots that used real identities, making it difficult to determine authenticity. The research analyzed 800,000+ unique comments that were not obviously produced by bots to conclude they were overwhelmingly in favor of net neutrality. The New York attorney general is seeking to determine if false comments swayed legislators in their decision to end net neutrality. Continue reading Millions of Net Neutrality Comments to FCC Judged for Fraud

Facebook Says Spammers, Not Nation-State, Behind Breach

Facebook’s internal investigation into the recent data breach that affected 30 million user accounts has concluded that the hack was the work of spammers disguised as a digital marketing company, and not foreign nationals. Facebook believes the attack was initiated by a group of Facebook and Instagram spammers that intended to make money by means of deceptive advertising. The FBI is continuing its investigation into the hack, which is the worst security breach in the social network’s 14-year history. Continue reading Facebook Says Spammers, Not Nation-State, Behind Breach

Series of Tweets Cost Elon Musk Chair Position, Major Fine

As part of a settlement with the Securities and Exchange Commission, Tesla CEO and co-founder Elon Musk has agreed to pay a $20 million fine and step down as chairman of the California-based electric automaker for three years. The SEC accused Musk of securities fraud after he tweeted from his personal Twitter account that he had secured enough funding to take Tesla private. Musk has admitted to no wrong-doing. In addition to Musk’s significant personal fine, Tesla has agreed to develop leadership reforms and pay $20 million for not properly vetting the CEO’s tweets. Continue reading Series of Tweets Cost Elon Musk Chair Position, Major Fine

Tidal Streaming Music Service Accused of Falsifying Streams

Jay-Z’s streaming music service Tidal was accused by Norwegian newspaper Dagens Næringsliv and the Norwegian University of Science and Technology (NTNU) of data manipulation, claiming the company faked many millions of streams for Beyoncé’s “Lemonade” and Kanye West’s “The Life of Pablo” albums. That’s considered fraud since labels and rights holders are paid based on the number of streams. Tidal denies the charges but investigators are reportedly looking into the possibility of a data breach. Continue reading Tidal Streaming Music Service Accused of Falsifying Streams

Twitter Cuts Millions of Followers to Combat Fake Accounts

In an effort to restore trust in its social platform, Twitter plans to “begin removing tens of millions of suspicious accounts from users’ followers” today, reports The New York Times. “Many users have inflated their followers on Twitter or other services with automated or fake accounts, buying the appearance of social influence to bolster their political activism, business endeavors or entertainment careers.” Twitter has acknowledged that easily creating or buying fake followers has negatively affected the legitimacy of the platform. Continue reading Twitter Cuts Millions of Followers to Combat Fake Accounts

AMC Debuts Subscription Service That Will Rival MoviePass

AMC Entertainment just announced AMC Stubs A-List, a subscription service that will allow customers to watch up to three movies a week at any AMC theaters in the U.S. for $19.95 per month. AMC Stubs A-List offers features not available with the offering of its rival MoviePass, including the ability to book tickets days in advance, to see 3D or IMAX movies at no extra cost and to book tickets in an app without a special debit card. In contrast, MoviePass costs $9.95 per month, works at 91 percent of U.S. theaters and can be used once a day. Continue reading AMC Debuts Subscription Service That Will Rival MoviePass

Bipartisan Support in Congress for Cryptocurrency Regulation

Congress is considering federal rules for cryptocurrency to impose a federal oversight that has thus far been lacking. In the Senate and the House, both Democrats and Republicans — even free-market conservative Republicans — are addressing the risks highlighted by recent events involving fraud and hacking. All parties see the potential risk to the U.S. economy posed by speculative trading of the various popular virtual currencies. Lawmakers propose that the Securities and Exchange Commission lead the issues. Continue reading Bipartisan Support in Congress for Cryptocurrency Regulation

Symantec Publishes Global Security Findings in Latest Report

Today’s consumers are “overconfident in their security prowess,” which has resulted in a record year for cyberattacks, according to the “2017 Norton Cyber Security Insights Report.” The Symantec report found that 978 million people across 20 countries were impacted last year by cybercrime, and 44 percent of consumers were affected in the last 12 months. “As a result,” notes the report, “consumers who were victims of cybercrime globally lost $172 billion — an average of $142 per victim — and nearly 24 hours globally (or almost three full work days) dealing with the aftermath.” Continue reading Symantec Publishes Global Security Findings in Latest Report

Cryptocurrencies Are Experiencing a Significant Drop in Value

Those who doubted virtual currency have had their worst fears confirmed: cryptocurrency’s value has plummeted 50 percent from its peak in early January, pushing Bitcoin, for example, below $7,000. Among the problems bedeviling virtual currencies are hackers, scams and Ponzi schemes. Now, the Securities and Exchange Commission and the Commodity Futures Trading Commission are scheduled to testify to the Senate banking committee about how they have been trying to corral cryptocurrency markets. Continue reading Cryptocurrencies Are Experiencing a Significant Drop in Value

New SEC Cyber Unit Takes on Cryptocurrency and ICO Fraud

At the Securities and Exchange Commission, chairman Jay Clayton made it clear that there is “very little distinction” between Bitcoin and traditional stocks, suggesting that the SEC believes Bitcoin is subject to securities laws and is willing to act against alleged fraud in an ICO, or initial coin offering. In fact, the SEC new cyber unit did just that for the first time, charging Canada-based cryptocurrency company PlexCorps with violating security laws by selling up to $15 million in an ICO. Clayton said future suits are possible. Continue reading New SEC Cyber Unit Takes on Cryptocurrency and ICO Fraud

New Uber CEO Faces the Impact of Undisclosed Data Breach

Uber Technologies acknowledged that one year ago it paid hackers $100,000 to hide a data breach that impacted 47 million accounts. The company fired then-chief security officer Joe Sullivan and deputy Craig Clark for both the breach itself and concealing it. The hackers got the names, emails and phone numbers of millions of riders as well as 600,000 drivers’ license numbers, although apparently Social Security numbers and credit card numbers were not accessed. Uber says it will inform those impacted by the breach in “coming days.” Continue reading New Uber CEO Faces the Impact of Undisclosed Data Breach

Equifax Data Breach, Discovered in July, Impacts 143 Million

Equifax reported that hackers likely gained access to the personal information of about 143 million people in the U.S., making it the second biggest data breach after last year’s two Yahoo hacks, which impacted as many as 1.5 billion customers. The Equifax hack is almost twice as large as the J.P. Morgan Chase & Co. hack three years ago. The damage the hack to Equifax will do is as of yet unknown, but it could be serious, given the immense scope of the attack and the future potential for fraud.   Continue reading Equifax Data Breach, Discovered in July, Impacts 143 Million

Third-Party Sellers on Amazon Become Latest Hacking Target

Hackers are reportedly targeting third-party sellers on Amazon by using stolen email and password credentials (available for purchase from previous hacks via the “Dark Web”) in a scam to post fake product deals online and pocket cash. Thieves have changed the bank info of active sellers on Amazon to steal amounts up to tens of thousands from each and have hacked less active sellers to post merchandise that does not exist, offering products at steep discounts. While PayPal and eBay have been targeted by hackers in the past, cybersecurity experts indicate that Amazon is becoming a new target. Continue reading Third-Party Sellers on Amazon Become Latest Hacking Target

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