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WhatsApp Worm Infects Devices and Compromises User Banking Information

 


There has been a troubling revelation in the cybersecurity community that cybercriminals continue to weaponise trusted digital ecosystems by deploying highly sophisticated malware campaigns that use WhatsApp's messaging platform to infiltrate users throughout Brazil, demonstrating that cybercriminals continue to use trusted digital ecosystems to their advantage. 

This large-scale operation, which was detected on September 29, 2025, exhibits unprecedented technical precision and social engineering skills, manipulating user trust in order to achieve rapid and silent propagation of the virus. There has been an increased use of WhatsApp Web by the attackers in attempts to propagate malicious LNK and ZIP files disguised as harmless attachments sent from compromised contacts. 

The attackers have chosen to send misleading messages that convincingly mimic genuine communication to lure their victims into execution. The moment that an unsuspecting recipient opens a file that contains malware on a desktop system, the malware stealthily executes a fileless infection chain, which is designed to steal credentials from financial institutions as well as cryptocurrency exchanges as they conduct their transactions. 

Researchers have determined that the campaign was linked to a broader operation known as "Water Saci," which shows a level of sophistication and scale not typically seen in regional cybercrime. There is evidence in the code of the malware, Maverick and Sorvepotel, that is code-like to the notorious Coyote Trojan, pointing to a new evolution of Brazilian cybercrime tools that target the thriving ecosystem of digital finance in the country. 

In contrast to typical attacks that are primarily focused on data theft and ransomware deployment, this particular operation places a high value on rapid self-propagation and wide infiltration. 

By cleverly leveraging social relationships, the infection process distributes malicious files through the accounts of already infected users to embed itself deeper into trusted networks as a result. It is estimated that over 400 corporate environments have already been compromised by this threat, and more than 1,000 endpoints have been affected, proving that the campaign's aggressive reach and operational efficiency are evident because command-and-control servers validate each download to ensure that it comes directly from the malware. 

Nevertheless, this technique complicates automated security analysis and network defence, making it significantly more difficult to detect and deter the threat. The malware was written primarily in Portuguese and distributed by localised URLs. As a result of its design, it suggests that a deliberate effort was made to target the individual consumer as well as corporate users in Brazil's rapidly growing cryptocurrency and financial sectors.

Besides the campaign's regional implications, this campaign serves as a stark reminder of the convergence that has been taking place in modern cyberattacks between social manipulation and advanced technical execution. 

With this new wave of WhatsApp-targeted malware exploiting trust, automation, and the interconnectedness of messaging platforms, people are witnessing a concerning shift in the cyber threat landscape, one where they can no longer assume the familiar is safe. It has been reported that the Sorvepotel malware has impacted many sectors throughout Brazil, not just individual users. The malware has penetrated a wide range of sectors throughout the country.

A Trend Micro cybersecurity researcher stated that public and government service organisations have been the most severely affected, followed by manufacturing, technology, education, and construction organisations. However, as attackers continue to refine and expand their tactics, other Latin American countries may soon have to face similar threats. 

Although the current campaign is focusing primarily on Brazil, experts warn that similar threats may soon impact other Latin American countries. There is no doubt that the Sovepotel infection chain is extremely deceptive. It spreads mainly through phishing messages sent via compromised contacts' WhatsApp accounts. It is common for these messages, which appear to come from trusted friends or colleagues, to contain malicious ZIP files, which appear as if they were legitimate files-such as receipts, budget documents, or health-related documents, written in Portuguese. 

These files are aimed at attracting enterprise users rather than casual mobile users, as they are urged to open them on desktop computers. Once the malware has been executed, it will spread automatically through WhatsApp Web, sending mass messages which will not only expedite its spread but will also lead to the suspension of infected accounts for excessive spam activity, as well as the spreading of the malware. 

Several researchers have noticed that, in addition to parallel phishing campaigns through email, attackers may also distribute ZIP files containing similar content from seemingly legitimate corporate addresses, increasing the likelihood of infection. There is already a substantial scale of operation, with over 400 customer environments reported as compromised, which is an indication that the worm has spread rapidly and is extremely effective in its operational aspects. 

By targeting Brazilian financial institutions and cryptocurrency exchanges, the group illustrates a deliberate effort to monetise itself by stealing credentials and gaining unauthorised access to financial resources, even though analysts warn that the same techniques can be adapted to other countries as well. Depending on the severity of the attack, financial consequences can range from immediate unauthorised withdrawals to long-term identity theft and the loss of a victim's reputation. 

Cybersecurity experts, for this reason, emphasise the need to adopt multilayered defence strategies. Educating users and organisations on how to keep them safe requires them to avoid suspicious links, even those shared by familiar contacts, as well as verify their authenticity by using alternative channels for communications. It is crucial to maintain an updated application base, enable two-factor authentication across financial and communication platforms, and keep reputable antivirus software in place to minimise exposure. 

Additionally, it is important to monitor financial accounts for unusual activity and conduct frequent data backups to prevent future losses. It is important to note that research indicates that awareness and education remain the best defences, as they ensure both individuals and organisations are prepared to recognise, resist, and report emerging social engineering threats as soon as they emerge, so they are not caught by surprise.

Based on the technical analysis of the campaign, people have discovered that the infection mechanism in the campaign was highly sophisticated and stealthy in order to evade detection and achieve persistence without leaving any traditional forensic evidence. During the first stage of infection, a victim receives a malicious ZIP archive through WhatsApp Web, which contains a malicious LNK file disguised as a legitimate document. 

These LNK files are often presented by generic names, or they are branded to resemble correspondence from a bank. In the accompanying Portuguese language message, the recipient is advised to open the file on a computer, as it specifies that "visualisations can be performed only on computers," and even suggests Chrome users select the "keep file" option due to the ZIP format of the file. 

When the LNK file has been executed, it launches cmd.exe with embedded commands that trigger a PowerShell script, which is responsible for contacting a remote command and control server via a PowerShell script. Using this server, each request is meticulously verified, allowing downloads only if the "User-Agent" header is detected to be unique to the PowerShell process. 

By doing so, the server effectively blocks unauthorised access and automated analysis attempts, blocking common attacks. Using PowerShell, the embedded .NET file will be decoded and executed as a live assembly by using byte-level manipulation, thereby making the infection completely fileless, because it will be performed entirely in memory.

It is quite hard to reverse engineer this initial loader because it is heavily obfuscated by controlling flow flattening, indirect function calls, and randomised naming conventions. A key part of the malware's function is to download and decrypt two encrypted shellcodes from the C2 server, authenticated by a cryptographic HMAC signature. 

The attacker's custom key — "MaverickZapBot2025SecretKey12345"— generates an API token that allows it to fetch these payloads only. Additionally, the campaign is further protected from external scrutiny by the custom key. 

The decrypted data contains a Doughnut-based loader that is responsible for initiating two distinct execution paths: the first delivers the “MaverickBanker” Trojan, while the second targets the WhatsApp infector module. Subsequent stages continue along this elaborate path. Secondary loaders are responsible for retrieving a .NET assembly named "Maverick.StageOne," a component that will download and execute the WhatsApp infector, a self-propagating component intended to hijack a victim's session and automate the delivery of messages, in an attempt to hijack their data. 

By using open-source automation tools like WPPConnect and Selenium browser drivers, this module can detect an active WhatsApp Web window and begin sending malicious files to the victim's contacts in order to maintain infection. During this stage in Brazilian culture, WhatsApp is referred to as the “ZAP,” a colloquial term referring to its localised development and social engineering techniques. 

Despite the multiple layers of obfuscation used in the malware, analysts have been able to reconstruct the malware's workflow, confirming that the malware has a modular structure, reuses shared functions, and intends to maintain a large-scale self-replication network across multiple interconnected networks, confirming its intent to be able to replicate itself. 

With an intricate combination of automation, encryption, and behavioural evasion, large-scale cybercrime operations are being carried out using everyday communication tools in a manner that represents a new frontier in weaponising these tools. A technical analysis of the Water Saci campaign has demonstrated that an advanced and meticulously engineered infrastructure was used to ensure persistence, propagation, and stealth of the campaign.

During the first stage of the PowerShell script, an Explorer process is secretly launched, which will be used to retrieve further payloads from multiple command-and-control (C2) servers, including the ones hosting zapgrande.com, expansiveuser.com, and sorvetenopote.com. As can be seen from embedded Portuguese-language comments embedded within the code, the threat actor intentionally attempted to weaken the system’s defences by executing commands in Microsoft Defender to disable User Account Control (UAC). 

As a result of the deliberate security modifications, the malware can perform privileged operations uninterrupted, creating an environment where subsequent payloads are not detected. In addition, the campaign delivers one of two distinct payloads, depending on the system profile of the victim: a legitimate Selenium browser automation framework, which is coupled with ChromeDriver, or the more destructive Maverick banking Trojan. 

A Selenium component is used to simulate active browser sessions, enabling attackers to hijack WhatsApp Web accounts for the purpose of distributing malicious files to new victims, leading to the propagation of the worm's self-propagation cycle. Maverick, on the other hand, focuses on credential theft, monitoring user browsing activity to determine how to gain access to Brazilian financial institutions and cryptocurrency exchanges before deploying additional. NET-based malwaretoo harvest sensitive information about their customers. 

Despite the fact that the campaign is quite adaptable to the dual payload mechanism, the researchers from Trend Micro point out that, combined with the campaign's ability to spread independently, this represents a significant escalation in regional cyber threats, and if left unchecked, can easily spread beyond Latin America. 

It is particularly challenging due to the campaign's worm-like nature: after the initial infection, the malware sends further malicious messages to the victim's WhatsApp contacts, creating a fast and exponential infection network based on the social trust that has been established. Because recipients are much more likely to open attachments from familiar sources, this strategy has a dramatic impact on the success rate of the malware. 

In an effort to make the world a more secure place, cybercriminals are increasingly exploiting widely used communication platforms to deliver fileless and evasive attacks, according to experts, which marks a significant change in the global threat landscape. WhatsApp is used extensively across Brazil for personal and professional purposes and is therefore a lucrative target for cybercriminals. Despite the growing threat, researchers have urged organisations to take proactive defensive measures to reduce risks.

It is recommended that administrators disable auto-downloads of media and documents on WhatsApp, implement firewall and endpoint policies restricting file transfers from personal applications, and enforce application whitelisting or containerization in BYOD environments to prevent malicious attacks. 

The importance of employee awareness programs cannot be overstated - users need to be trained in recognising and reporting suspicious attachments and links, even those sent by trusted contacts. Responding quickly to PowerShell execution alerts as well as maintaining updated endpoint security tools can help further contain infections in their earliest stages. 

Experts warn that to be able to fight these kinds of threats, companies must maintain vigilance, implement layers of defences, and foster an organisational culture that fosters awareness -- elements that have become increasingly important as malicious software that thrives on trust and connectivity spreads.

WhatsApp's "Water Saci" operation illustrates how cyber tactics are rapidly transforming the way people manage digital risk in everyday communication due to their rapid advancement. The attackers continue to exploit the familiarity of trusted platforms, so the user and organisation alike must adopt a more comprehensive protective framework that combines technology, awareness, and behavioural caution to protect themselves.

By implementing robust defences such as endpoint monitoring, adaptive threat detection, and strict file transfer controls, it may be possible to reduce exposure to such fileless and socially engineered threats. The reduction of infection rates can also be drastically reduced when the workplace culture is rooted in cybersecurity mindfulness-where verification precedes action.

The strategic collaboration between cybersecurity companies, financial institutions, and policy regulators will be crucial if people are to identify early signs of compromise and neutralise threats before they become a problem. It is important that individuals as well as organisations embed proactive vigilance and shared accountability as part of their digital habits, ensuring that trust in modern communication tools remains a strength instead of a weakness for both parties.

Cybercriminals Stole Thousands of Australians' Banking Details

 

Security experts believe that more than 30,000 Australians' banking details have been compromised online. According to Dvuln, an Australian computer security firm, the exposed data, discovered during the last four years, refers to "multiple major banks". However, rather than being stolen from banks, the credentials were swiped from customers' devices by hackers employing "infostealer malware infections". 

Dvuln warned that the data only reflects a "fraction" of the situation. Details from ten thousand users of one bank were discovered on "infostealer logs" where perpetrators can share and sell the information. Another bank had 5000 details found, while another had 4000. 

Customers from Australia's major banks, such as Commonwealth Bank, NAB, ANZ, and Westpac, had their information compromised. Dvuln advises that multi-factor authentication, which is increasingly required to access banking apps or websites, is "not a complete defence.” 

"The infections targeted individual user devices and harvested their credentials, rather than compromising banking infrastructure directly," the report said. 

Financial institutions, government, cybersecurity professionals, and the public must take coordinated action to mitigate the gap between endpoint compromise and financial misuse. 

Malicious software, or infostealer malware, is "one of the most pervasive yet underreported threats facing Australia's financial sector," the report further reads. The CEO of the Australian Banking Association, Anna Bligh, stated that the issue is not a breach of bank security systems, but rather the access of data from personal devices like laptops and phones.

"Keeping customers secure online is the top priority for Australia's banks," Blight stated. "They continue to invest in security defences to help keep customers safe, including using advanced intelligence systems to monitor both open and dark web sources for compromised customer credentials.” 

CommBank also recommended users to develop and change unique, strong passwords on a regular basis, install and maintain reliable anti-virus software, monitor their accounts and enable transaction notifications, and contact them if they see any suspicious behaviour.

Virtual Credit Cards: How They Work, Benefits, and Security Features

 

Virtual credit cards are digital versions of traditional credit cards, designed to enhance security in online transactions. Instead of using a physical card number, they generate a unique number for each purchase, reducing the risk of data breaches and fraud. If compromised, a virtual card can be canceled without affecting the main credit card account, making it a valuable security tool. 

Many issuers also provide immediate access to virtual cards upon account approval, allowing users to shop before receiving their physical card. Virtual credit cards function by generating a random 16-digit number linked to a real credit card account. They can be used for online purchases, certain phone transactions, and even in physical stores if added to a digital wallet like Apple Pay or Google Pay. Unlike traditional cards, virtual cards often allow users to set expiration dates and spending limits, giving them greater control over their transactions. Although similar, virtual credit cards are different from digital wallets. 

Digital wallets, such as Apple Pay and Google Pay, store actual card details and other digital assets, while virtual cards generate new numbers for each transaction, offering more protection against cyber threats. However, virtual cards do have limitations—they may not be accepted at all physical locations and can pose challenges for hotel or rental car bookings that require a physical card. Additionally, not all credit card issuers offer virtual cards. To obtain a virtual credit card, users should check if their issuer provides this feature. 

Some banks, like Capital One and Citi, offer virtual card numbers through browser extensions or account portals. Others, such as Chase and Wells Fargo, do not provide one-time-use virtual cards but allow integration with digital wallets. Once generated, users can adjust settings like spending limits and expiration dates to enhance security. While virtual credit cards add an extra layer of protection, they are not entirely foolproof. Hackers may still access an active virtual card, but most issuers provide fraud protection, ensuring users aren’t liable for unauthorized transactions. 

If compromised, a virtual card can be canceled and replaced without changing the main account number. To further enhance online security, consumers can use digital wallets, secure payment platforms like PayPal, and avoid storing payment details in web browsers. Using strong passwords, shopping only on secure networks, and enabling multi-factor authentication also help prevent fraud. 

For those interested in a virtual credit card, the process is simple—choose a card that offers this feature, apply through the issuer’s secure site, and access a virtual number upon approval. By integrating virtual credit cards into their payment methods, users can enjoy safer and more controlled online transactions.

Here's The Ultimate Guide to Virtual Credit Card in Safeguarding Online Privacy

 

Virtual credit cards are digital versions of physical credit cards. They generate a unique credit card number that you can use instead of your physical card number, avoiding the merchant from storing your credit card data and making your financial data more safe. 

With security breaches in the news, using a virtual card adds an extra degree of security. Several major credit card issuers provide virtual cards, although there are several outliers. Virtual credit cards provide more than just security. A virtual credit card allows you to utilise a newly created account before the physical card arrives, allowing you to collect rewards right away or make progress towards a welcome bonus. 

Are virtual cards safer than physical cards? 

Virtual cards provide an additional layer of security over physical cards by safeguarding your real credit card information. This makes them safer than physical cards in various aspects: 

  • Virtual credit cards might have spending caps and be restricted to specific merchants. They can also be configured for single use, deactivating automatically after the very first transaction. These restrictions provide extra fraud protection compared to a standard credit card.
  • Unlike conventional credit cards, virtual cards cannot be stolen or misplaced. If you carry a physical credit card and it is stolen, you may be susceptible to scam. Virtual cards are stored in your digital wallet, keeping you secure from fraud.
  • Virtual credit cards must adhere to the Payment Card Industry Data Security Standard (PCI DSS), which includes standards and guidelines aimed at safeguarding credit and debit transactions and preventing the exploitation of cardholder data. 

Benefits and drawbacks 

Virtual credit cards have many benefits, but there are a few drawbacks. Here are some of the advantages and disadvantages of virtual cards.

Pros: 

Enhanced security: Using virtual cards to make online transactions safeguards your actual credit card information and adds an extra layer of security over physical credit cards. Flexibility: Without changing your actual credit card, you can choose which vendors you want to use the card with, set up expiration dates, and create specific spending limitations.

Convenience: Virtual credit cards are generated instantly and can be utilised immediately for online purchases and contactless payments. Cons: Not always able to utilise them in-store: Not every retailer accepts contactless methods like Apple Pay or Google Pay. When it comes to in-store stores, you can be constrained, even though virtual cards are perfect for internet buying. 

Cons:

Refunds could be difficult: Every retailer has different regulations, and some could only give refunds for the original payment method. If you utilised a virtual credit card number that is no longer active, this can be an issue. Instead, you may get a cheque, a gift card or store credit in this situation.

Unsuitable for reservations: It may be challenging to match your payment method at check-in if you use a virtual card to make a hotel reservation. Since hotels usually need a physical card when you check in, using a virtual card can need further verification, such as getting in touch with your bank.

Cybercriminals Exploit Identity Verification Systems

 


Cybercriminals on the dark web have developed new ways to exploit identity verification systems. Rather than hacking or stealing personal information, they are purchasing it directly from individuals, as revealed by security researchers at iProov. This approach allows them to bypass Know Your Customer (KYC) processes used by businesses to verify customer identities. Researchers found that a criminal group in Latin America is gathering identity documents, such as passports and driver's licenses, along with corresponding facial images. 

In some cases, these criminals pay individuals for their personal data. While the exact amount paid remains unclear, this practice raises serious concerns. This group’s activities extend beyond Latin America, with similar tactics reported in Eastern Europe. Law enforcement agencies in these regions have been alerted to the threat. 
 
Why Is This Dangerous? 
 
Selling personal data equips fraudsters with real identity "kits," which combine authentic documents with matching biometrics. This makes it challenging to identify the kits as counterfeit. According to iProov Chief Scientific Officer Andrew Newell, these kits enable criminals to execute sophisticated impersonation scams, putting victims’ financial security and personal identities at risk. 
  
What Can Be Done? 
 
Classic verification methods have proven inadequate against such advanced attacks. iProov recommends implementing multi-layered security measures to combat these threats. Key steps include:
  • Real-Time Authentication: Verifying that the user is a human being in real-time.
  • Identity Verification: Ensuring the user matches the rightful owner of the presented identity.
These layered methods significantly hinder cybercriminals, even when they possess convincing identity data. iProov notes that even sophisticated attackers struggle to bypass such systems while maintaining realistic interactions.
  • Never sell or share your personal information, regardless of incentives.
  • Be cautious of schemes offering money for personal data, as they can fuel large-scale fraud.
  • Stay vigilant and report any suspicious activity to relevant authorities.
As cybercriminals continue to innovate, businesses must invest in robust security systems, and individuals must take proactive steps to safeguard their sensitive information.

Preventing Credit Card Fraud in 2024: Tips to Avoid Declined Transactions and Fraud Alerts

 

Credit card fraud is a growing issue, with over 60% of cardholders experiencing attempted fraud in 2023. The use of AI by cybercriminals has dramatically increased, allowing them to open hundreds of accounts daily. Global losses from card fraud reached $33 billion in 2022, with the U.S. accounting for 40% of these losses. 

Although AI is part of the problem, it is also crucial to the solution. Companies like Visa and Mastercard are using AI to enhance their fraud detection systems, reducing false alerts while improving accuracy. Beyond traditional credit card fraud, criminals are now focusing on stealing other types of personal data, such as social security numbers, to commit more sophisticated financial crimes. This shift highlights the importance of comprehensive fraud prevention systems that account for more than just card theft. 

The decrease in false credit card purchases, down 5.4% from 2023, reflects improvements in fraud detection, with Mastercard noting a 20% increase in fraud detection accuracy thanks to AI technology. To minimize the risk of fraud, consumers should adopt strong security measures such as two-factor authentication, biometric passcodes, and password managers. Shopping on reputable sites and using secure payment methods like tap-to-pay can also help reduce exposure to fraudulent activity. Monitoring services and setting personalized fraud alert thresholds can ensure that consumers are notified only when necessary, cutting down on false alerts. 

One key trigger for fraud alerts is changes in shopping behavior, such as buying high-ticket items or frequent purchases from new vendors. These patterns raise red flags, prompting card companies to issue alerts or block transactions. To avoid these issues, consumers can notify their card companies of upcoming travel or large purchases in advance, helping to reduce false fraud alerts. Despite the inconvenience of fraud alerts, they are essential in preventing unauthorized transactions. Consumers are encouraged not to ignore these alerts, even if they seem excessive. 

Experts like Satish Lalchand emphasize the importance of vigilance, as fraud is expected to remain a significant threat. Properly understanding fraud alerts and securing personal data is crucial in staying one step ahead of cybercriminals. To further protect against fraud, individuals should avoid using public Wi-Fi for online transactions and consider freezing their credit to limit unauthorized access. Regularly monitoring credit reports and financial accounts for unusual activity is also essential. Using secure mobile payment methods like tap-to-pay or mobile wallet apps adds an extra layer of protection. 

Financial institutions are continuing to enhance their fraud detection systems, and consumers must take proactive steps to stay vigilant. This combination of personal responsibility and advanced security measures can significantly reduce the chances of falling victim to fraud.

Ransomware Group Brain Cipher Targets French Museums During Olympics

 

The ransomware group Brain Cipher has claimed responsibility for a cyberattack on several French National Museums that took place during the Olympic Games earlier this month. The attack, which targeted institutions managed by the Réunion des Musées Nationaux – Grand Palais (RMN-GP), allegedly compromised 300 GB of data from a system used to centralize financial information. 

Despite the group’s threat to leak the stolen data, they have not yet revealed the nature of the information. The French Cybersecurity Agency (ANSSI) confirmed it was alerted to the attacks and promptly provided assistance to RMN-GP. ANSSI assured the public that the incident did not affect any systems related to the Olympic Games. Events like taekwondo and fencing, hosted by the RMN-GP, continued without disruption. RMN-GP also confirmed that there were no operational impacts, encrypted systems, or extracted data detected in connection with the attack. 

Nevertheless, the situation remains closely monitored as the countdown to the data leak continues on Brain Cipher’s blog, set to occur at 20:00 UTC. Brain Cipher is a relatively new ransomware group that first emerged in June 2023. Since then, the group has been linked to various cyberattacks targeting different sectors, including medical, educational, and manufacturing organizations, along with Indonesian government servers. Despite their activities, the group has attempted to maintain a controversial public image. 

In one case, they apologized for a cyberattack on Indonesian government servers, claiming they were acting as penetration testers rather than criminals. They even released a decryptor to restore the locked files without being pressured by the government, presenting themselves as ethical hackers or white-hat operators, although their actions and motives remain dubious. The data allegedly stolen from RMN-GP is believed to involve sensitive financial information, but no further details have been disclosed by Brain Cipher. 

The threat of releasing such a large volume of data has sparked concerns over potential exposure of confidential details, which could affect both the organization and the individuals associated with it. As the clock ticks down to the group’s proposed leak, questions are raised about the nature of the stolen data and the potential fallout from its exposure. Cyberattacks like this highlight the growing threat posed by ransomware groups to both public and private institutions worldwide. 

The incident also underscores the importance of robust cybersecurity measures, particularly during high-profile events such as the Olympic Games. Although there has been no impact on the Olympic-related systems, the attack serves as a reminder of the constant vigilance required to protect critical infrastructure and data.

Snowflake Faces Declining Growth Amid Cybersecurity Concerns and AI Expansion

 

Snowflake Inc. recently faced a challenging earnings period marked by slowing growth and concerns following multiple cyberattacks. Despite being an AI data company with innovative technology, these events have impacted investor confidence, causing the stock price to retest recent lows. The company’s latest financial results reflect a continuing trend of decelerating growth, which is compounded by a valuation that assumes far higher growth rates than currently achieved.  

Snowflake’s sales growth has slowed considerably, with its FQ2 revenue growing by just under 29%, down from nearly 33% in the previous quarter. Projections for FQ3 suggest an even sharper decline, with product revenue growth forecasted to rise by only 22% year-over-year. The slowdown in revenue is significant, with growth rates expected to dip to as low as 20% in FQ4. In past quarters, Snowflake experienced higher sequential growth on a much smaller base, indicating that the company’s growth challenges are becoming more pronounced as it scales. The deceleration in sales has not been mitigated by the company’s focus on AI. During the earnings call, Snowflake highlighted the adoption of AI technologies among its 2,500 customers. 

However, these new product features, such as those centered around AI products like Cortex, are not expected to materially impact revenues in the near term. Snowflake’s guidance for FY 2025 does not factor in any significant contributions from these AI initiatives, further dampening expectations for a quick turnaround. Snowflake’s recent performance is further complicated by lingering cybersecurity issues. The company faced a series of cyberattacks where customer data stored on their platforms was compromised, partly due to inadequate sign-on controls by customers. Additionally, the recent CrowdStrike (CRWD) cybersecurity incident has only added to investor concerns about the company’s data security posture. 

Despite the concerns, Snowflake points to growth in remaining performance obligations (RPOs), with commitments reaching $5.2 billion, a 48% increase. Yet, management admits that RPOs may not be the best leading indicator for growth, given that product revenue is declining. The company also contends with multiple top customers operating on flexible, month-to-month contracts, which creates uncertainty in long-term revenue projections. Snowflake remains priced for perfection, trading at 12 times its FY25 revenue target of $3.5 billion, with a fully diluted market cap of $41.4 billion. However, the stock price has already fallen nearly 50% this year, and non-GAAP gross margins are slim, sitting at just 5% in the most recent quarter. 

While Snowflake generates significant free cash flow due to upfront customer payments, it also carries future obligations, further straining its financial outlook. The key takeaway for investors is that while Snowflake continues to innovate in AI and data management, it faces substantial headwinds due to slowing growth, cybersecurity concerns, and a valuation that does not reflect current market realities. Given these factors, potential investors might be wise to stay on the sidelines until there is clearer evidence of a turnaround in the company’s growth trajectory.

A Surge in Advanced Fraud Techniques is Eroding Business Trust

 

Fraudsters seem to be perpetually ahead of the curve. Early in 2022, research indicated that one in four online accounts was fraudulent, a figure that has only escalated since. In the auto lending sector alone, losses amounted to $7.9 billion due to a 98% rise in synthetic fraud in 2023. Fraudsters, leveraging generative artificial intelligence, are increasing both the complexity and volume of fake accounts, bypassing verification processes and defrauding businesses.

The surge in stolen and synthetic identities has introduced new challenges. Many businesses are now grappling with fake customers within their systems. For example, financial institutions inadvertently extending credit to synthetic identities and educational institutions dealing with applications from non-existent students. However, efforts to combat these fraudulent activities often unintentionally alienate genuine customers.

Advances in AI have given rise to "super-synthetic" identities, which pose an even greater threat than their predecessors. These identities are entirely self-learning and automated. Instead of relying on brute force, they adopt a more sophisticated approach, engaging in small, human-like transactions over extended periods. AI enables these fraudsters to create convincing replicas of an ideal customer, such as a college freshman seeking financial aid. This methodical activity often evades detection, ultimately leading to successful fraudulent applications for credit.

A fitting analogy from the Dune series illustrates this concept: just as the warriors’ shields deflect high-speed projectiles but allow slow-moving blades to penetrate, security systems tuned to detect mass-produced fake identities may miss the subtler, slower fraud attempts. This nuanced approach enables fraudsters to sneak past defenses undetected, causing significant financial damage.

In response to sophisticated fraud attempts, many organizations have tightened their security measures, sometimes to the detriment of legitimate customers. Overly sensitive systems can result in numerous false positives, leading to customer frustration and abandoned applications. Normal activities, such as using VPNs, abbreviated names, or accessing accounts while traveling, can trigger these security measures, necessitating manual reviews and additional verification steps that drive customers away.

To effectively combat fraud, financial institutions and other industries must focus on building trust. Quickly verifying a user’s identity while minimizing delays and additional security steps benefits both customer satisfaction and business ROI. Implementing trust-based security protocols that assess user actions, rather than just credentials, can help. Factors like geolocation, activity frequency, VPN usage, and behavior on other sites can create a comprehensive trust profile. By leveraging these trust signals, businesses can avoid overly stringent security measures that deter legitimate users. This approach allows for a smoother user experience while maintaining robust security, preventing fraud without compromising customer satisfaction.

Behind the Scenes: How Patelco Responded to the Ransomware Threat


Patelco Credit Union, a prominent financial institution based in Dublin, has been thrust into the spotlight due to a crippling ransomware attack. 

With over half a million members affected, the situation underscores the critical importance of robust cybersecurity measures for financial institutions. In this blog post, we delve into the details of the attack, its implications, and the lessons we can learn from Patelco’s experience.

Patelco Credit Union Ransomware Attack

Four days after a ransomware attack disabled its systems, Patelco Credit Union could not inform its members when banking activities would resume.

The Dublin-based credit union has yet to provide additional information on the security incident that has prevented members from making electronic payments, deposits, or transfers since last weekend.

Customers continued to wait in lines to use bank ATMs on Tuesday, forcing them to visit Patelco locations around the state to withdraw cash, even though they can still not view their statement balances or any other information about their online banking.

The Attack Unfolds

The Lockdown: Patelco’s online banking services ground to a halt as the attack unfolded. Members were unable to make electronic payments, access their account balances, or conduct transactions. The situation escalated rapidly, leaving customers frustrated and anxious.

Phishing Email as the Gateway: Cybersecurity experts suspect that the attackers gained entry through a phishing email. These deceptive emails trick recipients into revealing sensitive information or clicking on malicious links. In Patelco’s case, an unwitting employee may have inadvertently provided the attackers with a foothold.

Encryption and Ransom Demand: Once inside Patelco’s systems, the hackers encrypted critical data, effectively locking the credit union out of its own infrastructure. The term “ransomware” aptly describes their next move: they demanded payment in cryptocurrency in exchange for decrypting the files.

The Response

Member Disruptions: Patelco’s half a million members faced significant disruptions. Unable to check balances, transfer funds, or pay bills online, they turned to ATMs and physical branches. The inconvenience was palpable, highlighting the importance of uninterrupted digital services.

Assets and Vulnerabilities: Patelco manages a substantial $9 billion in assets across its 37 branches. The attack raises questions about the security posture of financial institutions. Are credit unions like Patelco adequately protected? Or are they, as some experts suggest, “soft targets” compared to larger banks?

Transparency and Communication: Patelco responded swiftly by creating a dedicated website to keep members informed. Regular updates on the security breach, restoration efforts, and collaboration with cybersecurity experts demonstrate transparency and a commitment to resolving the crisis.

What can be done

  • Invest in Cybersecurity: Financial institutions, regardless of size, must prioritize robust cybersecurity measures. Regular employee training on recognizing phishing attempts, network segmentation, and incident response plans are essential.
  • Backup and Recovery: Regular data backups and tested recovery procedures can mitigate the impact of ransomware attacks. Patelco’s ability to restore services promptly will depend on its preparedness in this area.
  • Third-Party Collaboration: Patelco’s engagement with external cybersecurity experts is commendable. Collaborating with specialists who understand the evolving threat landscape is crucial.

ATM Card Trap Scam: How to Stay Safe

ATM Card Trap Scam: How to Stay Safe

ATMs have become an integral part of our lives. They provide convenient access to cash and banking services. However, criminals are always finding new ways to exploit technology for their gain. One such deceptive scheme is the ATM card trap scam. 

The ATM card trap scam is a sophisticated method used by fraudsters to take your money and personal information. Let’s dive into what it is and how you can protect yourself.

What is the ATM Card Trap Scam?

The ATM card trap scam involves fraudsters using skimming devices to steal your card information and distract you from stealing your Personal Identification Number (PIN). Here’s how it works:

Tampered ATMs: Scammers physically alter the ATM’s card reader. They may attach a skimming device or even remove the reader entirely, causing your card to get stuck.

Feigning Helpfulness: When your card gets stuck, a seemingly helpful stranger might appear. They offer assistance, but their real goal is to distract you.

PIN Stealing: The scammer may convince you to re-enter your PIN to “unstick” the card. While you do so, they observe your keystrokes or offer to call the bank for you.

Emptying Your Account: Once you leave, the scammer retrieves your card and withdraws money using your stolen PIN.

Tips to Stay Safe:

Inspect the ATM: Before using an ATM, examine it for anything unusual around the card slot. Look for suspicious attachments or loose components.

Check for Tampering: Be cautious if the card reader looks different or if there are hidden cameras. Cover your hand while entering your PIN.

Avoid Relying on Strangers: If your card gets stuck, don’t seek help from strangers. Instead, contact your bank directly using the customer service number on the back of your card or through the official app.

Never Share Your PIN: Bank officials will never ask for your PIN over the phone or in person. Keep it confidential.

Choose Secure ATMs: Opt for ATMs in well-lit areas with security cameras. Prefer those located inside bank branches during operating hours.

Report Tampered ATMs: If you notice a tampered ATM, report it to the bank and authorities immediately.

The Vulture in Cyberspace: A Threat to Your Finances


In the digital landscape where information flows freely and transactions occur at the speed of light, a new predator has emerged. Aptly named the “Vulture,” this cyber threat silently circles its unsuspecting prey, waiting for the right moment to strike. Its target? Your hard-earned money, nestled securely within your bank account.

The Anatomy of the Vulture

The Vulture is not a physical bird of prey; it’s a sophisticated malware strain that infiltrates financial systems with surgical precision. Unlike its noisy counterparts, this digital menace operates silently, evading detection until it’s too late. Let’s dissect its anatomy:

Infiltration: The Vulture gains access through phishing emails, compromised websites, or infected software updates. Once inside, it nests within your device, waiting for the opportune moment.

Observation: Like a patient hunter, the Vulture observes your financial behavior. It tracks your transactions, monitors your balance, and studies your spending patterns. It knows when you receive your paycheck, pay bills, or indulge in online shopping.

Precision Attacks: When the time is right, the Vulture strikes. It initiates fraudulent transactions, transfers funds to offshore accounts, or even empties your entire balance. Its precision is chilling—no clumsy mistakes, just calculated theft.

The Revelation

The recent exposé by The Economic Times sheds light on the Vulture’s activities. According to cybersecurity researchers, this malware strain has targeted thousands of unsuspecting victims worldwide. Its modus operandi is both ingenious and terrifying:

Social Engineering: The Vulture exploits human vulnerabilities. It sends seemingly innocuous emails, masquerading as legitimate institutions. Clicking on a harmless-looking link is all it takes for the Vulture to infiltrate.

Zero-Day Vulnerabilities: The malware exploits unpatched software vulnerabilities. It thrives on the negligence of users who delay updates or ignore security warnings.

Money Mule Networks: The stolen funds don’t vanish into thin air. The Vulture employs intricate money mule networks—a web of unwitting accomplices who launder the money across borders.

Protecting Your Nest Egg

Fear not; there are ways to shield your finances from the Vulture’s talons:

Vigilance: Be wary of unsolicited emails, especially those requesting sensitive information. Verify the sender’s authenticity before clicking any links.

Software Updates: Regularly update your operating system, browsers, and security software. Patch those vulnerabilities before the Vulture exploits them.

Two-Factor Authentication: Enable two-factor authentication for your online accounts. Even if the Vulture cracks your password, it won’t get far without the second factor.

Monitor Your Accounts: Keep a hawk eye on your bank statements. Report any suspicious activity promptly.

Moving Ahead

The Vulture may be cunning, but we can outsmart it. By staying informed, adopting best practices, and maintaining digital hygiene, we can protect our nest eggs from this relentless predator. Remember, in cyberspace, vigilance is our armor, and knowledge is our shield

UK Government’s New AI System to Monitor Bank Accounts

 



The UK’s Department for Work and Pensions (DWP) is gearing up to deploy an advanced AI system aimed at detecting fraud and overpayments in social security benefits. The system will scrutinise millions of bank accounts, including those receiving state pensions and Universal Credit. This move comes as part of a broader effort to crack down on individuals either mistakenly or intentionally receiving excessive benefits.

Despite the government's intentions to curb fraudulent activities, the proposed measures have sparked significant backlash. More than 40 organisations, including Age UK and Disability Rights UK, have voiced their concerns, labelling the initiative as "a step too far." These groups argue that the planned mass surveillance of bank accounts poses serious threats to privacy, data protection, and equality.

Under the proposed Data Protection and Digital Information Bill, banks would be mandated to monitor accounts and flag any suspicious activities indicative of fraud. However, critics contend that such measures could set a troubling precedent for intrusive financial surveillance, affecting around 40% of the population who rely on state benefits. Furthermore, these powers extend to scrutinising accounts linked to benefit claims, such as those of partners, parents, and landlords.

In regards to the mounting criticism, the DWP emphasised that the new system does not grant them direct access to individuals' bank accounts or allow monitoring of spending habits. Nevertheless, concerns persist regarding the broad scope of the surveillance, which would entail algorithmic scanning of bank and third-party accounts without prior suspicion of fraudulent behaviour.

The joint letter from advocacy groups highlights the disproportionate nature of the proposed powers and their potential impact on privacy rights. They argue that the sweeping surveillance measures could infringe upon individual liberties and exacerbate existing inequalities within the welfare system.

As the debate rages on, stakeholders are calling for greater transparency and safeguards to prevent misuse of the AI-powered monitoring system. Advocates stress the need for a balanced approach that addresses fraud while upholding fundamental rights to privacy and data protection.

While the DWP asserts that the measures are necessary to combat fraud, critics argue that they represent a disproportionate intrusion into individuals' financial privacy. As this discourse takes shape, the situation is pronouncing the importance of finding a balance between combating fraud and safeguarding civil liberties in the digital sphere. 


American Express Breach: Safeguarding Your Finances Amidst Third-Party Data Exposure

 

In a recent development, American Express has issued a warning to its customers regarding a potential data breach originating from a third-party merchant processor. Although the breach did not directly involve American Express systems, the credit card data of several Card Members may have been compromised. 

The data breach notification, filed with the state of Massachusetts under "American Express Travel Related Services Company," reveals that a third-party service provider engaged by various merchants experienced unauthorized access to its system. This breach led to the exposure of American Express Card account numbers, names, and card expiration data. 

While specific details such as the number of affected customers, the identity of the breached merchant processor, and the exact timeline of the attack remain undisclosed, American Express assures that its owned or controlled systems were not compromised. The notification is being shared with customers as a precautionary measure. 

American Express, in response to inquiries, emphasized its commitment to promptly investigating and notifying the appropriate regulatory authorities when a data security incident occurs. The company is also actively identifying impacted customers and providing notifications under applicable laws and regulations. 

Notably, American Express customers impacted by the breach will not be held responsible for any fraudulent charges resulting from the compromise of their credit card information. To assist customers in safeguarding their finances, the company recommends reviewing account statements over the next 12 to 24 months and reporting any suspicious activity. 

Additionally, American Express suggests enabling instant notifications through their mobile app. This feature ensures that customers receive timely alerts regarding potential fraud and notifications for every purchase made. Proactive monitoring becomes crucial in detecting and addressing any unauthorized transactions promptly. 

In the wake of a data breach, one effective precautionary measure is to consider requesting a new card number. Cybercriminals often attempt to monetize stolen credit card information on underground marketplaces. By obtaining a new card number, customers can add an extra layer of security to mitigate potential risks associated with compromised data. As customers navigate the aftermath of the American Express data breach, staying vigilant and proactive becomes paramount. 

The financial landscape is continuously evolving, and incidents like these highlight the importance of robust security measures and collaborative efforts between financial institutions and customers. The American Express data breach serves as a reminder of the ever-present cybersecurity challenges. By staying informed, leveraging available security features, and taking proactive steps to secure financial accounts, customers can fortify their defenses against potential threats in an increasingly digital world.

The Latest Prudential Financial Data Breach Exposes Vulnerabilities

 

Prudential Financial, a global financial giant managing trillions in assets, recently revealed a cybersecurity breach, putting employee and contractor data at risk. The incident, identified on February 5, highlighted the vulnerabilities in even the most robust financial institutions' cybersecurity defenses. 

Prudential Financial, a Fortune 500 company providing a spectrum of financial services to over 50 million customers globally, reported that a threat actor gained unauthorized access to some of its systems. The breach, detailed in a Form 8-K filing, exposed the severity of the incident, as the attackers managed to steal administrative and user data stored on compromised systems, including user accounts linked to employees and contractors. 

The company, managing assets worth approximately $1.4 trillion, activated its cybersecurity incident response process promptly. External cybersecurity experts were enlisted to investigate, contain, and remediate the breach. Despite these efforts, Prudential Financial did not disclose the number of employees affected among its 40,000-strong global workforce. The nature of the attack suggests a cybercrime group's involvement, potentially indicating a ransomware attack. Prudential Financial assured stakeholders that it is actively investigating the extent of the incident, aiming to determine if the threat actor accessed additional information or systems. 

The company is committed to understanding the full impact of the breach on its operations. Prudential Financial emphasized that, as of now, there is no evidence of customer or client data theft. This assertion is a relief for the millions of customers who rely on the company for insurance, retirement planning, and wealth management services. The incident has been reported to law enforcement and regulatory authorities, showcasing the company's commitment to transparency and cooperation in addressing the cyber threat. 

However, this is not the first time Prudential Financial faced a data breach. In May 2023, a further complication arose when personal information for over 320,000 Prudential customers, managed by third-party vendor Pension Benefit Information (PBI), became vulnerable. The breach was attributed to the Clop cybercrime group infiltrating PBI's MOVEit Transfer file-sharing platform. PBI, in their communication about the incident, specified that compromised data on their server included sensitive information such as names, addresses, dates of birth, phone numbers, and Social Security numbers. 

This prior breach adds a layer of complexity to the recent cybersecurity incident, prompting concerns about the overall resilience of Prudential Financial's data security infrastructure. The dual incidents underscore the evolving and persistent threats financial institutions face in the digital age. The intricacies of these breaches pose challenges not only in immediate response but also in understanding the long-term consequences on customer trust, regulatory compliance, and the overall stability of the financial services provider. 

As Prudential Financial navigates the aftermath of the recent breach, the focus on cybersecurity resilience becomes paramount. The company must reassess and fortify its security protocols to withstand evolving cyber threats. Beyond addressing the immediate vulnerabilities, Prudential Financial needs to instil confidence in its customers, employees, and stakeholders by showcasing a renewed commitment to data protection and proactive cybersecurity measures. 

The Prudential Financial Data Breach serves as a cautionary tale for financial institutions worldwide. The incident highlights the ongoing challenges in safeguarding sensitive data and underscores the critical need for continuous improvement in cybersecurity strategies. As the financial industry grapples with evolving cyber threats, institutions like Prudential Financial must not only respond effectively to breaches but also proactively invest in robust cybersecurity measures to protect their assets, reputation, and the trust of millions of customers.

Is Your Money Safe? SEC's New Rules to Guard Against Cyber Threats





In response to the escalating cyber threats faced by businesses, the U.S. Securities and Exchange Commission (SEC) has introduced a groundbreaking cybersecurity risk management rule. This development comes on the heels of a concerning 68% increase in data breaches in 2021, prompting the SEC to focus its attention on enhancing safeguards, particularly for small businesses, including those in the financial services sector.

The Key Proposals and Timelines

The SEC's proposed cybersecurity rules demand prompt action in the face of significant incidents. Covered entities must promptly alert the SEC within 48 hours, submitting detailed incident information. This mirrors global trends, aligning with the European Union's three-day requirement. Various U.S. regulatory bodies, including the Department of Homeland Security, are also emphasising the need for rapid reporting.

The Rules

Investors stand to benefit from these rules, which aim to expedite the identification and reporting of cybersecurity incidents. Such incidents have been shown to cause an average 7.5% decline in a company's stock value post-breach. Given the 277-day average duration for businesses to identify and report a data breach in 2022, the proposed regulations emphasise the necessity of quicker responses.

Preparation Strategies for Firms

Proactive measures are essential, especially in the financial services sector. A comprehensive risk assessment is vital, extending beyond technology to encompass people and processes. With social engineering attacks on the rise, employee training is key. An independent cybersecurity assessment is recommended for a holistic evaluation.

Getting Your Business Cyber-Ready

Clear steps are imperative when a cybersecurity incident surfaces. An incident response plan, involving key stakeholders like an incident manager and technical manager, is essential. Development of containment, eradication, and recovery procedures becomes critical, ensuring the ability to isolate, remove, and restore normal operations swiftly. Incident analysis aids in understanding root causes, damage extent, and the efficacy of response procedures.

The proposed SEC rules emphasise on the urgency of instantaneous and comprehensive disclosure in the face of escalating cyber threats. Firms, especially in financial services, must proactively assess risks, train employees, and establish robust incident response plans. This proactive approach not only aligns with regulatory requirements but also reinforce defenses against potential threats.




Taking Measures to Prevent Card Skimming and Shimming

Protecting your financial information is crucial in the digital era we live in today. Credit card skimming and shimming have grown to be serious risks to customers all around the world with the emergence of sophisticated cybercrime techniques. Maintaining your financial stability depends on your ability to recognize and resist these approaches.

Credit card skimmers, according to PCMag, are deceptive gadgets installed on legal card readers, such as ATMs or petrol pumps, with the purpose of capturing and storing your card information. Cybercriminals have adapted by utilizing shimmers, which are extremely thin devices inserted into the card reader slot, according to KrebsOnSecurity, which cautions that even with the switch to chip-based cards, they have done so. These shimmers allow them to intercept the data from the chip.

The Royal Canadian Mounted Police (RCMP) provides valuable insights into how criminals install skimmers. They often work quickly and discreetly, making it hard for victims to notice. They may place a fake card reader on top of the legitimate one or install a small camera nearby to capture PIN numbers.

To protect yourself, it's important to be vigilant. MakeUseOf suggests a few key steps:

  • Inspect the Card Reader: Before using an ATM or a card reader at a gas pump, take a moment to examine the card slot. Look for any unusual devices or loose parts.
  • Cover Your PIN: Use your hand or body to shield the keypad as you enter your PIN. This simple step can prevent criminals from capturing this crucial piece of information.
  • Monitor Your Accounts: Regularly review your bank and credit card statements for any unauthorized transactions. Report any suspicious activity to your bank immediately.
  • Choose ATMs Wisely: Whenever possible, use ATMs located in well-lit, high-traffic areas. Avoid standalone ATMs in secluded or poorly monitored locations.
  • Stay Informed: Keep up-to-date with the latest scams and techniques used by cybercriminals. Knowledge is your best defense.
Remaining vigilant and well-informed is your primary defense against credit card skimmers and shimmers. By adopting these practices and staying aware of your surroundings, you can significantly reduce the risk of falling victim to these insidious forms of cybercrime. Remember, your financial security is well worth the extra effort.


Are Credit Monitoring Services a Valuable Tool for Financial Security?

 


There are scammers and hackers who prey on the personal data of other people in order to gain access to their credit cards. As a result, one can obtain very sensitive information such as the name and account number of the targeted customer, as well as their social security number in order to conduct illegal transactions on their behalf. 

Data breaches can never be completely prevented, but victims can take steps to minimise the impact of such breaches by taking action while the breach is taking place. Similarly, the way one manages his/her credit also has a significant effect on his/her overall financial well-being, just as how they manage their income and expenses. 

Keeping an eye on their credit report from Equifax, TransUnion, and Experian over the course of a year is a very wise decision that can help them avoid many financial problems. Fraud and errors in credit reporting still occur every day, despite the importance of having valid credit information. 

In fact, there seems to be quite a bit of commonality with these issues. Based on a study conducted by the Federal Trade Commission, about 25% of consumers found errors in their credit report, which could have a negative impact on their credit scores if left uncorrected. This is an email the majority of Americans have seen recently: 

A large company suffered a cyberattack that resulted in the leakage of millions of the company's records. It is expected that the company will pay for a credit security service to keep a close eye on scammers using that information to obtain your personal data in order to make the issue go away. 

There is a constant trend of breach-and-buy events that have resulted in a flood of security notifications for consumers while credit card fraud reports have increased as well. While credit check services are generally regarded as a limited method of ensuring credit cards cannot be opened in the names of consumers, security experts are of the opinion that the services in general are not effective. 

In addition to making it easier for customers to receive loans and credit cards, customers who have a good credit score can also be influenced in their daily lives by employers, landlords, utility companies, and insurance companies to make a more sensible decision about them. 

There are, however, several options that can assist users in monitoring their credit reports in order to ensure they are free of frauds and errors. The user can create a free, do-it-yourself approach, or pay a credit monitoring service to assist them in this process. 

When a customer considers using a paid credit monitoring service, he or she must decide if the service is worth the money. The purpose of credit monitoring is to keep track of changes to a consumer's credit file - namely hard inquiries, new accounts, and changes in their credit score - according to the tools and services provided by credit monitoring companies.  

The credit monitoring service may offer additional features, such as a Dark Web, bank account, and identity monitoring option, depending on whether it tracks changes at one, two, or all three of the major credit bureaus (Experian, Equifax, and TransUnion).  

The most effective way for a customer to improve his or her credit score is to regularly monitor their credit. By regularly monitoring their credit, a customer is able to ensure that their credit report is accurate and that steps can be taken to improve their credit score. 

The importance of credit monitoring, however, is that it allows them to detect suspicious activity before much harm occurs. Most companies offer identity theft protection, but they are all channelled through the three credit bureaus: Equifax, Experian and TransUnion, which are key players in the business world for the information they collect about consumers and their finances, which enables them to offer users quality identity protection services.  

When hackers gained access to more than 146 million people's records through Equifax, which included their Social Security numbers for many, Equifax itself was the subject of one of the largest data breaches of all time. 

In a settlement with the Federal Trade Commission, Equifax agreed to pay $300 million for the services provided by Experian to provide credit monitoring. It is important to have some sort of credit monitoring system in place, even if the right service depends on the customer's personal situation. 

It may be a good idea to pay for a comprehensive insurance plan if customers have been a victim of identity theft before because they are at a higher risk of future identity theft and fraud if they are not already one of those victims. 

The best way to choose the best plan for a user is to know their needs and know what information they will receive from each option. It is now advisable for consumers to assume that their personal information, including their Social Security numbers, has been stolen and to focus on security basics to prevent cybercriminals from using it to their advantage. 

For instance, consumers should use a long, unique password for all their important accounts (and use a password manager if possible), employ two-factor authentication to secure their accounts, and freeze their credit in advance and then unfreeze it when it is necessary to do so. 

The number of complimentary or free security services offered to customers of banks and credit card companies continues to grow, but paid monitoring services offer customers a more comprehensive picture and offer a broader range of protection from potential threats. As it is estimated that identity theft and card fraud cost Americans billions each year, it makes sense to implement a system that monitors this type of activity. 

Despite the fact that there are many credit monitoring services available, they are not created equal. Consequently, it is very important for customers to do their research prior to signing up for a credit monitoring service to make sure they will be dealing with one of the best services in the industry.