19 April 2018
Uri Rivner

The Joy of Fraud Fighting

Uri Rivner - BioCatch

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Innovation in Financial Services

Innovation in Financial Services

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A post relating to this item from Finextra:

Phishers net EUR3m in carbon markets attack

04 February 2010  |  6899 views  |  0
Fraudsters have hit the international carbon market, using a phishing scam to steal around 250,000 permits worth over EUR3 million.

Have you lost your Carbon?

07 February 2010  |  3555 views  |  0

Butch Cassidy: You know, when I was a kid, I always thought I'd grow up to be a hero.
Sundance Kid: Well, it's too late now.
Butch Cassidy: What'd you say that for? You didn't have to say something like that.

When I grew up, one of my favorite Hollywood themes was bank robberies. From Bonnie and Clyde to Butch Cassidy and the Sundance Kid, crime movies always had daring, romantic figures up against impossible odds. And the bad guys were always challenging, creative.

Well, at least this hasn’t changed much, and it partly explains why I like fighting fraud and cybercrime so much. But now there’s a new target that, oh, I don’t know, probably won’t ignite Hollywood’s imagination that much despite the fact it’s so ingenious. I’m talking about Carbon.

The Big Carbon Robbery. Who would have thought. Raise your hands if you saw this one coming.

In a nutshell, it’s quite simple. Phishing emails leading to a fake carbon emission registry page were sent to thousands of companies around the globe. Employees from German and Czech companies are among those who fell for the scam, providing their credentials; these were later used to take over a total of 250,000 permits worth 3 million Euros in total. The cash-out phase was straightforward: the permits were traded in the emission trading market.

The move disrupted the entire carbon permit trading market as authorities tried to prevent the stolen licenses from being sold. It was too late.

Other than the piquant fact we talk about carbon, this wasn’t very much different than taking over a stock trading account.

Only it’s clever. Very clever. Makes you wonder what else is out there that can be taken over and traded in a free trade market. I already talked in the past about virtual goods, where the possibilities are virtually endless. Now this carbon thingy. Any other idea? Post here if you have any thoughts.

Butch Cassidy and the Sundance Kid TagsSecurity

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job title Head of Cyber Strategy
location Tel Aviv
member since 2008
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Internet. The perfect fraud frontier. These are the thoughts of Uri Rivner, head of Cyber Strategy at BioCatch and formerly Head of new technologies, identity protection, at RSA, the security division...

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