Tag Archive for: FTC

T-Mobile slides on security breach; Facebook shares unfazed by new FTC action

/in


A major cyberattack is never good for business, nor is it good for a company’s stock price.

T-Mobile US Inc. shares slid this week after the company announced it was investigating claims of a security breach. T-Mobile confirmed Aug. 18 that a subset of company customer data had been accessed by unauthorized individuals. This subset included just over 40 million records of former or prospective customers who had previously applied for credit with the carrier, as well as 7.8 million current T-Mobile postpaid customer accounts’ information. Both figures were subsequently raised on Aug. 20.

Analysts told S&P Global Market Intelligence that customers will likely view the incident as an unfortunate reality of having a cell phone and not a reason to switch carriers.

“In reality, most people aren’t negatively affected enough to consider changing providers or getting rid of their cell phones. It’s just an assumed risk,” Recon Analytics analyst Roger Entner said.

However, data from 451 Research’s “Voice of the Connected User Landscape: Connected Customer, Trust and Privacy” survey shows some consumers rethink their relationship with a business if it suffers a data breach that exposes the consumer’s data. Among respondents who had been notified that they were affected by the breach, nearly 1 in 5 respondents reduced business with the company that was breached. About 15% canceled their accounts and switched to new providers.

T-Mobile shares closed at $140.89 apiece, down 2.8% for the week to date.

SNL Image

In streaming, Netflix Inc. shares popped on Aug. 19 to close at $543.71, up 5.4% for the week to date. During the week, news broke that the U.S. Securities Exchange Commission on Aug. 18 charged three former Netflix software engineers and two others with insider trading that netted the group more than $3 million in profits.

Sung Mo “Jay” Jun, a former software engineer at the company, allegedly led the insider trading ring, accessing data on subscriber growth and trading shares of Netflix prior to earnings announcements. The SEC caught the group by using tools that detect when traders have improbable levels of success trading the securities of a company over a period of time.

Source…

FTC Questions Big Tech About User Data | Avast

/in


The U.S. Federal Trade Commission (FTC) sent orders this week to nine internet giants, demanding they share details of their data collection processes, including the method and manner in which they collect, use, store, and disclose information about individuals who use their services.

Amazon, Discord, Facebook, Reddit, Twitter, WhatsApp, YouTube, Snapchat owner Snap, and TikTok owner ByteDance were each served with the orders. “Privacy is becoming a major concern for citizens,” commented Avast Security Evangelist Luis Corrons, “and internet companies collect and use people’s data. It only makes sense for the government to learn what they are doing with it and how that data is being handled.”

The inquiry comes at a time when the biggest social media and video streaming services are under scrutiny from several factions. All companies named have been suspected of the improper use of consumer data and/or violations of the federal anti-monopoly law. In a joint statement, FTC Commissioners Chopra, Slaughter, and Wilson wrote, “It is alarming we know so little about companies that know so much about us.” The FTC gave the companies 45 days to respond to the orders.

6-year-old spends over $16,000 on in-app purchases

Real estate broker Jessica Johnson got a shocking surprise when she learned that the charges totaling $16,293.10 on her credit card bill came from her 6-year-old son George making in-app purchases while playing his favorite game on the iPad, Sonic Forces. When the Apple charges began showing up on her Chase bank statements, Johnson thought it must be fraud. She contacted Chase, which informed her that Apple scams are among the most common, and she’d have to contact Apple to resolve the matter. She did so, but learned the charges did originate from her account. In addition, Apple told her that she missed the 60-day window to dispute charges, so there was nothing the company could do. Unfortunately, Johnson had not taken steps to set up the parental controls on her son’s iPad to prevent this kind of situation. Read more on this story at the The New York Post.

International survey reports pandemic’s impact on kids

Over 26,000 children from 137 countries participated…

Source…

Hackers Launch Election-Related Phishing Attacks; Zoom Settles FTC Investigation

/in


Good day. Hackers are continuing to launch phishing activities relating to the U.S. presidential election, launching spam campaigns that prey on anxieties surrounding the close-fought race and subsequent disputes over vote counting, WSJ Pro Cybersecurity reports.

Researchers say they are tracking fraudulent emails that claim to have information on election interference, but really contain malware designed to steal a victim’s information. Companies specializing in email protection also say that they have seen greater volumes of election-related spam than usual since Election Day last Tuesday.

Also today: Zoom settles a privacy investigation with regulators; the FBI warns that programs’ source codes are being stolen; and a medical center in Vermont begins restoring services after a cyberattack in October.

Election Spam

Hackers continue to take advantage of election-related anxiety to launch cyberattacks by email at greater volumes than would usually be expected, security companies say.

Fraudulent emails that attempt to lure users into clicking on links that deliver ransomware and other viruses are often designed around current affairs, such as the coronavirus pandemic, natural disasters and elections. They usually pose as authorities, or say the emails include attachments that promise new information, but which are actually infected with malware.

The number of attacks related to this year’s U.S. presidential election and launched since Election Day on Nov. 3 has been markedly higher than normal, said Sherrod DeGrippo, senior director of threat research and detection at Proofpoint Inc., a cybersecurity company that specializes in email protection.

“While we have seen this kind of activity during past events, this year the volumes and social-engineering lures are more persistent and in higher volumes,” Ms. DeGrippo said. “As long as uncertainty exists around the election—including any attempts to widely sow distrust in the electoral process—we will likely see actors use these themes in their lures.”

While many hackers send out vast numbers of…

Source…