Tag Archive for: security

Coinbase phishing hack signals more crypto attacks to come, says security firm

Coinbase has increasingly been targeted by scammers with phishing attacks, according to security firm PIXM. (Photo by Marco Bello/Getty Images)

Recent phishing attacks on Coinbase and its customers revealed how these campaigns are not only becoming more sophisticated and multi-faceted, but how threats to cryptocurrency sites are on the rapid rise, according to research and analysis from security firm PIXM.

“Since its rise to prominence, [Coinbase] has been increasingly targeted by scammers, fraudsters, and cyber criminals, due in part to the fact that its user-base is so large and mainstream,” said the PIXM blog posted earlier Aug. 4, “it is assumed to cover an audience of casual, generally non-technical, crypto investors.” Coinbase is “arguably the most mainstream cryptocurrency exchange used globally,” having added more than 89 million users to its platform since it began business a decade ago in 2012.

In their “multi-layered” phishing attacks on Coinbase, cybercriminals sent out spoofed emails purporting to come from the cryptocurrency company in order to steal financial and personal data to resell and log into users’ legitimate accounts to steal their funds in real-time. The attacks combined email and brand impersonations to steal from Coinbase wallet-holders, despite their use of multi-factor authentication (MFA), according to PIXM’s analysis.

According to Chris Cleveland, founder and CEO of PIXM, this complex and sophisticated campaign involved “surprising tactics to steal much more than just passwords.”

“After stealing a user’s Coinbase password, the phishing sites used a built in two-factor relay system to enter the user’s password into the real Coinbase site and then further solicit the actual two-factor authentication code from the user, [which] allowed the hacker to bypass two-factor authentication and access a user’s Coinbase wallet.”

Bad actors typically sent Coinbase customers a notification that their account “needed attention due to an urgent matter,” such as being “locked” or requiring a transaction confirmation. “Users were prompted to enter login credentials and a two-factor authentication code into the fake website,” according to…


IRS looks to boost security of federal tax information through computer reviews

Written by

Dave Nyczepir

The IRS Office of Safeguards seeks a contractor to support computer security reviews ensuring outside agencies are protecting the federal tax information provided them, according to a sources sought notice posted Tuesday.

The forthcoming task order, expected in the first quarter of fiscal 2023, will cover preparatory agency outreach, pre-review analysis of areas of concern, automated and manual computer security scans, reporting of results and findings, and responding to agencies’ submissions.

Safeguards verifies more than 300 federal, state and local agencies and contractors are complying with the Internal Revenue Code — when it comes to protecting the confidentiality of and preventing unauthorized access to federal tax information (FTI) — by identifying and mitigating risks of loss, breach or misuse.

“The Office of Safeguards has a need to increase security of FTI and to ensure consistent application of information security standards across all partner agency information systems by obtaining computer security review expertise and ancillary contractor support for the Safeguards Program,” reads the notice. “Safeguards seeks contractor support to optimize its processes, to reduce costs and minimize risk to FTI in possession of agency partners, while continuing to meet all regulatory and agency documented standards and guidance.”

The chosen vendor will also be responsible for risk-based modeling to select agencies for review; methodology updates; and assessing new projects, pilots and legislation.

The notice wants responses from interested vendors offering a fair market price by 3 p.m. EST on Aug. 12, 2022. Safeguards hasn’t decided on a small business acquisition strategy yet.


Top 5 Internet Security Challenges Today-You Must Know

From governments to small or big companies, the internet has become the backbone of every sector. But, nowadays, internet security is also a severe problem for all.

Starting from online shopping, money transactions, playing games on sites like https://www.ignitioncasino.eu/ or even buying cars and lands—securing the data like credit cards or Login details is one of the biggest challenges in recent times.

Cyber threats can come in different forms like ransomware, blockchain, or phishing attacks. 

So, let’s check out the top 5 internet security challenges and how we can protect our personal and professional data from any potential attacks.

1. Ransomeware attacks

It is the most lucrative type of internet attack, destroying thousands of small and large businesses every year. It involves hacking the data and would not allow the users to access it until they pay the ransom amount. 

Ransomware attacks cause massive losses for individual users as well as companies who need to access the data regularly. To prevent this attack—companies should have Endpoint Protection solutions to protect all business devices from malicious applications.

2. Phishing attacks

It is a type of social engineering attack by hackers to steal the user’s data like their Login details or credit card information. It is not like ransomware attacks. The cybercriminals gain access to the data and then use it for their own purposes like illegal money transfers or shopping. 

Another way hackers regulate phishing campaigns is by stealing the business e-mail account passwords and then using it requesting for payments. Recently, Google stated that it blocks more than 100 million phishing e-mails daily.

3. Cryptocurrency and blockchain attacks

While blockchain or cryptocurrency attacks are not major concerns for average internet users, they may create problems for big companies. Its digital transaction has become a new challenge for data security.

Many blockchain attacks like Sybil, DDOS, and Eclipse have already made headlines regarding the vulnerability of digital wallets. So, it is crucial for a business that uses blockchain to keep a good eye on its IT infrastructure. And also try to improve its cloud…


The time is now for quantum-safe security

Despite large scale quantum computing being several years away from being a practical reality, government experts are deservedly concerned about the cybersecurity implications today. The sooner an organization can lay the foundation for quantum cybersecurity, the better equipped it will be when bad actors start adding quantum hacking to their arsenal.

This was underscored in May 2022, when the National Security Memorandum on Promoting United States Leadership in Quantum Computing While Mitigating Risks to Vulnerable Cryptographic Systems (NSM 10) provided requirements and timelines for quantum-resistant cryptography. In announcing the memo, President Joe Biden noted that “America must start the lengthy process of updating our IT infrastructure today to protect against this quantum computing threat tomorrow.”

The memo continued by underscoring that “central to this migration effort will be an emphasis on cryptographic agility, both to reduce the time required to transition and to allow for seamless updates for future cryptographic standards.”

The concern for more immediate action in cryptographic agility is understandable. Even if a quantum computer is a decade away, bad actors can take note of potential vulnerabilities now, and exploit them later.

Today’s non-PQ (post-quantum) encryption absolutely will break (or be broken) in the future, affecting security features such as authentication, code-signing and digital signatures. If hackers can break the algorithm for the private key, they can, for example, impersonate the software update channel. What happens if an adversary gains the capability to “update” the firmware within an agency’s IT infrastructure?

The quantum challenge: Data’s necessary expiration date

Today’s encrypted data has an expiration date. All data that is encrypted today using classic PKI-based cryptography is quantum vulnerable, with little if any protection against potential vulnerabilities that may become apparent later. Meanwhile, however, all of that data also has a timespan for which it must remain secure.

The data we encrypt today is already decaying, because its risk of exposure increases over time. When data encrypted data using current…