BI.ZONE and MegaFon join efforts to counter banking fraud
This information is then automatically available to all users of the threat intelligence sharing platform—a joint project between BI.ZONE and the Association of Banks of Russia.
According to BI.ZONE, 80% of the thefts from individuals’ accounts in Russia are committed using social engineering methods: the victim falls for a scam and voluntarily sends money to the fraudsters. Most often, attackers communicate with bank customers by phone and via SMS messages. Therefore, the data about incidents possessed by mobile operators significantly reduces the number of attacks in the financial sector.
Thanks to the collaboration of BI.ZONE with MegaFon, the threat intelligence sharing platform shall be updated with information on criminals and their victims as well as the resources used in phishing attacks and malware infections. If this information was to be applied to the antifraud system within a financial organization, it would significantly increase its level of bank fraud detection. At the same time, special rules developed by the analysts at BI.ZONE will make it possible to determine with a high degree of accuracy those subscribers whose devices have been infected with malware.
The threat intelligence sharing platform is a joint project between BI.ZONE and the Association of Banks of Russia, which was designed to build proactive defence for financial institutions. The solution helps to counteract cyberattacks thanks to the collaboration between participants, careful selection of intel sources, taking into account industry and regional specifics. The platform users can access the latest data available: tens of thousands of indicators of compromise (IoCs) are automatically added to the platform daily which helps to detect potential threats. Data sources are the organizations connected to the platform under the Association of Banks, as well as technology partners, including FinCERT Bank of Russia, developers of cybersecurity tools, major telecom operators, BI.ZONE CERT incident monitoring and response center, and many others.