Guest Post: Americans lost a record $2.7 billion to investment scams in 2022

Posted in Commentary with tags on November 15, 2022 by itnerd

With the appearance of new promising technologies, like NFTs and blockchain, many unique investment opportunities have sprung up in the last couple of years. Unfortunately, a significant portion of those companies do not have the investor’s best interests in mind.

The rapid evolution of the world wide web and the commercial world in general outpaced security measures that were supposed to protect individuals from getting abused in these types of deals.

A study carried out by Atlas VPN reveals that issues pertaining to online fraud are most severe in the business investment category.

The most recent figures from the Federal Trade Commission show that US citizens lost a whopping $2.66 billion to various types of investment scams in Q1-Q3 2022, representing a 50% increase over $1.77 billion lost in 2021.

From an even wider perspective, investment fraud in the US skyrocketed by 28 times in the last 5 years
 

In other words, since 2018, investment fraud has been growing by, on average, 149% per year.  

The increasing severity of the issue is also seen in the number of complaints submitted to the FTC. 

In the first three-quarters of 2022, the FTC received nearly 80 thousand investment fraud reports, out of which 74% indicated a financial loss. 

In contrast, in 2018, FTC received less than 15 thousand complaints, with 54% of them noting damages.

Social media and crypto payments

Most investment fraud victims transfer funds in the form of cryptocurrencies, which are notoriously hard to track down and get back because the whole system is based on anonymity and decentralization. 

In addition, threat actors can employ various services, like cryptocurrency tumblers, to cover their tracks to the point of virtually becoming untraceable. 

In these cases, privacy granted by the blockchain system is working against the victims and in favor of criminals. 

To read the full article, head over to: https://atlasvpn.com/blog/americans-lost-a-record-2-7-billion-to-investment-scams-in-2022

It Seems That Elon Musk Ignored His Trust And Safety Team When It Came To Twitter Blue

Posted in Commentary with tags on November 15, 2022 by itnerd

Well, if it wasn’t clear that Elon Musk has really gotten in over his head and is only listening to himself when it came to the Twitter Blue fiasco, this Platformer report that a reader pointed me towards has the inside scoop on what happened with that dumpster fire. And make it clear that Elon Musk is basically destroying Twitter:

Days before the Nov. 9 launch, the company’s trust and safety team had prepared a seven-page list of recommendations intended to help Musk avoid the most obvious and damaging consequences of his plans for Blue. The document, which was obtained by Platformer, predicts with eerie accuracy some of the events that follow.

“Motivated scammers/bad actors could be willing to pay … to leverage increased amplification to achieve their ends where their upside exceeds the cost,” reads the document’s first recommendation, which the team labeled “P0” to denote a concern in the highest risk category. 

“Impersonation of world leaders, advertisers, brand partners, election officials, and other high profile individuals” represented another P0 risk, the team found. “Legacy verification provides a critical signal in enforcing impersonation rules, the loss of which is likely to lead to an increase in impersonation of high-profile accounts on Twitter.”  

On November 1, when the document was circulated internally, Musk was considering a $99-a-year annual subscription for Blue; only later, after an exchange online with writer Stephen King, did he lower the cost. The move wound up increasing the risk for scams, as the desire to make fun of brands and government officials became an impulse buy at $8.

The team also noted removing the verified badge and its related privileges from high-profile users unless they paid, coupled with the heightened impersonation risk, would potentially drive them away from Twitter for good. “Removing privileges and exemptions from legacy verified accounts could cause confusion and loss of trust among high profile users,” they wrote. “We use the health-related protections … to manage against the risk of false-positive actions on high-profile users, under the assumption that the accounts have been heavily vetted. If that signal is deprecated, we run the risk of false positives or the loss of privileges such as higher rate limits resulting in escalation and user flight.” 

The team identified several other risks for which Twitter has yet to identify any solutions. For starters, the company lacks any automated way to remove verified badges from user accounts. “Given that we will have a large amount of legacy verified users on the platform (400K Twitter customers), and that we anticipate we’ll need to debadge a large number of legacy verified accounts  if they decide not to pay for Blue, this will require high operational lift without investment.”

(And this was before the company laid off 80 percent of its contractors, but we’ll get to that.)

The company’s trust and safety team did win support for some solutions, including retaining verification for some high-profile accounts using the “official badge.” 

For the most part, though, the document offers a wish list for features that would make the product safer and easier to use, most of which have not been approved.

It was presented to Esther Crawford, a director of product management at the company who in recent weeks has risen to become one of Musk’s top lieutenants. Musk was briefed as well, sources said, as was his attorney Alex Spiro. And while Crawford appeared sympathetic to many of the concerns in the document, sources said, she declined to implement any suggestions that would delay the launch of Blue. (Crawford did not respond to a request for comment.)

Despite the warnings, the launch proceeded as planned. A few hours later, with the predictions of the trust and safety team largely realized, Musk belatedly stopped the rollout.

Well DUH! It didn’t take a rocket scientist to see what was going to happen with Twitter Blue. But strangely, a guy who launches actual rockets into space didn’t see this coming. Or perhaps Musk simply didn’t care because he is too desperate to make a buck from Twitter. Or perhaps he hasn’t got the smarts to run Twitter. No wonder Twitter is a hellscape that no advertiser wants any part of. And users are running to Mastodon as a result (here’s how you can do that if you need some help running from Twitter). And to add to the list of reasons why nobody wants to have any part of Twitter is the fact that Musk breaks stuff and Twitter is at best on shaky ground due to the downsizing of staff. I strongly, and I do mean STRONGLY recommend that you read the entire article from Platformer. It will show you that Elon really can’t manage Twitter, and this platform is likely doomed to extinction because of him.

The Department of Navy Selects Radiant Logic to Create Naval Identity Service

Posted in Commentary with tags on November 15, 2022 by itnerd

Radiant Logic, the enterprise Identity Data Fabric company, today announced that the Department of Navy (DON) has selected the RadiantOne Intelligent Identity Platform to modernize its identity data systems, enabling the cohesive creation and structure of the Naval Identity Services (NIS), the DON’s planned Enterprise ICAM, Credential and Access Management (ICAM) solution. This initiative is designed to make NIS available whether located ashore or in Delayed/Disconnected, Intermittently-Connected and Low-bandwidth (DDIL) environments, providing ubiquitous access aligned with Zero Trust principles.           

By consolidating identity across the DON, RadiantOne enhances the agency’s overall network cybersecurity posture, including all network systems from tactical to enterprise. RadiantOne enables a cloud-based master identity for every individual within the agency, no matter what role they play or where they are stationed, as well as mission partners conducting joint operations with service members. Ultimately, this identity consolidation will enable the DON to rethink identity creation, usage, and management, further automating and modernizing threat monitoring and prevention.

This announcement builds on a successful history of Radiant Logic deployments in the federal sector. Earlier in 2022, Radiant Logic was selected to deliver the identity data foundation for the DISA’s Enterprise Identity, Credential, and Access Management (ICAM) design.  Radiant Logic is FIPS 14-2 certified, and was included in 2021 to participate in NIST’s NCCoE Zero Trust Architecture.

72% of SMBs say the 2022 holiday season is more important to their financial health than 2021: Intuit Study

Posted in Commentary with tags on November 15, 2022 by itnerd

As inflation levels remain high and consumer confidence becomes more fragile, new research shows that 84% of Canadians plan to reduce their spending this year if the economy worsens, while 72% of small businesses in Canada say the 2022 holiday season is more important to their financial health than last year.

The results of Intuit QuickBooks Holiday Shopping Survey reveals holiday spending with Canadian small businesses could hit up to $10 billion if consumers shop local – leaving the fate of small businesses riding in the hands of Canadians shopping from local businesses.

What consumers are wishing for this year: 

  • More than seven out of 10 consumers want small businesses to make it easy for them to buy online this holiday season. They will spend more money at small businesses with guaranteed deliveries and returns, quick and easy checkouts, and price-match guarantees.
  • 52% of consumers say they will spend even more money at small businesses in-person that offer holiday promotions and discounts. 
  • 36% of consumers are purchasing products from small businesses through social media marketplaces.

To help Canadian small businesses succeed during the most important sales season, Intuit QuickBooks has created a gift guide featuring Canadian small businesses from coast-to-coast that consumers can support. 

In addition, with small businesses relying on the holiday season to produce up to 65% of their annual revenue, Intuit QuickBooks has curated resources and tips in The QuickBooks Holiday Hub to help small businesses unwrap success this year.

The Biggest Ad Buyer On The Planet Says To Steer Clear Of Twitter…. Elon Musk Is Officially Screwed As A Result

Posted in Commentary with tags on November 15, 2022 by itnerd

Since Elon Musk bought Twitter, nails have been going into the platform’s metaphorical coffin. And the latest nail is a big one. Advertising giant GroupM, who’s clients include Google, Coca-Cola, and Unilever has named Twitter “high-risk,” and is warning its clients against buying promotions on the site. Digiday has the details:

GroupM, the world’s largest media buying agency, is telling clients that Twitter is now a “high risk” media buy following a barrage of controversies, U-turns and confusion that capped off Elon Musk’s second week as the owner of the social network.

The advice was shared in a document, seen by Digiday, that warns marketers of the risks of advertising on the volatile social network. It reads: “Based on the news yesterday [Nov. 10] of additional senior management resignations from key posts, high profile examples of blue check abuse on corporate accounts, and the potential inability for Twitter to comply with their federal consent decree, GroupM’s Twitter Risk Assessment is increased to a High-Risk rating for all tactics.”

If this stance is to change, Twitter has to resolve several issues, per the document. They are as follows:

  • Return to baseline NSFW levels
  • Re-population of IT security, privacy, trust & safety senior staff
  • Establishment of internal checks & balances
  • Full transparency on future development plans of community guidelines/content moderation/ anything affecting user security or brand safety
  • Demonstrated commitment to effective content moderation,enforcing current Twitter Rules, e.g., account impersonation, violative content removal timing, intolerance of hate speech & misinformation, etc.

Yeah. None of that is going to happen. Even if he could make any or all of that happen. Which to be clear he can’t. Musk has got zero interest in tap dancing to the tune of the ad industry. Even if he needs their money as Twitter’s main source of income is advertising whether he likes it or not.

GroupM joins a number of other ad agencies in recommending against advertising on Twitter. That includes Omnicom, Cossette, and likely others who are running as far away from Twitter as they can get. And the more that happens, the more screwed Elon Musk is.

It’s almost time to give Twitter its last rites.

Zoho Finance Platform achieves 50% year-over-year growth

Posted in Commentary with tags on November 15, 2022 by itnerd

Zoho Corporation, a leading global technology company, announced today that the Zoho Finance Platform has achieved 50% year-over-year (YOY) revenue growth, supporting more than half a million businesses across more than 160 countries. 

Driving the Platform’s growth is the global expansion of its cloud-based accounting application, Zoho Books, which now supports 180 currencies, 17 languages, and is backed by a comprehensive global tax engine that solves country-specific tax compliance challenges. Following today’s launch of Zoho Books in Mexico, just a few weeks after launching in Kenya, the accounting application now supports 14 editions, including a global version.

Launched in 2011, Zoho Books is among the five highest grossing Zoho products, with revenue growing 50% YOY. The accounting application offers editions across the globe, including Canada, the US, UK, India, Australia, UAE, Kenya, and Mexico.Zoho Books is a government recognised tax-compliant solution in the UK (MTD), Saudi Arabia (ZATCA), UAE (FTA) and India (GSP). 

Zoho’s Finance Platform includes solutions for accounting, inventory management, travel and expense management, billing and subscription management, and payroll management. These applications are built on the same underlying platform, enabling instant interoperability, seamless data flow, and unification across systems. Typically, businesses start using one of the finance products, and then expand their usage to other applications within the suite. On average, customers using Zoho Books for more than one year adopt at least two other applications within the finance suite.  

Powerful ecosystem 

Beyond products and the platform, businesses can benefit from the strength of the ecosystem. The finance platform comes with a growing network of payment gateways, banks, travel partners and shopping carts. Businesses can also connect with any third-party applications through APIs and Zoho Marketplace. This significantly reduces the need to invest in IT resources, and enables them to go to quickly-market with any change.  

Zoho Finance Plus and Zoho Books Pricing: 

Zoho Finance Plus starts at CAD $349 monthly per organization, includes 10 users. 

Zoho Books starts at CAD $20 monthly ($15 billed annually), per organisation. It also comes with a free plan. For more information on pricing please visit: www.zoho.com/books/pricing/

Elon Musk Just Killed Twitter’s SMS Based 2FA…. WHAT WAS HE THINKING??? [UPDATE: Working For Some Again]

Posted in Commentary with tags on November 14, 2022 by itnerd

I don’t get it. I’ll just put that out there right out of the gate. I say that because a reader pointed me towards this Tweet:

With Twitter SMS 2FA turned off, this service will not function. As in you will be locked out of your Twitter account and you will not be able to log back in if you log out. That’s because Musk clearly decided to kill whatever back end service or services send out the code to your phone via SMS.

Now if you use other forms of 2FA for Twitter, for example you use Microsoft Authenticator to generate a code to log into Twitter, you’re fine. But for those who use strictly SMS for 2FA, and that would be a lot of people I suspect, could be in deep trouble unless they immediately do the following via Twitter’s web interface:

  • Go to Settings & Support Settings and privacy and then go to Security and account access.
  • Go to the Security section.
  • Under Two-factor authentication, click the two-factor authentication link.
  • Make sure the Text message toggle is OFF.
  • For your security, use one of the other methods which are Authentication App or a Security Key. Or if you feel lucky, don’t use another method of 2FA.

More instructions can be found here. Just ignore anything that refers to SMS or text messaging. Seeing as it’s broken at the moment.

Now to be fair to Musk as I have to look at this from both sides of the fence, SMS based 2FA is weak and exploitable. Thus killing it is a good idea. But to do it with zero warning to users is just plain stupid. That of course assumes that he killed it based on this Tweet.

Now he might not have had a clue what this did, and now by turning whatever back end service supports Twitter SMS 2FA, he’s screwed over a ton of Twitter users in the process.

But the other possibility is that Twitter 2FA broken and there is nobody left who can fix it. Which effectively is the same thing as he turned it off because he laid off half the staff, and those with the knowledge to fix stuff at Twitter are likely not returning his phone calls. Either way, Musk is proving that he’s way out of his league with Twitter. And Twitter users will suffer as a result.

Just another day in Musk run Twitter I guess.

UPDATE: It looks like this service is slowly coming back up. Over the past hour, there have been reports on Twitter that users who were unable to use SMS 2FA can now use it again. But I am not sure that I would trust it as Musk may just break it again.

Ukrainian CERT Discloses New Wiper Malware

Posted in Commentary with tags on November 14, 2022 by itnerd

The Ukrainian Computer Emergency Response Team (CERT) has issued a statement on a new attack campaign by suspected Russian threat actors which are compromised victims’ VPN accounts to access and encrypt networked resources. More details are available here:

Initial compromise is achieved by tricking victims into downloading “Advanced IP Scanner” software which actually contains Vidar malware. CERTU-UA believes this was achieved by initial access brokers (IABs) working for the Russians.

“It should be noted that the Vidar stealer, among other things, steals Telegram session data, which, in the absence of configured two-factor authentication and a passcode, allows unauthorized access to the victim’s account,” the statement continued.

“As it turned out, the victim’s Telegram was used to transfer VPN connection configuration files (including certificates and authentication data) to users. Given the lack of two-factor authentication when establishing a VPN connection, attackers were able to gain an unauthorized connection to the corporate network.”

Once inside, attackers conducted reconnaissance work using the Netscan tool and then launched Cobalt Strike Beacon, exfiltrating data using the Rclone program. There are also signs of the threat actors using Anydesk and Ngrok at this stage.

It’s unclear how widespread the campaign was, although “several” Ukrainian organizations are thought to have been impacted since spring 2022.

Most pointedly, CERT-UA confirmed that the end goal is not to generate profits from a ransom but to destroy victim environments.

Dr. Darren Williams, CEO and Founder, BlackFog had this comment:

“This is another great example of a clever phishing technique to disguise the attack vector inside another application. These are very difficult to detect with existing solutions because of the mechanism of action that steals VPN session information to ultimately exfiltrate data from the device. VPN’s have been routinely targeted in the past because they contain a treasure trove of valuable data for extortion and a centralized repository of data from the victim and the organization. Once the attacker has gained access it is very easy to spread laterally within the organization. This emphasizes why companies need to not only provide defense strategies but also proactive ones that protect an organization and its devices from unauthorized data exfiltration.”

This is clearly an attack meant to hurt Ukraine. Hopefully they are doing their best to make sure that attacks like this are not successful going forward. I say that because while they are winning on the the battlefield, the battlefield has changed to being cyberspace. And for the rest of us, I would say that 2FA for your VPN connections is a must to stop this sort of thing from happening to you.

Elon Musk Kills ‘Twitter for iPhone’ Label…. While He Does A Massive Ad Buy On Twitfer For SpaceX

Posted in Commentary with tags on November 14, 2022 by itnerd

Over the years on Twitter you might have seen some infamous Twitter fails where someone who’s working for smartphone company not named Apple, or shilling for said smartphone company not named Apple has Tweeted from an iPhone. Take this example caught by YouTuber MKBHD of Huawei doing all sorts of things from iPhones. Stuff like that is funny to see, but those days are apparently over as Elon Musk has put an end to this:

I’m just spitballing here. But maybe he’s doing this to make Twitter a bit more advertiser friendly? As in he’s taken away the ability for smartphone companies to shoot themselves in the foot? Or maybe he’s doing this as a distraction from the world watching him act like an 8 year old by pushing every button in Twitter HQ to see what happens with disastrous results? Who knows? But it is a curious move because given how messed up Twitter is at present, you’d think he’d have bigger issues to deal with.

Speaking of bigger issues. One of those issues is the fact that advertisers have been recommended by ad agencies to pause advertising on the platform. That directly affects Musk’s bottom line as Twitter relies heavily on advertising revenue. This makes this CNBC story curious. Which is that SpaceX has done a massive ad buy for the Starlink Internet service:

The campaign will promote the SpaceX-owned and -operated satellite internet service called Starlink on Twitter in Spain and Australia, according to internal records from the social media business viewed by CNBC.

The ad campaign SpaceX is buying to promote Starlink is called a Twitter “takeover.” When a company buys one of these packages, they typically spend upwards of $250,000 to put their brand on top of the main Twitter timeline for a full day, according to one current and one former Twitter employee who asked to remain unnamed because they were not authorized to speak on behalf of the company.

Users should see Starlink brand messaging for the first three times that they open the Twitter app on the day or days of the planned takeover campaign in Australia and in Spain. The campaign, which was purchased in the last week, was slated to run in coming days first in Australia then in Spain.

SpaceX has not typically purchased large advertising packages from Twitter, the current and former employees said.

Hours after this story was first published, Musk wrote in a tweet: “SpaceX Starlink bought a tiny – not large – ad package to test effectiveness of Twitter advertising in Australia & Spain. Did same for FB/Insta/Google.”

According to internal documents viewed by CNBC, SpaceX has spent more than $160,000 on the Twitter ad campaign for Starlink in Australia and Spain so far.

Am I the only one that thinks that this is a little “sus“? The Internet of course found this where Musk says he doesn’t buy adversting:

And based on this Tweet, he has an iPhone. But that’s besides the point. What is relevant to this story is the fact that he now says this when called out for being a hypocrite:

I’m sure if that’s true, he can show proof of his ad purchases on Facebook, Instagram, and Google. But my thinking is that it’s not going to happen as it’s not true. But Musk is free to prove yours truly and the rest of the Internet wrong at any time. My thinking is that he’s doing this as part of a larger plan to entice advertisers back onto the platform. It will be interesting to see if this ad buy, regardless has any effect on that. My thinking is that it won’t as the problem that advertisers have with Twitter is Elon Musk.

Marketcircle Makes Daylite’s Opportunities Board Tools Accessible for Users on the Go, Now Available on iPhone and iPad

Posted in Commentary with tags on November 14, 2022 by itnerd

Marketcircle, makers of Daylite, the CRM and productivity business app built exclusively for the Apple platform that empowers small businesses to handle more clients, close more deals, execute more projects and boost team collaboration, is excited to announce its popular Opportunities Board is now available on iOS and iPadOS. 

This enhanced mobile tool brings all of Opportunities Board’s features to iPhone and iPad. It has the same functionality as the desktop version and is ideal for on-the-go or hybrid workers.

The Opportunities Board provides a unified view of every step of the sales pipeline so all team members can visually track, organize and prioritize business opportunities to generate more revenue by shortening the sales cycle and winning more deals.

Increased transparency with the Opportunities Board allows sales teams to spend more time selling and less time in time-consuming status update meetings. Daylite visually tracks the status of opportunities across whole teams, so bottlenecks are identified, and productivity and results are boosted with optimal team collaboration.

For more information about the Daylite Opportunities Board visit: https://marketcircle.blog/daylite-opportunities-board-ipad-iphone/

Beyond the exciting Opportunities Board enhancements, Daylite is now fully optimized and compatible with Apple’s latest operating system macOS 13 Ventura. Daylite users can now take advantage of all the benefits of the newest macOS while enjoying the productivity, collaboration and CRM mastery of Daylite.     

Daylite is available on the Mac App Store, making it easy to download Daylite on the App Store across iOS, iPadOS and macOS devices. Download Daylite on the App Store today.