In a troubling trend for financial security, cybercriminals are leveraging illicit tools available on Telegram to circumvent banking safeguards. A recent investigation revealed a scenario in Cambodia where a scammer successfully bypassed a bank’s security measures by using a manipulated image and video during a verification process. By uploading a static image of an individual who was not the account holder, the fraudster gained access to the banking app after a brief ‘liveness’ check. This exploit highlights the alarming effectiveness of hacking services that break the ‘Know Your Customer’ (KYC) protocols, with 22 Telegram channels identified as vendors of these illicit services, according to MIT Technology Review.
Meanwhile, the carbon removal industry faces uncertainty as Microsoft, a dominant player in the market, announced a pause in its carbon removal purchases. This news sent shockwaves through the sector, as Microsoft has been responsible for approximately 80% of all contracted carbon removal activities. The decision raises significant concerns regarding the future viability of carbon removal initiatives, particularly in relation to the influence of large technology companies. As the industry grapples with this potential setback, stakeholders are left to ponder the implications for sustainability efforts and the role of corporate giants in combating climate change.
Source: The Download: cyberscammers’ banking bypasses, and carbon removal troubles via MIT Technology Review