4.6 • 12 Ratings
🗓️ 1 July 2024
⏱️ 5 minutes
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Cybercriminals are using bots to test compromised passwords, helping them clean out accounts that hold millions of dollars worth of rewards.
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0:00.0 | Here is your Forbes Daily Briefing for Monday, July 1st. |
0:05.0 | Today on Forbes, hackers are now coming for your airline miles and hotel points. |
0:12.0 | Most people don't check their hotel or airline points accounts very often. |
0:16.0 | That makes them a fat target for thieves. |
0:19.0 | Security experts say there's been a surge in hacking of hotel and airline loyalty accounts |
0:24.8 | over the past year. |
0:26.3 | Driven by two factors. |
0:28.3 | Better protections against credit card fraud means criminals are looking for easier targets, |
0:33.0 | and cybercrime rings have been selling tools to carry out attacks, |
0:37.0 | enabling people without coding skills to break into accounts. |
0:41.0 | Christopher Staub, co-founder of the Loyalty Security Alliance, a travel industry group, |
0:47.0 | said that the shift from credit card fraud to loyalty account takeovers has caught airlines, quote,footed he said quote they don't have the |
0:56.0 | tools the processes the people that understand this he added that airlines held |
1:01.4 | initial meetings this past week of a new working group to coordinate a response. |
1:06.0 | Nick Laming, a Singapore-based loyalty program consultant to Airlines and retailers, |
1:12.0 | said that with billions of dollars and points flowing |
1:14.4 | in and out of the mileage programs every year, quote, they're essentially like bank accounts. |
1:20.4 | He added, however, that loyalty programs, quote, |
1:23.0 | aren't compelled to protect these accounts like a bank. |
1:27.0 | Loyalty accounts have been hacked in lower volumes for years |
1:31.0 | through techniques like fishing and malware that steals passwords. |
1:35.0 | But now, cyber criminals are taking databases of log-in credentials exposed in website breaches |
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