Daily Briefing is a curated listicle made available by The Readable. We select a handful of significant stories worth sharing with our readers and present them in an easy-to-read, accessible format. Dain Oh and Minkyung Shin collaborate in monitoring, selecting, and reviewing the news articles, with Arthur Gregory Willers contributing to improve the overall readability of the briefing.
1. Bank of Korea discloses DDoS attack amid rising cyber threats – South Korea’s Yonhap
The Bank of Korea recently disclosed that its official website experienced a Distributed Denial of Service (DDoS) attack in December 2023, a fact revealed during a National Assembly audit. The attack temporarily caused access delays, though the extent of disruption to regular users was minimal, and the incident was not made public at the time. This marks the first DDoS attack on the bank since 2019.
The bank also reported that there were 97 hacking attempts in 2023, with unauthorized access being the most common (82 attempts). The majority of these attacks originated from outside Korea, particularly from the U.S. Despite the attacks, the bank is continuing efforts to strengthen its cybersecurity, including regular security drills.
This information highlights the persistent cyber threats targeting key institutions in South Korea and underscores the importance of continued vigilance and defense measures to safeguard against such incidents.
2. Italy’s Intesa Sanpaolo apologises for security breach involving PM Meloni – Reuters
Italy’s largest bank, Intesa Sanpaolo, issued an apology after a security breach involving unauthorized access to the bank accounts of thousands of customers, including Prime Minister Giorgia Meloni. The breach, reportedly caused by a disloyal bank employee who was subsequently fired, raised serious concerns about data security and privacy violations. The bank has notified authorities and filed a formal complaint.
Prime Minister Meloni acknowledged the breach and called for a thorough investigation, suggesting that illegal access to sensitive information could indicate a larger conspiracy. She highlighted concerns about public and private sector employees potentially selling such information for profit.
In response to the incident, Intesa Sanpaolo announced the appointment of Antonio De Vita, a retired high-ranking official from Italy’s Carabinieri police force, to strengthen the bank’s cybersecurity and ensure such breaches do not happen again.
3. Hong Kong fraudsters use deepfake tech to swindle love-struck men out of $46M – The Star
Hong Kong police have dismantled a fraud syndicate that used deepfake technology to scam men, including those in Singapore, out of HK$360 million (US$46 million). The syndicate used AI-generated images to pose as attractive women in video calls, luring victims into fake cryptocurrency investments. This marks the first time local authorities have cracked down on a fraud operation using deepfake technology in such a scheme.
The syndicate, which operated out of a 4,000-square-foot facility in Hung Hom, recruited well-educated individuals, including digital media graduates, to set up fake trading platforms and carry out the scams. The scammers built trust with victims via social media and video calls before presenting fraudulent investment opportunities. Victims realized they had been duped only when they were unable to withdraw funds.
In a large-scale operation, police arrested 27 individuals, seized over 100 mobile phones, luxury items, and cash. The investigation continues as authorities work to uncover more details of the syndicate’s year-long operation, which was linked to overseas fraudsters and involved sophisticated planning, including performance boards to incentivize scammers.
4. Related article: Romance scammers swiped over $30 million in first half of the year, South Korean police reveal – The Readable
Romance scammers who exploited South Korean targets have reportedly swindled over 45 billion won ($32 million) from victims in the first half of this year. This information emerged for the first time as South Korean police started monitoring the impact of these fraudsters this year.
On Tuesday, the Korean National Police Agency (KNPA) disclosed that 628 cases of romance scams were reported to law enforcement officials between February and June. About half of these cases were reported in the past two months. These criminal activities resulted in financial losses totaling 45.4 billion won ($33 million), with nearly 25% of the losses occurring in March.
According to the police, the scammers targeted their victims through fake social media accounts, creating the illusion of a romantic relationship. After earning their victims’ affection and trust, they would request financial support. This often included asking victims to pay customs fees in advance on their behalf. In addition to this, the criminals extorted money by offering fraudulent investment opportunities, asking victims to exchange online points for cash, or by requesting funds for plane tickets and living expenses. READ MORE
Editor’s note: The summaries of each article were created by ChatGPT 4o and reviewed by Dain Oh.
