The arms race in the Bitcoin mining industry has resulted in a huge shakeout of providers.Most of the Companies that were producing their own ASIC’s have either folded or moved into cloud mining where they run equipment on behalf of the client – but the growth in cloud mining has led to an increase in scam artists.Bitcoin ASIC’s of 2016 are just to costly for retail consumers to have plugged into their own homes – and too noisy – the latest machines sound like a jet engine.If you want to buy Bitcoin mining equipment there are only two producers worth looking at – and one doesn’t disclose what it sells it’s equipment for (although its rumored to be above $35k a piece).These are the SP50 from Spondoolies Tech and the Antminer S7 from Bitmain.Comparing them is like chalk and cheese.The SP50 produces 110TH and the S7 produces 4.7TH, so you need 23 S7’s to make one SP50.Long gone are the days of individuals running their own miner and generating a passive income – as the network power sits above 1 Eta Hash.

This all comes from Moore’s law and economies of scale.Smaller chips with more power efficiency and bigger machines equals more profits.Some miners have moved to cloud contracts where they can offer you better returns by putting their equipment in low cost regions like Iceland, Sweden or Georgia.The lower the electricity costs the less the maintenance costs, and the colder it is the more free cooling you get!You can see a list Bitcoin Mining Equipment providers here.bitcoin to nzd chartBut how do these cloud contracts stack up – the truth is not very well in general.litecoin bitcoin price chartA lot of the mining contract providers turn out to be scams or re-sellers of larger players taking their margin off the top.adblock bitcoin

After all its very easy to set up a website, take payments and use them to look as if you are providing a genuine service – a typical ponzi scheme.A number of people have fallen victim to this type of scam – and the real secret to avoiding it is seeing the facilities for yourself in a video – although this is never 100% certain.Some of the newer mining scam providers are getting better at giving the illusion of being legit – they provide videos, register companies, and advertise themselves on legitimate sites offering them a share of the profits for bringing in customers.ethereum encryption algorithmA lot of the cloud mining comparison sites don’t do due diligence on who they are adding – they just add Companies based on whether they can make money from them.bitcoin market dashboardOnly go to a trusted Bitcoin Mining Comparison site.adam higher bitcoin

Another important factor to look at when choosing a mining contract is to look at the details of the contract.A number of providers reserve the right to cancel the contract after a period on non profitability and have other punitive clauses (they are basically transferring their risk for buying and owning the machinery to you).Buying a mining contract is fraught with pitfalls.So be careful what you choose and how you pick it.You can see a list Bitcoin Mining Contract providers here.most affordable bitcoin minerTRENDING: 2017 Ransomware Defense Analysis• Best Practices for Dealing with Phishing and Ransomware• Anti-Malware , Cybersecurity , Fraud FBI Issues Wire Transfer Scam Alert The FBI has issued an alert about a fraud scam known as "Business E-mail Compromise" targeting businesses that regularly make wire transfers to foreign companies.See Also: Spear Phishing, Identity Deception, Ransomware: How to Predict the Future of Crime Some victims have reported ransomware cyber-intrusions immediately before a scam starts, the FBI's Internet Crime Complaint Center says in its alert.okpay bitcoin address

The fraudulent wire transfer payments are often sent to foreign banks and may be transferred several times, the FBI says.Banks located in China and Hong Kong are the most commonly reported ending destinations for the fraudulent transfers.Between October 2013 and December 2014, the FBI's Internet Crime Complaint Center has received complaints from 1,198 U.S.victims and 928 non-U.S.victims of the scam.Total losses for U.S.businesses are $179 million; for businesses outside the U.S., the losses so far have totaled $35 million.bitcoin withdraw euroWhile the scam's tactics aren't new, they have nevertheless proven successful in enabling criminals to steal money, says John Buzzard, manager for products and fraud operations at FICO Card Alert Service."E-mail compromises work because many business environments today rely so heavily on instant messenger and e-mail communication," he says."People fall into an 'auto-pilot' mode that desensitizes their perceptions."

Certain variations of this scam have been going on for years, says John LaCour, CEO of online security firm PhishLabs.Those include social engineering attacks on wealth advisers and brokers in which the client is spoofed and the adviser/broker is tricked into sending funds belong to the client.Attack Variants The victims of the latest scam include businesses of all sizes that purchase or supply a variety of goods, such as textiles, furniture, food and pharmaceuticals, the FBI says.Fraudsters will typically monitor and study their selected victims before initiating the scam.In one version of the scam, a business that has a longstanding relationship with a supplier is asked to wire funds for invoice payment to an alternate, fraudulent account, the FBI says.The request is often made by telephone or e-mail.If an e-mail is received, the subject will spoof the e-mail request so it appears similar to a legitimate supplier's account and would take close scrutiny to determine it was fraudulent, according to the FBI.

Another version involves the compromise of e-mail accounts of high-level business executives, such as CFOs or CTOs.The account may be spoofed or hacked, and a request is then made for a wire transfer from the compromised account to a second employee within the company responsible for processing such requests, the FBI says.In some cases, a wire transfer from the compromised account is sent directly to a financial institution with instructions to urgently send funds to another bank.A third version of the scam starts with an employee's e-mail account getting hacked.Once compromised, the fraudster will send requests to various vendors identified from the employee's contact list for invoice payments to fraudster-controlled bank accounts.Business E-mail Compromise scams, according to the FBI: Frequently target businesses and personnel using open source e-mail; Often hone in on individuals responsible for handling wire transfers within a business; Use spoofed e-mails to very closely mimicking a legitimate e-mail request; Use fraudulent e-mail requests for a wire transfer that are well-worded, specific to the business being victimized, and do not raise suspicions to the legitimacy of the request.

Mitigation Steps The best way for organizations to repel these types of attacks is to launch anti-virus programs and deliver education to the workforce about security best practices, FICO's Buzzard says."Human error plays a significant role on whether these scams proliferate or not," he says.Businesses also need to carefully monitor financial transactions, PhishLabs' LaCour says."Balances should be checked daily, wire transfers must require two parties to be authorized and e-mail messages from executives requesting fund transfers should always be followed up with a telephone call."Another important step to prevent these fraud schemes is using biometric authentication to verify the identity of users requesting money transfers, says Avivah Litan, a fraud analyst at Gartner, who has advised clients on the scam."It's not perfect, but you can get 97 percent plus accuracy rates," she says.Organizations can also communicate fund transfer requests using online portals that utilize strong fraud controls, rather than relying on e-mail, chat applications and phone calls, Litan adds.

Executive Editor Tracy Kitten contributed to this report.Anti-Malware Cybersecurity Fraud Ransomware Risk Management Technology Previous Next Around the Network Please fill out the following fields (All fields required): Country United States Canada India Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Trty.Brunei Darussalam Bulgaria Burkina Faso Burundi Cambodia Cameroon Cape Verde Cayman Islands Central African Republic Chad Chile China Christmas Island Cocos (Keeling) Islands Colombia Comoros Congo Cook Islands Costa Rica Cote D'Ivoire Croatia Cuba Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic East Timor Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Falkland Islands (Malvinas) Faroe Islands Fiji Finland France France, Metropolitan French Guiana French Polynesia French Southern Territories Gabon Gambia Georgia Germany Ghana Gibraltar Greece Greenland Grenada Guadeloupe Guam Guatemala Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland Indonesia Iran (Islamic Republic of) Iraq Ireland Israel Italy Jamaica Japan Jordan Kazakhstan Kenya Kiribati Korea Korea (Democratic) Kuwait Kyrgystan Laos Latvia Lebanon Lesotho Liberia Libya Liechtenstein Lithuania Luxembourg Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Moldova Monaco Mongolia Montserrat Morocco Mozambique Myanmar Namibia Nauru Nepal Netherlands Netherlands Antilles Neutral Zone New Caledonia New Zealand Nicaragua Niger Nigeria Niue Norfolk Island Northern Mariana Islands Norway Oman Pakistan Palau Panama Papua New Guinea Paraguay Peru Philippines Pitcairn Poland Portugal Puerto Rico Qatar Reunion Romania Russian Federation Rwanda Saint Helena Saint Kitts and Nevis Saint Lucia Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Seychelles Sierra Leone Singapore Slovakia Slovenia Solomon Islands Somalia South Africa Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Swaziland Sweden Switzerland Syrian Arab Republic Taiwan Tajikistan Tanzania Thailand Togo Tokelau Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Tuvalu Uganda Ukraine United Arab Emirates United Kingdom Uruguay US Minor Outlying Islands Uzbekistan Vanuatu Vatican City State Venezuela Viet Nam Virgin Islands (British) Virgin Islands (US) Wallis and Futuna Western Sahara Yemen Yugoslavia Zaire Zambia Zimbabwe Title Level Attorney / General Counsel / Counsel AVP Board of Director C Level - Other CCO CEO / President CFO Chairperson CIO CISO / CSO COO CRO CTO Director EVP / SVP / FVP Head Healthcare Professional Manager / Supervisor VP --Other Title Level-- Job Function Anti-Money Laundering (AML) Audit Business Continuity/Disaster Recovery Business Development Cashier / Customer Service / Administrative Clinical Healthcare Professional Compliance / BSA Data Management Debit/Credit Card/Electronic Banking eCommerce / eBusiness Executive Management Finance / Accounting Founder / Owner Fraud HR / Training Information Security Information Technology Legal Lending Loss Prevention Marketing Network / Systems / Web Operations Others Policies / Procedures Product Management Project Regulatory Affairs Risk Management Sales Security / Privacy Vendor Management --Other Job Function-- Subscription Preferences: Banking Risk Management Data Breach Careers Overview From heightened risks to increased regulations, senior leaders at all levels are pressured to improve their organizations' risk management capabilities.

But no one is showing them how - until now.Learn the fundamentals of developing a risk management program from the man who wrote the book on the topic: Ron Ross, computer scientist for the National Institute of Standards and Technology.In an exclusive presentation, Ross, lead author of NIST Special Publication 800-37 - the bible of risk assessment and management - will share his unique insights on how to: Understand the current cyber threats to all public and private sector organizations; Develop a multi-tiered risk management approach built upon governance, processes and information systems; Implement NIST's risk management framework, from defining risks to selecting, implementing and monitoring information security controls.FBI Issues Wire Transfer Scam Alert Was added to your briefcase Visit My Briefcase or Close this Dialog Already have anISMG account?Sign in now Need help registering?Contact support Thank you for registering with ISMG Complete your profile and stay up to date Title Level Attorney / General Counsel / Counsel AVP Board of Director C Level - Other CCO CEO / President CFO Chairperson CIO CISO / CSO COO CRO CTO Director EVP / SVP / FVP Head Healthcare Professional Manager / Supervisor VP --Other Title Level-- Job Function Anti-Money Laundering (AML) Audit Business Continuity/Disaster Recovery Business Development Cashier / Customer Service / Administrative Clinical Healthcare Professional Compliance / BSA Data Management Debit/Credit Card/Electronic Banking eCommerce / eBusiness Executive Management Finance / Accounting Founder / Owner Fraud HR / Training Information Security Information Technology Legal Lending Loss Prevention Marketing Network / Systems / Web Operations Others Policies / Procedures Product Management Project Regulatory Affairs Risk Management Sales Security / Privacy Vendor Management --Other Job Function-- Country United States Canada India Afghanistan Albania Algeria American Samoa Andorra Angola Anguilla Antarctica Antigua and Barbuda Argentina Armenia Aruba Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bosnia and Herzegovina Botswana Bouvet Island Brazil British Indian Ocean Trty.

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