Online Banking Fraud Worse Than We Think (and we think it's BAD!)

Businesses Reluctant to Report Online Banking Fraud

A confidential alert sent on Friday by a banking industry association to its members warns that Eastern European cyber gangs are stealing millions
of dollars from small to mid-sizes businesses through online banking
fraud. Unfortunately, many victimized companies are reluctant to come
forward out of fear of retribution by their bank.








According to the alert, sent by the Financial Services Information Sharing and Analysis Center
(FS-ISAC), the victims of this type of fraud tell different stories,
but the basic elements are the same: Malicious software planted on a
company's Microsoft Windows PC allows the crooks to
gain access to the victim's corporate bank account online. The
attackers wire chunks of money to unwitting and in some cases knowing
accomplices in the United States who then wire the money to the
fraudsters overseas.

As grave as that sounds, the actual losses from this increasingly common type of online crime almost certainly are far higher....

Continue Reading at Security Fix by Brian Krebs

Related articles by Zemanta

• Franklin Savings Bank Website Hit by Malware (pindebit.blogspot.com)


• Fiserve Says Four of Five Online Households Use Online Banking (paymentsnews.com)


• Torpig: "One of the Most Advanced Pieces of Crimeware ever Created".' (pindebit.blogspot.com)


• Online Banking's Innate Security Flaws (information-security-resources.com)


• Anti-Phishing with Two Factor Authentication (information-security-resources.com)


• BofA Targeted by Malicious Code Phishing Attack (pindebit.blogspot.com)