Computer World ran a story yesterday on the FDIC's recent disclosure that online banking fraud involving the electronic transfer of funds rose to a whopping $120 million in Q3 2009.
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Nationwide, computer scams targeting small businesses cost companies $25 million in the third quarter of 2009, according to new research from the U.S. Federal Deposit Insurance Corporation. What's worse, online banking fraud involving the electronic transfer of funds rose to over $120 million in the third quarter of 2009 -- a number that has steadily been rising since 2007, according to the FDIC.
The FDIC bases its estimates on a variety of confidential reports that it receives from financial institutions, according to David Nelson, an examination specialist with the FDIC. The vast majority of the hacking incidents "related to malware on online banking customers' PCs," according to Nelson. Victims are typically tricked into visiting malicious Web sites, or downloading Trojan horse programs, which gives hackers access to their banking passwords. Money is then transferred out of their accounts using the Automated Clearing House system, which banks use to process payments between institutions.
Read the whole story at Computer World .
