Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
New fraud scheme involves hacking of executives' e-mail
WASHINGTON (8/4/14)--An employee might not hesitate to respond if their superior asks for secure information, and that's the response fraudsters are hoping for, according to a report by the Information Security Media Group. The report cites numerous warnings issued by federal authorities and researchers in recent weeks.

According to the report, hackers infiltrate e-mail networks and take over an executive's account. The account is then used to send e-mails to lower-level employees instructing them to perform a task with a sense of urgency. This usually involves confidential information, and sometimes involves instructing the employee to schedule fraudulent funds transfers.

The Internet Crime Complaint Center (IC3), a partnership between the FBI and the National White Collar Crime Center, has issued a notice about this scam. The IC3 reports that the average dollar loss per successful fraudulent transfer is approximately $55,000, but there have been reports of losses exceeding $800,000.

The IC3 also reported that victims are generally from the U.S., England and Canada, and are focused on institutions that generally conduct high-dollar wire transfers, so the requested amount is not uncommon.

Use the resource link below for more information. Also, see related story: DDoS threat landscape continues to evolve .
RSS print
News Now LiveWire
#NewsNow: CU leagues of 5 states call for merchant breach accountability http://t.co/lnmpna8AoV
55 minutes ago
Worker's CU, Fitchburg, Mass., was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award
2 hours ago
.@Servicecu was 1 of 5 CUs recognized with a 2014 @CUNA Technology Council Excellence in Technology Award.
2 hours ago
SACU of San Antonio was 1 of 5 CUs honored with a 2014 @CUNA Technology Council Excellence in Technology Award
2 hours ago
Credit report tips from @CUNA's Susan Tiffany at @RISMediaUpdates http://t.co/ezefKXwWjw
3 hours ago