Hackers Take $1 Billion a Year from Company Accounts Banks Won’t Indemnify
August 4, 2011
Total Loss:
$1 Billion
Valiena Allison got a call from her bank on a busy morning two years ago about a wire transfer from her company’s account. She told the managers she hadn’t approved the transfer. The problem was, her computer had.
As Allison, chief executive officer of Sterling Heights, Michigan-based Experi-Metal Inc., was to learn, her company computer was approving other transfers as she spoke. During hours of frantic phone calls with her bank, Allison, 45, was unable to stop this cybercrime in progress as transfer followed transfer. By day’s end, $5.2 million was gone.
Source:
Bloomberg
Posted in:
ACH and Wire Fraud