Sold a Lemon in Internet Banking
March 1, 2011
Total Loss:
$63,000
An online bank robbery in which computer crooks stole $63,000 from a Kansas car dealership illustrates the deftness with which cyber thieves are flouting the meager security measures protecting commercial accounts at many banks. At 7:45 a..m. Monday, Nov. 1, 2010, the controller for Abilene, Kansas based Green Ford Sales, Inc. logged into his account at First Bank Kansas to check the company’s accounts. Seven hours later, he logged back in and submitted a payroll batch for company employees totaling $51,970. The bank’s authentication system sent him an e-mail to confirm the batch details, and the controller approved it.
Source:
Krebs On Security
Posted in:
ACH and Wire Fraud