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.
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