By Jaikumar Vijayan
August 25, 2009
An organization representing more than 15,000 financial institutions has
issued a warning about a growing wave of attacks against small banks and
businesses by cyber criminals using stolen banking credentials to
plunder corporate accounts.
In an alert to its members earlier this month, NACHA -- the Electronics
Payments Association said that attackers are increasingly stealing onine
banking credentials, such as user names and paswords, from small
businesses by using keystroke logging tools and other malware. The cyber
criminals are using the stolen credentials to 'raid' and 'take over'
corporate accounts and initiate the unauthorized transfer of funds over
electronic payment networks.
NACHA oversees the Automated Clearing House (ACH) electronic payments
network. A similar alert that was sent out confidentially last Friday to
members of the Financial Services Information Sharing and Analysis
Center, according to a story published in the Washington Post yesterday.
According to the Post, the alert identified organized cyber groups in
Eastern Europe as being predominantly responsible for illegally
siphoning millions of dollars off corporate accounts and sent overseas
via popular money and wire transfer services.
The Financial Services Information Sharing and Analysis Center was
formed by major financial services firms to share information about
potential physical and cyber threats to their companies.
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