By Robert McMillan
IDG News Service
March 8, 2010
Ongoing computer scams targeting small businesses cost U.S. companies
$25 million in the third quarter of 2009, according to the U.S. Federal
Deposit Insurance Corporation.
Online banking fraud involving the electronic transfer of funds has been
on the rise since 2007 and rose to over $120 million in the third
quarter of 2009, according to estimates presented Friday at the RSA
Conference in San Francisco, by David Nelson, an examination specialist
with the FDIC.
The FDIC receives a variety of confidential reports from financial
institutions, which allow it to generate the estimates, Nelson said.
Almost all of the incidents reported to the FDIC "related to malware on
online banking customers' PCs," he said. Typically a victim is tricked
into visiting a malicious Web site or downloading a Trojan horse program
that gives hackers access to their banking passwords. Money is then
transferred out of the account using the Automated Clearing House (ACH)
system that banks use to process payments between institutions.
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