By Linda McGlasson
Bank Info Security
July 8, 2010
This year's disturbing trend of corporate account takeover incidents
continues unabated - and with a new wrinkle.
Michele Marisco, owner of Village View Escrow Inc., Redondo Beach, CA,
says her company fell prey to fraud after hackers were able to break
into the company's network, steal bank credentials and send 26
consecutive wire transfers out of the country, totaling $465,000.
Dual controls were not used by the business, but an email verification
service offered by Professional Business Bank, Pasadena, CA, was
successfully disabled by the criminals.
This scheme, which occurred in March, is currently under investigation,
and no litigation has yet been filed. But security experts familiar with
the Village View Escrow case say there are lessons to be learned by
other institutions and businesses to avoid corporate account takeover
via ACH and wire fraud.
Attend Black Hat USA 2010, hosted at Caesars Palace in Las Vegas, Nevada
July 24-29th, offering over 60 training sessions and 11 tracks of Briefings
from security industry elite. To sign up visit http://www.blackhat.com