Account Takeover: The New Wrinkle

Account Takeover: The New Wrinkle
Account Takeover: The New Wrinkle 

By Linda McGlasson
Managing Editor
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.


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