Fergie's Tech Blog

Security Fix: The Growing Threat to Business Banking Online

Brian Krebs writes on Security Fix:

Federal investigators are fielding a large number of complaints from organizations that are being fleeced by a potent combination of organized cyber crooks abroad, sophisticated malicious software and not-so-sophisticated accomplices here in the United States, Security Fix has learned. The attacks also are exposing a poorly-kept secret in the commercial banking business: That companies big and small enjoy few of the protections afforded to consumers when faced with cyber fraud.

Earlier this month, I wrote about Bullitt County, Kentucky, which lost $415,000 after criminals planted malicious software on the county treasurer's PC. That rogue program allowed the crooks to initiate wire transfers to more than two dozen so-called "money mules," people duped into laundering the money and wiring it to the perpetrators in Ukraine.

A few days after that story ran, I heard from a source in federal law enforcement who said the attack against Bullitt County was only the very tip of the iceberg, and that there were many other businesses also losing money in similar cyber attacks. The source, who is familiar with several of these investigations, asked to remain anonymous because he is not authorized to speak with the media.

posted by Fergie @ 7/20/2009 04:22:00 PM