Small US Firms the Target of Online Fraud

Organized criminals believed to be based in Eastern Europe are robbing small to midsized US businesses of millions of dollars via an elaborate scheme aided by malicious software. Recent reports reveal that over the past few months, several businesses have fallen victim to unauthorized fund transfers whereby hundreds of thousands of dollars from the businesses’ bank accounts have been transferred to accounts in Europe, and in some cases, to the accounts of willing or unwitting accomplices in the United States.

According to the reports the victims, usually the company CFO or owner, were sent malicious software as attachments to email, which when opened remained resident on the victims’ machines and stole the victims’ passwords to their online banking websites. The cybercriminals used this information to initiate transfers from their accounts of up to US $10,000 at a time to evade notice and detection from their bank’s anti-fraud or money laundering detection systems and protocols.

Your business might be at risk. Make sure you are protected from this type of fraud by securing your PC and network from malicious software. Do not open suspicious-looking attachments and make sure you have the necessary protection in place, such as firewalls, antivirus software, and other methods of protection. Need help? Contact us today.

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