[ISN] FDIC: Hackers took more than $120M in three months

From: InfoSec News <alerts_at_private>
Date: Tue, 9 Mar 2010 10:49:47 -0600 (CST)

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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Received on Tue Mar 09 2010 - 08:49:47 PST

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