Any small business, educational organization or local government needs to be wary these days. In the past year, cybercriminals have increasingly targeted these less-than-security-savvy groups with malicious software tailored to facilitate bank fraud.
In one case, which I documented for an article in Technology Review, online thieves targeted the accountant at a small California firm with a banking trojan. When the worker signed into the company’s bank account, the thieves initiated 27 fraudulent transactions totaling approximately $447,000. Former Washington Post reporter Brian Krebs has reported on over two dozen such cases. In total, the government estimates that businesses have lost more than $100 million as of early November.
Now, financial institutions and the government are preparing to advise businesses and other organizations on how to better bank online in these treacherous times.
UnsafeBits