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FBI Warns of Ransomware Wire Transfer Scam


The FBI is warning of a Chinese cyber mafia run ransomware scam.–PC Pitstop

FBI Warns of Ransomware Wire Transfer Scam

By Stu Sjouwerman, for KnowBe4.com Security Awareness Training

OK, Heads-up! Here is the deal. The FBI and the Internet Crime Complaint Center (IC3) two days ago warned about a new version of a man-in-the-middle scam that targets your CEO, CTO, CFO, and/or Controller. I would send these people a link to this blog post immediately. Better safe than sorry.

The FBI calls it the “Business E-Mail Compromise” (BEC), and this is the scam: Your C-level exec receives a business email from an existing, well-known vendor who request a wire transfer to a specific bank account. The email looks legit, it comes from a known, trusted business associate, and is about a recent delivery or transaction.

And the whole thing is bogus.
The bad guys have penetrated your network and have been monitoring and studying what went on for considerable time, because they can accurately identify the individuals and protocols to perform wire transfers within your specific business environment. The last 14 months there were 1198 victims in the U.S with a total loss of 180 million dollars. The wire transfers get rapidly forwarded and usually wind up at banks in Hong Kong so you are dealing with the Chinese cyber mafia here.

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3 thoughts on “FBI Warns of Ransomware Wire Transfer Scam

  1. call me an out of touch, “old geezer”, but, I love to get a paper check in the mail and physically put it in my bank. My old man told me years ago, the less people involved in your business, the better. Worked out well over the last 75yrs. Another “old fashioned rule”, always keep a months “cash” available, in case the banks crash. In 2015, that would be, an “electronic” bank.

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