Skip to content
Awareity
Primary Navigation Menu
Menu
  • Home
  • About
    • About
    • Awareity Butterfly Effect
    • Contact
    • Support
  • Solutions
    • Information Security Training
      • Information Security Awareness Training
      • Awareness and Accountability Vault (AAV)
    • Prevention and Connecting the Dots Platform
    • Prevention and GAP Assessment
    • Threat Assessment Teams
    • Climate Surveys
    • Resellers
    • Industries
      • K12
      • Higher Education
      • Diocese
      • Healthcare
      • Government
      • Corporate
  • Blog
  • Info Request

Poorly Kept Secret in Commercial Banking

By: Awareity
On: July 24, 2009

An article in The Washington Post and comments from Avivah Litan, vice president at the market research firm Gartner Inc, regarding fraudsters targeting commercial business accounts caught my attention….and if you run a business, you should pay attention too.

Apparently the bad guys have figured out yet another way to steal real money and they are targeting business accounts rather than personal accounts. 

The fraud involves mules and mule recruiters, some keylogger software planted on the PC of an unknowing person inside a bank, some social engineering and some fake, but real looking websites. 

Notice how the bad guys are focusing on people and their lack of awareness?? 

For example, the mule recruiters are the bad guys with fake, but legitimate looking web sites who send out e-mails and recruit people to receive the money transfers and then pass the money along to the bad guys, who have convinced the mules they are a real and trusted company.

The scary part for businesses is their bank accounts are treated differently than consumer accounts.  “If a company gets hacked and someone manages to clean out that firm’s bank account, the company’s bank is under no obligation to make that customer whole,” said Litan.

The bad guys are targeting two weak links: ACH (automated clearinghouse) systems and People. 

This is a serious lesson learned and remember….lessons learned are not valuable until they become lessons implemented.  Are you implementing new processes for your people and your systems?

Share this post to help us connect the dots...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Email this to someone
email
Print this page
Print
2009-07-24
Previous Post: Worst Phishing Attempt Ever…
Next Post: Lessons Learned…Lessons Implemented?

READ MORE:

WATCH MORE:


Get Solutions For Your Challenges!
 
 
 
 
 
 
Don't worry, we will only call if you request "Phone" as your contact preference. We hate spam calls too!


Not seeing the form to request information? Drop us a line and we'll send you more information!

Recent Blog Posts

Cyberattacks: The Solution Requires EVERYONE Staying Alert and Aware

January 18, 2021

Nashville Attack – A Call to Action to Revolutionize Community Safety

January 12, 2021

Threat Assessment Teams: Six Tools Most Community and Organization TATs Are Missing

January 7, 2021

Connecting the Dots: Stopping Human Trafficking

November 5, 2020

Ransomware Solutions: Ongoing Awareness and Accountability Vault

October 1, 2020

Support

Need more information on
Support for AAV or TIPS?

Click here

What are you looking for?

Connect the Dots With Us!

| |

Designed using Dispatch Premium. Powered by WordPress.

This site uses cookies to ensure that we give you the best experience on our website. Continuing to use this site means you are agreeing to the use of cookies.Ok