Security News > 2010 > July > Account Takeover: The New Wrinkle
http://www.bankinfosecurity.com/articles.php?art_id=2728 By Linda McGlasson Managing Editor Bank Info Security July 8, 2010 This year's disturbing trend of corporate account takeover incidents continues unabated - and with a new wrinkle. Michele Marisco, owner of Village View Escrow Inc., Redondo Beach, CA, says her company fell prey to fraud after hackers were able to break into the company's network, steal bank credentials and send 26 consecutive wire transfers out of the country, totaling $465,000. Dual controls were not used by the business, but an email verification service offered by Professional Business Bank, Pasadena, CA, was successfully disabled by the criminals. This scheme, which occurred in March, is currently under investigation, and no litigation has yet been filed. But security experts familiar with the Village View Escrow case say there are lessons to be learned by other institutions and businesses to avoid corporate account takeover via ACH and wire fraud. [...] _________________________________________________________________ Attend Black Hat USA 2010, hosted at Caesars Palace in Las Vegas, Nevada July 24-29th, offering over 60 training sessions and 11 tracks of Briefings from security industry elite. To sign up visit http://www.blackhat.com