Security News > 2023 > March > SVB account holders targeted with phishing, scams

After news broke late last week about Silicon Valley Bank's bank run and collapse, security researchers started warning SVB account holders about incoming SVB-related scams and phishing attempts.

Proofpoint researchers flagged a campaign using messages supposedly coming from several cryptocurrency brands, trying to trick users into installing a Smart Contract that would transfer the contents of their wallet to the attacker's wallet.

"Once Circle announced they had cash reserves in SVB, the threat actor started spoofing the fintech company, using a lure that promised the victim could redeem USDC to USD at 1:1 rate," they noted.

Clicking on the "Review Documents" button takes users through a few redirects and finally to a clone of the legitimate Microsoft login page, designed to send the entered login credentials to the bad actors.

Mitiga CTO Ofer Maor has provided advice for companies that banked with SVB on how to safeguard themselves, their customers and suppliers, by increasing security awareness, making sure their processes around payment changes are robust, and by setting up additional monitoring of both account activity and financial activity.

Jennifer Zeman, Head of Email Security Product Management at Symantec, has also provided pointers for both email security teams and finance departments.

News URL

https://www.helpnetsecurity.com/2023/03/17/svb-account-holders-phishing-scams/