Tag Archives: Wire transfers

Remote access ruse latest cyber fraud development

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The latest development in cyber attacks has been revealed by a group called Financial Fraud Action, an organisation set up by the financial services industry. This new crime occurs when fraudsters trick companies into allowing them remote access to their systems and persuade employees to transfer large sums of money… Read more »

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Router company loses $50m in wire transfer scam

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Nearly fifty millions dollars has been stolen from router company Ubiquiti Networks by fraudsters posing as company officials. The money was transferred by the company‚Äôs finance department in June and the breach revealed in their quarterly report; some funds have been recovered since then. It is unclear whether the full… Read more »

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California escrow firm closes after detrimental cyberheist

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Efficient Services Escrow Group, a Huntington Beach-based escrow firm has been forced to close its doors and lay off its entire staff after hackers fraudulently wired funds on three separate occasions, stealing approximately $1.5m from the company. The first attack took place in December 2012 when nearly half a million… Read more »

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