A recent report calculated that small and medium-sized businesses and local government institutions are losing, on average, $100,000 to $200,000 per day to cybercriminals who perpetrate fraudulent electronic funds transfers. Typically, thieves send targeted phishing e-mails that trick users into disclosing banking log-in information or installing password-stealing malware that records their keystrokes and online banking credentials.
Armed with this sensitive data, thieves then seek to initiate unauthorized money transfers through the wire system and Automated Clearing House network. The stolen funds are often transferred to foreign accounts located in Eastern Europe or to “money mules” — individuals recruited via “work from home” ads and directed to open bank accounts to receive and later transfer to the cyberthieves.
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