Tag Archives: $20M

FBI: $20M in Fraudulent Wire Transfers to China

April 27, 2011

The Federal Bureau of Investigation warned this week that cyber thieves have stolen approximately $20 million over the past year from small to mid-sized businesses, through a series of fraudulent wire transfers sent to Chinese economic and trade companies located near the country’s border with Russia.

The FBI said that between March 2010 and April 2011, it identified twenty incidents in which small to mid-sized organizations had fraudulent wire transfers to China, and that the total losses from the fraud was about $11 million. The alert was sent out Tuesday, in cooperation with the Internet Crime Complaint Center and the Financial Services Information Sharing and Analysis Center (FS-ISAC), an industry consortium.