Hacked Inboxes Lead to Bank Fraud
Hacked and phished email accounts increasingly are serving as the staging grounds for bank fraud schemes targeting small businesses. The scams are decidedly low-tech and often result in losses of just a few thousand dollars, but the attacks frequently succeed because they exploit existing trust relationships between banks and their customers.
Last month, scam artists hijacked private email accounts belonging to three different customers of Western National Bank, a small financial institution with seven branches throughout Central and West Texas. In each case, the thieves could see that the victim had previously communicated with bank personnel via email.