US Losing $450,000 in Three Days: Hackers Trick Victims Into Big Wire Transfers

23:00  23 february  2020
23:00  23 february  2020 Source:   online.wsj.com

Blues defenseman Jay Bouwmeester 'in good spirits' after needing to be revived by defibrillator

  Blues defenseman Jay Bouwmeester 'in good spirits' after needing to be revived by defibrillator St. Louis Blues defenseman Jay Bouwmeester collapsed on the bench Tuesday night after a cardiac episode. He was revived by a defibrillator.Blues general manager Doug Armstrong said at a Wednesday news conference in Las Vegas that the defenseman "regained consciousness immediately" and is "doing very well" at UC-Irvine Medical Center in Orange, California. Captain Alex Pietrangelo said Bouwmeester was "in good spirits.

days - hackers - trick - victims - into - big - wire - transfers -11582453800. Fraudsters steal billions of dollars each year by combining sophisticated email hacking with old-fashioned wire transfers . When he returned, $ 450 , 000 was missing. Mr. Krasovec, the chairman of Dash Brands Ltd., which

Businesses worldwide have lost more than one billion dollars at the hands of cyberthieves who, in some cases, infiltrate their email systems and Cybercriminals are exploiting publicly available information and weaknesses in corporate email systems to trick small businesses into transferring

a man wearing glasses and looking at the camera © Brent Humphreys for The Wall Street Journal

In 2018, Frank Krasovec took on a $1 million personal line of credit from PlainsCapital Bank. A few months later, he went on a business trip. When he returned, $450,000 was missing.

Mr. Krasovec, the chairman of Dash Brands Ltd., which owns Domino’s Pizza Inc. franchises in China, said he soon learned that someone had hijacked his email and asked his assistant to wire the money to a Hong Kong account.

Fraudsters are stealing billions of dollars each year through this type of scam, which combines sophisticated hacking with wire transfers, an old-fashioned but efficient way to move money overseas. Banks and law-enforcement officials are struggling to curb the problem, while victims like Mr. Krasovec say they are finding it nearly impossible to get their money back.

This could be Microsoft's most important product in 2020. If it works

  This could be Microsoft's most important product in 2020. If it works With ElectionGuard, Microsoft isn't setting out to create an unhackable vote -- no one thinks that's possible -- but rather a vote in which hacks would be quickly noticed. Tucked away in the corner of a meeting room, a sign reading "ElectionGuard" identifies a touchscreen that asks people to cast their votes. An Xbox adaptive controller is connected to it, as are an all-white printer and a white ballot box for paper votes. If you didn't look carefully, you might have mistaken all that for an array of office supplies.

Hackers have sought to steal more than $ 3 billion from businesses in a pernicious, fast-growing type of scam in which criminals impersonate company Thompson said he could not say how much money victims actually lost through the schemes, but said about one in four U.S. victims respond by wiring

Revealed: How 'Nigerian hackers ' were able to swindle woman, 67, out of 0, 000 A fraudulent transaction has cost one woman her 0, 000 inheritance. Funds belonging to Mireille Appert, 67, were deposited to another account. Authorities believe she may be the victim of a Nigerian hacking scam.

Get news and analysis on politics, policy, national security and more, delivered right to your inbox

Years ago, lenders only had to worry about real-life bank robbers. Now, the wire-transfer scam puts them in a tough position. Customers expect them to move money quickly for legitimate transactions, while also guarding against hackers that have infiltrated clients.

The largest banks are most likely to be conduits for the wire-transfer scams, according to the American Bankers Association. But community banks, with much smaller technology budgets to build their defenses, are also vulnerable.

The Federal Bureau of Investigation received reports of nearly $1.8 billion in losses from this type of scam in 2019, up from about $1.3 billion the prior year. The agency estimates total losses world-wide, which include those not reported to the agency, were $26 billion between June 2016 and July 2019. The transfers primarily go to banks in Hong Kong and mainland China, where chances of recovering the money are slim, the agency said.

Why Rudy Giuliani's Twitter typos are a security fail

  Why Rudy Giuliani's Twitter typos are a security fail When one letter off leads you to malicious advertisements rather than the former cybersecurity czar's website.Hackers have been taking advantage of typos in the former New York City mayor's tweets by buying the mistyped domain names and redirecting visitors to a fake page designed to spread malware rather than to the original page that Giuliani had meant to type.

In the card game contract bridge, the Losing - Trick Count (LTC) is a method of hand evaluation that is generally only considered suitable to be used in situations where a trump suit has been established

Three men who tricked their victim into handing over her £12, 000 savings on the phone have been caught on tape, thanks to her son's premonition. So they suggest that she transfers £12, 000 in her Santander account to a separate account at the Halifax, which they say has her name on it.

Victims include “the elderly, college students, nonprofits, religious organizations, celebrities, CEOs of companies,” FBI Supervisory Special Agent Zacharia Baldwin said in an interview. “It could be anybody.”

Hackers can break into a target’s email by trying out passwords made public in previous data breaches. They also may use phishing schemes like those used against political campaigns and in corporate espionage. The hackers then commandeer an account and impersonate the victim, asking assistants or colleagues to initiate a wire transfer.

Mr. Krasovec, 76 years old, isn’t sure how his email was compromised. He said he believes the fraudsters, once inside his servers, tracked his travel plans and waited until he was out of the office to message his assistant.

“Carol…please wire $150,000,” the hackers wrote Mr. Krasovec’s assistant from his email account, the executive said. It was around 11:30 p.m. in Shanghai, where Mr. Krasovec had landed hours earlier and was fast asleep, he said.

Equifax, MGM Resorts and beyond: Every major security breach and data hack

  Equifax, MGM Resorts and beyond: Every major security breach and data hack We've started a running list, and the results are sobering.While you can't foresee an attack, you can certainly take steps to protect yourself from further harm by avoiding fraudulent scams and being vigilant about monitoring your credit and credit card charges.

A Canadian university pays hackers to restore access to emails and other files encrypted by The University of Calgary transferred 20, 000 Canadian dollars-worth of bitcoins (,780; £10,840) At the end of the same month, Melrose Police Department in Massachusetts paid $ 450 after it fell victim

An advance-fee scam is a form of fraud and one of the most common types of confidence tricks . The scam typically involves promising the victim a significant share of a large sum of money

Unlike cruder scams that might ask for money in broken English, the note sounded just like him. An attachment with transfer instructions showed intimate knowledge of his accounts, he said.

The assistant asked PlainsCapital Bank to wire the money. The Dallas-based community bank had courted Mr. Krasovec’s business for months, he said, after poaching his longtime banker at Wells Fargo & Co.

PlainsCapital called his assistant to confirm the request, then made the transfer. The bank declined to comment.

Meanwhile, in China, Mr. Krasovec powered through 14-hour workdays unaware anything was amiss. The pizza chain has grown quickly there after switching to a local menu that includes seafood toppings.

Three days after the first transfer, at 10:26 p.m. local time, intruders asked Mr. Krasovec’s assistant to wire another $300,000, according to Mr. Krasovec. The hackers had changed Mr. Krasovec’s email settings so their correspondence was quickly deleted, according to Kyle Camp, a technology consultant who examined the hack for Mr. Krasovec.

A few days later, Mr. Krasovec flew home to Austin. Catching up in their offices overlooking Lady Bird Lake, his assistant mentioned she “took care of the wires.”

Meet David Ayres, the Hurricanes' emergency goalie. He is a Zamboni driver who will practice with Maple Leafs

  Meet David Ayres, the Hurricanes' emergency goalie. He is a Zamboni driver who will practice with Maple Leafs David Ayres, 42, became the feel-good moment of this NHL season after entering the game on an emergency basis and getting a win for Carolina.After Carolina goalies James Reimer and Petr Mrazek left because of injuries, the Hurricanes were forced to turn to 42-year-old David Ayres, who was watching the game at Scotiabank Arena with his wife. (Home teams are required to have an emergency goalie on-call who is available to either team.

“What wires?” he recalls saying.

When she explained, he said he began to feel “absolutely sick.”

He frantically called his banker at PlainsCapital Bank, who said there was nothing the bank could do. Mr. Krasovec said the bank then stopped returning his calls.

He is now suing PlainsCapital, saying he shouldn’t have to repay the stolen money because the bank failed to put proper antifraud controls in place.

PlainsCapital Bank said in a court filing that the loss was “undoubtedly the fault of [Mr. Krasovec’s] own failure to implement appropriate internal controls to prevent his company and its employees from falling victim to a third-party scam.” The bank said in filings that Mr. Krasovec must repay the money with interest.

The case is continuing in the Texas court system.

Under decades-old consumer-protection laws, consumers are often entitled to refunds of unauthorized charges. But that generally doesn’t apply to wire transfers requested after a customer was tricked by hackers, according to the American Bankers Association.

Sometimes, consumers who catch the fraudulent wires can halt them by immediately calling their bank, said Don Vilfer, an investigator who works on these cases. But that isn’t certain: One law firm called Bank of America Corp. about an hour after a fraudulent request, but still lost $500,000, according to court documents. Bank of America declined to comment.

Some banks try to prevent fraud by calling the customer to confirm large wire-transfer requests. Mr. Krasovec said PlainsCapital Bank should have called him, not just his assistant. The bank declined to comment beyond its court filings.

Mr. Krasovec has put in place tougher passwords and two-factor authentication, said Mr. Camp, the technology consultant. Legal costs have added $300,000 to his already-sizable loss, and he is concerned about his reputation.

“It makes me look like a dummy,” he said of the fraud.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

Winners and losers from the 2020 scouting combine .
Winners and losers from the 2020 scouting combineWith the combine behind us, who improved their chances, and which prospects still have work to do? 

—   Share news in the SOC. Networks

Topical videos:

usr: 3
This is interesting!