More Fake Money Transfers Occur from Companies’ Bank Accounts

Following the drainage of US$415,000 from an account of Bullitt County during the end week of June 2009 when malware was planted on the treasurer's PC, incidents of similar kind have reportedly occurred across the USA, according to the SoftPedia reports published on July 21, 2009.

While a Gainesville-located enterprise dealing in auto parts had US$75,000 fraudulently moved out of its account, the Western Beaver School District close to Pittsburgh lost US$700,000.

The Western Beaver School District following its loss has sued ESB Bank because it allegedly authorized 74 fake e-transfers to 42 persons out of the School District's bank accounts. The transfers happened during December 29, 2008-January 5, 2009 and amounted to US$704,610.

Evidently, court documents reveal that malware planted on the computer of Robert Postupac the Superintendent tricked a PC in the bank into giving permission for money transfers out of the bank accounts pertaining to general fund and tax of Western Beaver.

The written agreement between Western Beaver and the bank indicates that Postupac wasn't authorized to withdraw cash out of these two specific bank accounts.

In a similar instance, a Gainesville firm named 'Slack Auto Parts' has been victimized. Its owner states that it lost US$75,000 from the business' bank account when a PC had been infected with a Trojan called Clampi (aka Rscan). The fund was moved out in favor of 6 individuals who acted as money-mules.

The security researchers state that unlike previously, it has become more widespread to install banking trojans on companies' computers, capture e-banking credentials of those companies, and then siphon off money from their accounts in favor of money-mules.

Notably, cyber criminals employ people to act like money-mules who think they are local agents dealing with international businesses. These people's job comprises assisting the fake businesses to transmit funds from their so-called entrepreneurial partners who are actually the victims in favor of their offshore clients, the criminals.

However, money-mules ultimately stand to lose personal bank balances if their banks decide to undo the fake money transfers, while the wire-transmissions by them via Western Union to offshore entities can't be reverted.

Related article: More Requests For Better E-Mail and Spam Control

» SPAMfighter News - 8/13/2009