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Ubiquiti Networks Lose $47m in Cyber Scam

The computer networking firm Ubiquiti Networks situated in San Jose has said that cyber-thugs defrauded it off almost $47m. The company recently filed with Securities and Exchange Commission documenting that it thinks it'll manage to recover USD15m out of the total stolen as well as is taking law enforcement's help for recouping the remainder. Nbcnews.com published this, August 7, 2015.

Moreover according to the company, on 5th June 2015, it found that 'criminal fraud' victimized it, with the theft involving worker mimicking and fake enquiries by an external body attacking Ubiquiti's finance department.

On successful completion of the scam, third parties transferred $46.7m to their foreign A/Cs. The funds stolen belonged to a Hong Kong-based subsidiary company of Ubiquiti.

While Ubiquiti hasn't told about the fraud's details, 'Krebs-on-Security' a blog observes that campaigns similar to the current one normally starts with the thugs sending e-mails to employees from one closely resembling domain name which doesn't have a couple-or-so of letters that are within the actual domain name of the attacked organization, alternatively phishing off into the e-mail of an executive.

Following this, the imposters pretend to be an executive who directs accounting staff towards transmitting money through wire-transfer into intermediate accounts utilizing the closely resembling domain name along with the e-mail A/C associated with it.

According to Ubiquiti, it hasn't got any clue about employee involvement in the crime. By launching legal procedures, the company has hitherto regained USD8.1m, while an extra $6.8m remains to be handled under legal injunction.

Within the filing, the company said it was going on pursuing towards regaining the remaining $31.8m as well as was cooperating with United States of America's federal authorities along with many foreign law enforcement officials actively carrying out one multi-agency criminal probe. Cfoinnovation.com reported this, August 10, 2015.

Eventually, it isn't Ubiquiti alone to become victimized with the above kind of attack. The assaults have become too frequent, so much so that during January 2015, FBI alerted all businesses for remaining wary while stating that 2013 was witness to 2,126 such victims, with 1,198 based in USA, who together experienced loses amounting a maximum of $214,972,503.

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