Saturday, December 12, 2009
Bank firewalls cracked by cyberhackers
There has been a big rise in such frauds, raising the stakes in the war between financial institutions and criminals and costing some bank clients half a million dollars – or more.
Facebook backtracks on privacy - Dec-11Facebook must be weary of changing the rules - Dec-11Tech blog - Dec-01The cyberhackers “are clearly ahead of the defence in terms of antivirus solutions, firewall solutions, etc,” Jeffrey Troy, chief of the FBI’s cybercrime section, told the Financial Times. Online bank thefts in 2009 had seen “a very dramatic increase from past years”.
Law enforcement warnings, recent reports from private security experts and lawsuits are focusing attention on the issue. Some professionals, citing the ongoing boom in virus infections through such social networks as Facebook and Twitter, fear the trends could combine in 2010.
Mr Troy estimated that criminals took about $40m from bank accounts this year, primarily targeting the small and mid-sized businesses that are themselves customers of small and mid-sized banks.
Such banks and their clients were less likely than their biggest competitors to have the highest-grade security procedures.
Targets have fallen victim to “spear phishing” and other tricks. In spear phishing, a misleading e-mail, instant message or social networking communication is aimed at one company or even a single person within that company, frequently a top executive. The message can be tailored convincingly with details of interest to that individual. FT.COM