Credit unions and community banks are being warned about a cyber scam that's sent $11 million so far to Chinese economic and trade companies from online business banking accounts in the United States.
Twenty incidents involving small to medium-sized businesses have been identified so far, the FBI said last week, and typically happened when someone at the company unknowingly visited an infected website or fell for a phish.
"Like most account takeover fraud, the victims tend to be small to medium-sized businesses and public institutions that have accounts at local community banks and credit unions, some of which use third-party service providers for online banking services," said the Internet Crime Complaint Center , a partner with the FBI in the case.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
