FDIC Says Hackers Have Netted Over $120 Million
The Federal Deposit Insurance Corporation (FDIC) announced that a cyber scams targeting U.S. small business have netted over $120 million and has cost U.S. companies approximately $25 million in the third quarter alone. The data, announced by David Nelson, a FDIC examination specialist, at the RSA Conference last week, highlights the ongoing problem of cyber crime.
The majority of the incidents reported to the FDIC were “related to malware on online banking customers’ PCs,” according to Nelson. Most often, the victims are sent an email containing a link to a fake website designed to capture their login credentials.
Despite growing efforts by banks to enforce a variety of credentialing, cyber criminals continue to stay one step ahead. “Online banking customers are getting too reliant on authentication and on practicing layers of controls,” Nelson said.
Additionally, commercial accounts are generally not covered in the same manner as individual accounts and business end up swallowing much of the cost of the theft.
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