“If the financial institutions can’t reach the victims to ask about the suspicious activity, the transactions often go through” (WSJ)…Here’s how it works.  Hackers, using automated dial programs, bombard companies with calls, tying up their phone lines, while raiding brokerage and banking accounts.  The banks will try to contact the business if they suspect foul play, but if they can’t get through, they will likely let the transactions go through.   Knowing the trends puts you in the adviser role with your clients – here is just one more example of the simple, but effective tactics being used by cybercriminals right now.

In a recent string of crimes,  hackers “allegedly used a “malware” program called “Zeus Trojan” to hijack accounts, embedding it in email messages and attachments. Once installed, it grabbed user names and passwords from banking and brokerage accounts, enabling the alleged thieves to drain the accounts.”  Once again, firewalls were no match against tactics that use unsecured email systems to break in.  Another opportunity for securing email and monitoring network activity as well as end-node security.

And this went on for a week with some victims!  Read the article, it’s worth the 5 minutes it will take you: (CLICK)

© 2010, David S