theDocumentId => 1234895 Organized Crime Group Scams US Companies Out Of ...

Dark Reading is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Attacks/Breaches

Organized Crime Group Scams US Companies Out Of Millions

Social engineering attack tricks companies into large wire transfers.

An organized crime group has spent the last month defrauding US companies, fooling them into making large wire transfers into fake partners' accounts.

According to a blog posted Friday by researchers at security firm TrustedSec, the crime group is conducting "a major offensive" against US firms using a sophisticated social engineering attack that appears to be a request for funds from one of the victim companies' legitimate partners. The attacks have a high rate of success, often fooling enterprises into sending amounts of $50,000 to $1 million, the blog says.

"A number of companies are still unaware that they have been victims of this attack," TrustedSec says.

The attack works in much the same way as a traditional phishing attack, only the stakes are much higher. The attacker compromises an email account in the victim's accounting department -- or that of the business partner -- and then registers an Internet domain that is very similar to the partner's legitimate domain name.

The attacker will establish communications with the victim using the partner's email credentials, often communicating via legitimate company letterhead with legitimate signatures. Initially, the communications may include the legitimate domain names.

Once communications have been established, the attacker will then submit requests for funds, change orders, or lines of credit from the victim company, TrustedSec says. If the initial requests don't work, the attacker may spoof emails to authorize the funds transfer or conduct a convincing social engineering attack over the phone.

The attackers often are successful in getting wire transfers to the fake domains, the blog says. A large number of the transfers are processed by banks in China.

"Note that the attackers are persistent; they use emotional triggers in order to entice the affected company to expedite the fraudulent requests," says TrustedSec. "They will become agitated, demand that it be expedited and even spoof emails coming from internal employees to coax the company to hurrying the process. They will also target your company again if successful."

IT organizations should warn their accounting departments about this fraud and verify all transactions with third-party partners and vendors, TrustedSec advices.

Tim Wilson is Editor in Chief and co-founder of Dark Reading.com, UBM Tech's online community for information security professionals. He is responsible for managing the site, assigning and editing content, and writing breaking news stories. Wilson has been recognized as one ... View Full Bio

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
securityaffairs
50%
50%
securityaffairs,
User Rank: Ninja
4/29/2014 | 5:22:56 AM
Re: notes, email security
Of course awareness could help to mitigate this type of cyber threats, but we must also consider that cybercrime ecosystems is adopting even more complex strategies to deceive victims. 

Another element which advantage cyber criminal gangs is the simplicity to acquire/rent products and services in the underground market at low prices but that are extremely effective. Let me suggest you the reading of my last post on the study published by TrenMicro on the Russian Ungerground.

 

http://securityaffairs.co/wordpress/24440/cyber-crime/evolution-russian-underground.html

Regards

Pierluigi
DarkReadingTim
100%
0%
DarkReadingTim,
User Rank: Strategist
4/28/2014 | 9:56:22 AM
Re: notes, email security
Thanks for these thoughts, all good ones. Like most social engineering attacks, this can be avoided if you know what to look for. The key is getting accounting departments up to speed.
macker490
50%
50%
macker490,
User Rank: Ninja
4/28/2014 | 9:30:53 AM
notes, email security
="The attacker will establish communications with the victim using the partner's email credentials, often communicating via legitimate company letterhead with legitimate signatures. Initially, the communications may include the legitimate domain names."

1. verify e/mails by using a phone call.

this is the quickest and easy way to verify e/mail that we can all make a policy of,.... now.

2. learn PGP

you can inplement PGP/Desktop with Outlook, -- or -- you can use the ENIGMAIL plug-in with Thunderbird and GnuPG if you prefer open-source software.

PGP depends on a secure Operating System

keep this in mind

think about what you are doing.
Edge-DRsplash-10-edge-articles
I Smell a RAT! New Cybersecurity Threats for the Crypto Industry
David Trepp, Partner, IT Assurance with accounting and advisory firm BPM LLP,  7/9/2021
News
Attacks on Kaseya Servers Led to Ransomware in Less Than 2 Hours
Robert Lemos, Contributing Writer,  7/7/2021
Commentary
It's in the Game (but It Shouldn't Be)
Tal Memran, Cybersecurity Expert, CYE,  7/9/2021
Register for Dark Reading Newsletters
White Papers
Video
Cartoon
Current Issue
The State of Cybersecurity Incident Response
In this report learn how enterprises are building their incident response teams and processes, how they research potential compromises, how they respond to new breaches, and what tools and processes they use to remediate problems and improve their cyber defenses for the future.
Flash Poll
How Enterprises are Developing Secure Applications
How Enterprises are Developing Secure Applications
Recent breaches of third-party apps are driving many organizations to think harder about the security of their off-the-shelf software as they continue to move left in secure software development practices.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
CVE-2021-3663
PUBLISHED: 2021-07-25
firefly-iii is vulnerable to Improper Restriction of Excessive Authentication Attempts
CVE-2021-23413
PUBLISHED: 2021-07-25
This affects the package jszip before 3.7.0. Crafting a new zip file with filenames set to Object prototype values (e.g __proto__, toString, etc) results in a returned object with a modified prototype instance.
CVE-2021-37436
PUBLISHED: 2021-07-24
Amazon Echo Dot devices through 2021-07-02 sometimes allow attackers, who have physical access to a device after a factory reset, to obtain sensitive information via a series of complex hardware and software attacks. NOTE: reportedly, there were vendor marketing statements about safely removing pers...
CVE-2021-32686
PUBLISHED: 2021-07-23
PJSIP is a free and open source multimedia communication library written in C language implementing standard based protocols such as SIP, SDP, RTP, STUN, TURN, and ICE. In PJSIP before version 2.11.1, there are a couple of issues found in the SSL socket. First, a race condition between callback and ...
CVE-2021-32783
PUBLISHED: 2021-07-23
Contour is a Kubernetes ingress controller using Envoy proxy. In Contour before version 1.17.1 a specially crafted ExternalName type Service may be used to access Envoy's admin interface, which Contour normally prevents from access outside the Envoy container. This can be used to shut down Envoy rem...