Aircraft part manufacturer says cybercrime incident cost it $54 million

Discussion in 'malware problems & news' started by ronjor, Jan 22, 2016.

  1. ronjor

    ronjor Global Moderator

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  2. itman

    itman Registered Member

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    An attack against the company's accounting department could have involved a fraudulent wire transfer. Cybercriminals have proved adept at making fraudulent transactions by compromising email systems and login credentials, making it appear legitimate employees have initiated or approved large transfers.

    Banks have been losing money from wire transfers for years. Prior to the Internet, it was from wire taps on leased lines. They spent a small fortune on electronics to detect the wire taps. The Internet age just introduced a new way of doing fraud. Someone will always figure out a way to defeat the better mouse trap. I will add that logistically, fraud is much easier to perform in the Internet age.
     
  3. Rasheed187

    Rasheed187 Registered Member

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